Core Viewpoint - Pyxis Tankers Inc. has announced significant updates regarding shareholder actions and chartering agreements, indicating a strategic focus on fleet management and shareholder value enhancement [1][4]. Company Updates - The company has completed a $3.0 million common share repurchase program, acquiring 730,683 shares at an average cost of $4.03 per share, which reduces the total outstanding shares to 10,485,865 [4]. - In 2024, the company redeemed all of its 7.75% Series A Cumulative Convertible Preferred Stock, preventing potential dilution of 1,799,871 common shares, resulting in a total expenditure of approximately $13.1 million for equity repurchases [4]. - As of January 29, 2025, 72% of available days for the company's three eco-MR product tankers in Q1 2025 were booked at an average estimated daily time charter equivalent (TCE) rate of $24,750 per vessel [4]. - For the same period, 68% of available days for the three dry-bulk vessels were booked at an average estimated daily TCE of $15,400 [4]. Fleet Information - The company operates a fleet of six eco-vessels, including three MR product tankers and one Kamsarmax bulk carrier, with a focus on transporting refined petroleum products and dry bulk commodities [6]. - The tanker fleet includes: - Pyxis Lamda (MR2, 50,145 dwt, built in 2017, on spot charter) - Pyxis Theta (MR2, 51,795 dwt, built in 2013, on time charter at $22,000 per day until December 2025) - Pyxis Karteria (MR2, 46,652 dwt, built in 2013, on time charter at $24,500 per day until September 2025) [2][3]. - The dry-bulk fleet includes: - Konkar Ormi (Ultramax, 63,520 dwt, built in 2016, on time charter at $13,650 per day plus bonuses) - Konkar Asteri (Kamsarmax, 82,013 dwt, built in 2015, on time charter at $12,850 per day plus bonuses) - Konkar (Kamsarmax, 82,099 dwt, built in 2015, on time charter at $10,000 per day) [2][5].
Pyxis Tankers Announces Completion of Common Share Repurchase Program & Update on Chartering Activity