Pyxis Tankers Announces Closing of Modern Dry Bulk Vessel Joint Venture
Rhea-AI Summary
Pyxis Tankers (NASDAQ: PXS) has finalized a joint venture to acquire the 'Konkar Venture', an 82,099 dwt dry bulk carrier built in 2015. The company invested $7.3 million and issued 267,857 restricted common shares for a 60% ownership stake. The vessel will continue its current time charter at a daily rate of $18,000 until mid-August 2024. Post-acquisition, Pyxis Tankers' total cash is estimated at $43 million, including $2.2 million in restricted cash, with total funded debt reaching approximately $89 million.
Positive
- Pyxis Tankers invested $7.3 million and issued 267,857 restricted common shares for a 60% stake in the joint venture.
- The 'Konkar Venture' will continue its time charter at a gross daily rate of $18,000 until mid-August 2024.
- Post-acquisition, Pyxis Tankers' total cash is estimated at $43 million.
Negative
- Total funded debt for Pyxis Tankers is approximately $89 million post-acquisition.
News Market Reaction – PXS
On the day this news was published, PXS gained 1.29%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Maroussi, Greece – June 28, 2024 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS) (the “Company”), an international shipping company, announced today that it has closed its previously announced dry bulk vessel joint venture with an entity related to its Chairman and Chief Executive Officer, that was newly formed to acquire, own and operate, the “Konkar Venture”, a 2015 built 82,099 dwt Kamsarmax carrier. The Company invested
About Pyxis Tankers Inc.
The Company currently owns a modern fleet of six mid-sized vessels consisting of three MR2 product tankers engaged in seaborne transportation of refined petroleum products and other bulk liquids as well as controlling interests in two dry bulk joint ventures that each own a Kamsarmax and Ultramax vessel, respectively, and a
Forward Looking Statements
This press release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995 in order to encourage companies to provide prospective information about their business. These statements include statements about our plans, strategies, goals financial performance, prospects or future events or performance and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expects,” “seeks,” “predict,” “schedule,” “projects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “targets,” “continue,” “contemplate,” “possible,” “likely,” “might,” “will, “should,” “would,” “potential,” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. All statements that are not statements of either historical or current facts, including among other things, our expected financial performance, expectations or objectives regarding future and market charter rate expectations and, in particular, the effects of the war in the Ukraine and the Red Sea conflict, on our financial condition and operations as well as the nature of the product tanker and dry bulk industries, in general, are forward-looking statements. Such forward-looking statements are necessarily based upon estimates and assumptions. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. The Company’s actual results may differ, possibly materially, from those anticipated in these forward-looking statements as a result of certain factors, including changes in the Company’s financial resources and operational capabilities and as a result of certain other factors listed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. The Company is reliant on certain independent and affiliated managers for its operations, including most recently an affiliated private company, Konkar Shipping Agencies, S.A., for the management of its dry bulk vessels. For more information about risks and uncertainties associated with our business, please refer to our filings with the U.S. Securities and Exchange Commission, including without limitation, under the caption “Risk Factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023. The Company cautions you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. The Company undertakes no obligation to update publicly any in information in this press release, including forward-looking statements, to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws.
Company
Pyxis Tankers Inc.
59 K. Karamanli Street
Maroussi, 15125 Greece
info@pyxistankers.com
Visit our website at www.pyxistankers.com
Company Contact
Henry Williams
Chief Financial Officer
Tel: +30 (210) 638 0200 / +1 (516) 455-0106
Email: hwilliams@pyxistankers.com
Source: Pyxis Tankers Inc.
FAQ
What did Pyxis Tankers announce on June 28, 2024?
How much did Pyxis Tankers invest in the joint venture for the 'Konkar Venture'?
What is the current employment status of the 'Konkar Venture'?
What is the estimated total cash of Pyxis Tankers after the acquisition?
What is the total funded debt of Pyxis Tankers after acquiring the 'Konkar Venture'?
