Pyxis Tankers Announces Two-Year Time Charter for Pyxis Lamda at $31,000 per Day

Pyxis expects approximately $0.27 in incremental annualized earnings per common share, assuming no change in other related costs.

Rhea-AI Summary

Pyxis Tankers (PXS) agreed to a two-year charter for Pyxis Lamda with CITGO Petroleum at a gross rate of $31,000 per day. The term is 24 months, plus or minus 30 days at CITGO’s option. The current charter is expected to expire on or about November 20, 2026, followed by a scheduled special survey and drydocking. The new charter is expected to begin immediately afterward.

Pyxis expects approximately $21.8 million in net charter revenue after 2.5% commissions, assuming 720 revenue earning days. Its estimates include approximately $7.7 million in annualized EBITDA, a measure of earnings before interest, taxes, depreciation and amortization, and $5.2 million in annualized net income, or $0.51 per common share. The new daily rate is $8,000 above the current rate. Actual results depend on delivery, off-hire, final duration and operating costs.

6 points · 1 major

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0 major · 4 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.CITGO charter secures employment for 24 months, plus or minus 30 days, following scheduled drydocking.
• Minor point. Forward-looking: it has not happened yet and may not happen.Expected net charter revenue is approximately $21.8 million over the term, assuming 720 revenue earning days.
• Minor point. Forward-looking: it has not happened yet and may not happen.New rate is $8,000 per day higher, representing approximately $2.8 million in incremental annualized revenue after commissions.
• Minor point. Forward-looking: it has not happened yet and may not happen.Pyxis expects approximately $7.7 million in annualized EBITDA based on the new rate and current cost estimates.
• Minor point. Forward-looking: it has not happened yet and may not happen.Expected annualized net income is approximately $5.2 million, or $0.51 per common share.
• Minor point. Forward-looking: it has not happened yet and may not happen.Expected incremental annualized earnings are approximately $0.27 per common share, assuming unchanged other related costs.

Negative

• Minor point. Forward-looking: it has not happened yet and may not happen.Charter commissions of 2.5% reduce gross charter revenue.
• Minor point. Forward-looking: it has not happened yet and may not happen.New charter commencement depends on completion of the scheduled special survey and drydocking.
• Minor point. Forward-looking: it has not happened yet and may not happen.CITGO may adjust the charter term by plus or minus 30 days.
• Minor point. Forward-looking: it has not happened yet and may not happen.Actual revenue and earnings depend on delivery date, off-hire, final duration and operating costs.

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Details

Market Reaction – PXS

$7.50 – $8.10 Day Range

$81.20M Market Cap

On Oct 6, the day this news came out, the latest delayed price for PXS is 2.92% above the previous close. Our momentum scanner has recorded 2 alerts for this stock so far that day. The latest delayed price is $7.93.

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Key Figures

Charter term: 24 months, plus or minus 30 days Gross charter rate: $31,000 per day Net charter revenue: Approximately $21.8 million +5 more

Charter term

24 months, plus or minus 30 days

New Pyxis Lamda time charter; extension at the charterer’s option

Gross charter rate

$31,000 per day

New Pyxis Lamda charter

Net charter revenue

Approximately $21.8 million

Expected over the term after commissions, assuming 720 revenue earning days

Annualized EBITDA

Approximately $7.7 million

Company estimate based on the new charter rate and current cost estimates

Annualized net income

Approximately $5.2 million; $0.51 per common share

Company estimate based on the new charter rate and current cost estimates

Rate increase

$8,000 per day

Compared with Pyxis Lamda’s current charter rate

Incremental annualized revenue

Approximately $2.8 million

After commissions, based on the higher charter rate

Incremental annualized earnings per share

Approximately $0.27

Assuming no change in other related costs

Key Terms

time charter, drydocking, ebitda

3 terms

time charter technical

"agreed to a new time charter for its 2017-built MR product tanker"

