Pyxis Tankers Announces Updates on Loan Agreements, Common Share Repurchase Program & Chartering Activity
Rhea-AI Summary
Pyxis Tankers (NASDAQ: PXS) announced loan refinancings, share repurchases and updated chartering for Q1 2026. Alpha Bank refinancings closed Dec 17, 2025 for $18.6M and $14.75M with 5-year maturities and quarterly principal repayments of $375k and $450k, generating $9.9M net proceeds. Piraeus Bank amendments completed Jan 26, 2026 for $42.1M aggregate principal, extended maturities six months and reduced margins to Term SOFR+1.80% (weighted 58 bps savings).
As of Jan 23, 2026 the company repurchased 115,873 shares for ~$0.3M (avg $2.94), with $2.7M remaining. Fleet bookings for Q1 2026: 73% MR days at ~$23,100 TCE and 27% dry bulk days at ~$12,000 TCE. Unrestricted cash ~$52.0M; committed loan facility up to $45.0M.
Positive
- Alpha Bank refinancings generated $9.9M incremental net proceeds
- Interest margins reduced to Term SOFR+1.90% and +1.80%
- Weighted average margin savings of 58 bps on Piraeus loans
- Unrestricted cash of approximately $52.0M
- Committed loan facility of up to $45.0M for growth
- Q1 2026 bookings: 73% MR days at ~$23,100 TCE
Negative
- Aggregate outstanding principal amended of $42.1M
- Quarterly principal repayments of $375k and $450k reduce near-term cash
- Only 27% of Q1 dry-bulk days booked at ~$12,000 TCE
- Share repurchases used ~$0.3M of cash, reducing available liquidity
Key Figures
Market Reality Check
Peers on Argus
PXS is up 0.96% while peers show mixed moves: TOPS -1.54%, DLNG -1.23%, but BANL +3.11% and MARPS +3.83%. With no peers in the momentum scanner, today’s action appears company-specific rather than a broad shipping or energy sector rotation.
Previous Buybacks Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 30 | Buyback completion update | Positive | +3.0% | Completion of $3.0M buyback, preferred redemption and strong Q1 2025 bookings. |
| Sep 11 | Buybacks & redemption | Positive | +4.6% | Preferred stock redemption and ongoing common share repurchases with solid TCE cover. |
Buyback and capital-return updates have historically produced modestly positive price reactions for PXS.
Over the past year, PXS has repeatedly combined capital allocation updates with chartering data. Prior buyback and preferred redemption announcements on Sep 11, 2024 and Jan 30, 2025 led to gains of 4.58% and 2.96%, respectively. Both highlighted meaningful repurchases and strong TCE bookings, similar to today’s mix of refinancing-driven liquidity, an active $3.0M buyback program, and updated Q1 2026 charter coverage for tankers and bulkers.
Historical Comparison
In the past year, PXS released 2 buyback-related updates, averaging a 3.77% next‑day move. Today’s 0.96% gain is milder but directionally consistent with those prior positive reactions.
The company has moved from completing earlier $3.0M repurchase programs and redeeming preferred stock to launching and actively using a new <b>$3.0M</b> buyback, alongside regular chartering and booking updates.
Market Pulse Summary
This announcement highlighted reduced loan margins over SOFR, extended maturities and about $9.9M of incremental refinancing proceeds, alongside an active $3.0M buyback with $2.7M remaining. Management cited roughly $52.0M in unrestricted cash plus a $45.0M commitment to support fleet growth. Updated Q1 2026 TCE bookings for tankers and bulkers underscored exposure to freight markets, making future rate trends and capital deployment key metrics to track.
Key Terms
term sofr financial
basis points financial
time charter technical
AI-generated analysis. Not financial advice.
Maroussi, Greece – January 26, 2026 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), (“we”, “our”, “us”, the “Company” or “Pyxis Tankers”), an international shipping company, announced today key loan, shareholder and chartering updates.
- On December 17, 2025, we closed the refinancings of the existing secured loans with Alpha Bank S.A. for the Eleventhone Corp. (the “Pyxis Lamda”) and the Seventhone Corp. (the “Pyxis Theta”) in amounts of
$18.6 million and$14.75 million , respectively. Each of the amended loan agreements have a maturity in 5 years with quarterly principal repayments of$375,000 and$450,000 , respectively. Both existing loans were refinanced at a reduced interest rate of Term SOFR plus a margin of1.90% . After repayment of existing principal, the Alpha Bank refinancings generated an incremental$9.9 million in net proceeds which we expect to deploy for fleet expansion.
