Pyxis Tankers Announces Loan Commitment for Potential Fleet Expansion

Rhea-AI Summary

Pyxis Tankers (PXS) has secured a commitment letter for a "hunting license" loan facility of up to $45 million to potentially acquire up to two modern vessels. The facility allows for financing up to 62.5% of vessel purchase value for either product tankers (45-115K dwt) or dry bulk carriers (60-85K dwt). The loan can be drawn within 18 months after closing, expected in June 2025, with an interest rate of SOFR + 1.9%. Repayment will occur quarterly over 5 years from drawdown. The remaining purchase consideration will be funded through the Company's cash equity.

Positive

• Access to significant financing of up to $45 million for fleet expansion
• Favorable loan terms with competitive interest rate of SOFR + 1.9%
• Flexible 18-month drawdown period providing strategic acquisition timing
• High loan-to-value ratio of up to 62.5% of vessel purchase value

Negative

• Additional debt burden could impact company's financial leverage
• Nominal fee required during drawdown period
• Subject to financial and other covenants that could restrict operations

News Market Reaction

-1.81%

1 alert

-1.81% News Effect

On the day this news was published, PXS declined 1.81%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Maroussi, Greece – May 7, 2025 – Pyxis Tankers Inc. (the “Company”) (NASDAQ Cap Mkts: PXS), an international shipping company, announced today that it had signed a commitment letter with an existing bank for a “hunting license” loan facility of up to $45 million (the “Facility”) in order to finance the potential acquisition of up to two modern vessels, consisting of product tankers between 45-115K dwt. and/or  dry bulk carriers between 60-85K dwt. Advances under the Facility, which can be as much as 62.5% of vessel purchase value, can be drawn-down anytime for a period of  up to 18 months after closing of the Facility, which is expected to occur during June, 2025. The balance of the purchase consideration would consist of cash equity on hand from the Company. Borrowings under the Facility would have an average interest rate of SOFR + 1.9%. Each advance under the Facility would be repaid on quarterly basis over 5 years from drawdown. The Facility would be secured by, among other things, any vessels acquired with the proceeds of the Facility and will contain certain financial and other covenants. The Company would incur a nominal fee to the lender during the drawdown period of the Facility. The closing of the Facility is subject to satisfactory execution of customary loan documentation. 

About Pyxis Tankers Inc.

The Company currently owns a modern fleet of six mid-sized eco-vessels, which are engaged in the seaborne transportation of a broad range of refined petroleum products and dry-bulk commodities and consists of three MR product tankers, one Kamsarmax bulk carrier and controlling interests in two dry-bulk joint ventures of a sister-ship Kamsarmax and an Ultramax. The Company is positioned to opportunistically expand and maximize its fleet of eco-efficient vessels due to significant capital resources, competitive cost structure, strong customer relationships and an experienced management team whose interests are aligned with those of its shareholders. For more information, visit: http://www.pyxistankers.com. The information on or accessible through the Company’s website is not incorporated into and does not form a part of this release.

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, 2024. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any 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 is the size of Pyxis Tankers (PXS) new loan facility announced in May 2025?

Pyxis Tankers secured a loan facility of up to $45 million to finance the potential acquisition of up to two modern vessels.

What types of vessels can PXS acquire with the new loan facility?

The facility allows for acquisition of product tankers between 45-115K dwt and/or dry bulk carriers between 60-85K dwt.

What is the interest rate and repayment term for PXS's new loan facility?

The loan has an interest rate of SOFR + 1.9% and will be repaid quarterly over 5 years from drawdown.

What percentage of vessel purchase value can be financed through PXS's new facility?

The facility can finance up to 62.5% of vessel purchase value, with the balance funded through company cash equity.

When does Pyxis Tankers' new loan facility expire for drawdown?

The loan facility can be drawn anytime within 18 months after closing, which is expected in June 2025.