A time charter is an agreement where a ship owner rents out their vessel to a customer for a set period, during which the customer has control over the ship’s use and operation. This arrangement matters to investors because it provides a steady income stream for the ship owner and indicates ongoing demand for shipping services, reflecting the health of global trade and transportation markets.

drydocking technical

"undergo its scheduled special survey and drydocking"

Drydocking is the process of bringing a ship out of the water to inspect, repair, or maintain its hull and underwater parts. It’s similar to taking a car to a garage for an oil change or repairs, but for a vessel. This maintenance is important because it ensures the ship remains safe and efficient, which can impact a company’s operational costs and overall reliability—factors that matter to investors.

ebitda financial

"generate approximately $7.7 million in annualized EBITDA"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

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Maroussi, Greece – October 6, 2026 – Pyxis Tankers Inc. (Nasdaq Capital Market: PXS) (the “Company” or “Pyxis Tankers”), an international shipping company, announced today that it has agreed to a new time charter for its 2017-built MR product tanker Pyxis Lamda with CITGO Petroleum Corporation for 24 months, plus or minus 30 days at the charterer’s option, at a gross rate of $31,000 per day.

The vessel’s current charter is expected to expire on or about November 20, 2026. Pyxis Lamda will then undergo its scheduled special survey and drydocking. The new charter is expected to commence immediately after drydocking is completed and is expected to generate approximately $21.8 million in net charter revenue after 2.5% commissions over its term, assuming 720 revenue earning days.

Based on the new charter rate and current cost estimates, Pyxis expects Pyxis Lamda to generate approximately $7.7 million in annualized EBITDA and contribute approximately $5.2 million in annualized net income, or $0.51 per common share.

The new charter rate is $8,000 per day higher than the current rate, representing approximately $2.8 million in incremental annualized revenue after commissions and, assuming no change in other related costs, approximately $0.27 in incremental annualized earnings per common share.

These estimates assume 360 revenue earning days per year and approximately 10.24 million common shares outstanding.

Eddie Valentis, Chairman and Chief Executive Officer of Pyxis, commented: “This charter allows us to lock in an attractive rate for approximately two years, capturing the benefits of the current strong tanker market while increasing visibility into our future cash flows and earnings. We are pleased to extend our relationship with CITGO and secure employment for Pyxis Lamda immediately following her scheduled special survey.”

Actual revenue and earnings will depend on the vessel’s delivery date, off-hire, the final charter duration, operating costs and other factors.

About Pyxis Tankers Inc.

Pyxis Tankers Inc. currently owns a modern fleet of six mid-sized eco-vessels engaged in the seaborne transportation of refined petroleum products and dry-bulk commodities. The fleet consists of three MR product tankers, one Kamsarmax bulk carrier and controlling interests in two dry-bulk joint ventures that own a sister-ship Kamsarmax and an Ultramax vessel. The Company is positioned to opportunistically expand and maximize its fleet of eco-efficient vessels due to its capital resources, competitive cost structure, strong customer relationships and experienced management team whose interests are aligned with shareholders.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of applicable securities laws. Forward-looking statements include, without limitation, statements regarding the Company’s expectations, objectives, plans, strategies, future events or performance, vessel employment, market conditions, geopolitical developments, shipping market fundamentals and other statements that are not historical facts. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, except as required by law.

Company Contact

Pyxis Tankers Inc.
K. Karamanli 59
Maroussi 15125, Greece
Tel: +30 210 638 0200, +1 917 291 7142
Email: ir@pyxistankers.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What are the rate and duration of Pyxis Tankers’ new Pyxis Lamda charter?

Pyxis Lamda’s new charter with CITGO Petroleum has a gross rate of $31,000 per day for 24 months, plus or minus 30 days at the charterer’s option. It is expected to commence immediately after the vessel completes its scheduled special survey and drydocking.

What assumptions support Pyxis Tankers’ earnings estimates for the Pyxis Lamda charter?

The annualized estimates assume 360 revenue earning days per year and approximately 10.24 million common shares outstanding. They use the new charter rate and current cost estimates. The approximately $0.27 in incremental annualized earnings per common share assumes no change in other related costs.