- On January 26, 2026, we completed amendments to the existing secured loans with Piraeus Bank S.A. for the Tenthone Corp. (the “Pyxis Karteria”), the Dryone Corp. (the “Konkar Ormi”) and the Drythree Corp. (the “Konkar Venture”) relating to outstanding principal borrowings of
$42.1 million in the aggregate. The maturity of each loan was extended by six months, with an interest rate reduction to Term SOFR +1.80% , representing a weighted average margin savings of 58 basis points in margin from the prior loan agreements. All other terms and conditions remain in full force and effect.
- As of January 23, 2026, we have acquired 115,873 shares under our authorized common share repurchase program of up to
$3.0 million which commenced in December, 2025. We have spent approximately$0.3 million to acquire these PXS shares in the open market at an average price of$2.94 per share, exclusive of commissions. There is$2.7 million of authorization remaining under the program which expires in November, 2026. The common share repurchase program does not require the Company to purchase a specific number or amount of common shares, and may be suspended or re-instated at any time at the Company’s discretion and without notice. As of January 23, 2026, there were 10,368,990 common shares of the Company outstanding.
- As of January 26, 2026,
73% of available days in the first quarter of 2026 for our MR product tankers were booked at an average estimated daily time charter equivalent rate (“TCE”) of$23,100 per vessel. As of the same date,27% of available days in the first quarter for our dry bulkers were booked at an average estimated daily TCE of$12,000.
Pyxis Tankers Fleet (as of January 26, 2026)
| Vessel Name | Shipyard | Vessel type | Carrying Capacity (dwt) | Year Built | Type of charter | Charter(1) Rate ($ per day) | Anticipated Earliest Redelivery Date | |
| Tanker fleet | ||||||||
| Pyxis Lamda (2) | SPP / S. Korea | MR2 | 50,145 | 2017 | Time | 23,000 | Sep 2026 | |
| Pyxis Theta | SPP / S. Korea | MR2 | 51,795 | 2013 | Spot | n/a | n/a | |
| Pyxis Karteria (3) | Hyundai / S. Korea | MR2 | 46,652 | 2013 | Time | 19,500 | Aug 2026 | |
| 148,592 | ||||||||
| Dry-bulk fleet | ||||||||
| Konkar Ormi | SKD / Japan | Ultramax | 63,520 | 2016 | Spot | n/a | n/a | |
| Konkar Asteri (4) | JNYS / China | Kamsarmax | 82,013 | 2015 | Time | 12,250 | Feb 2026 | |
| Konkar Venture (5) | JNYS / China | Kamsarmax | 82,099 | 2015 | Time | 15,000 | Jan 2026 | |
| 227,632 |
1) These tables present gross rates in U.S.$ and do not reflect any commissions payable.
2) “Pyxis Lamda” is fixed on a time charter for 12 months -40/+60 days, at
3) “Pyxis Karteria” is fixed on a time charter for 12 months -30/+60 days, at
4) “Konkar Asteri” is fixed on a time charter for 55–65 days, at
5) “Konkar Venture” is fixed on a time charter for 11–16 days, at
Mr. Eddie Valentis, Chairman and Chief Executive Officer of the Company, commented:
“Our recent operating and financing activities have strengthened our financial position and enhanced our ability to pursue further growth. Our existing lenders have been highly supportive of our strategic plan to expand our fleet in a disciplined way. The recent loan refinancings have extended maturities, and our next loan maturity is not scheduled until September, 2028. Moreover, our cash position has increased by an incremental
As reflected in our updated bookings for the first quarter of 2026, market conditions remain reasonably healthy for both the product tanker and dry bulk sectors, despite some seasonal softness. Geopolitical developments continue to influence industry conditions, effecting market sentiment and contributing to volatility. Accordingly, we will continue to manage employment -related risks by maintaining diversification across vessel classes, customers, cargoes and charter durations.”
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 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 conflicts in the Middle East and the Red Sea region, 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 https://www.pyxistankers.com
Company Contact
Henry Williams
Chief Financial Officer
Tel: +30 (210) 638 0200 / +1 (516) 455-0106
Email: hwilliams@pyxistankers.com
FAQ
What loan refinancings did Pyxis Tankers (PXS) complete in December 2025?
How much incremental cash did Pyxis Tankers (PXS) generate from the Alpha Bank refinancings?
What changes were made to Piraeus Bank loans on Jan 26, 2026 for PXS?
How many PXS shares has the company repurchased and what remains authorized?
What are Pyxis Tankers' reported cash and committed financing levels (PXS)?
What are Pyxis Tankers' Q1 2026 booking rates and coverage by vessel type (PXS)?
