Loan savings, share buybacks and charter cover at Pyxis Tankers (NASDAQ: PXS)

Rhea-AI Filing Summary

Pyxis Tankers Inc. outlines recent financing, capital return and chartering developments. The company refinanced secured loans on the Pyxis Lamda and Pyxis Theta with Alpha Bank, generating incremental net proceeds of $9.9 million at a reduced rate of Term SOFR plus 1.90% and five-year maturities. It also amended Piraeus Bank loans totaling $42.1 million, extending maturities by six months and cutting pricing to Term SOFR plus 1.80%, a 58 basis point margin reduction.

As of January 23, 2026, Pyxis had repurchased 115,873 common shares for approximately $0.3 million at an average price of $2.94, with $2.7 million remaining under its $3.0 million authorization through November 2026 and 10,368,990 shares outstanding. The CEO highlighted that recent refinancings increased cash by an incremental $10.0 million, leaving around $52.0 million of unrestricted cash and a hunting licensed loan commitment of up to $45.0 million.

On the commercial side, as of January 26, 2026, 73% of available days in the first quarter of 2026 for MR product tankers were booked at an estimated daily time charter equivalent rate of $23,100 per vessel, while 27% of available days for dry bulkers were booked at $12,000 per day. Management views these steps as strengthening liquidity, reducing interest expense and supporting disciplined fleet expansion while maintaining diversified employment across tanker and dry bulk markets.

Insights

Shipping equity analyst

Refinancings cut borrowing costs, lift cash and support measured fleet growth.

Pyxis Tankers refinanced multiple vessel loans, extending maturities and lowering margins to Term SOFR plus 1.80–1.90%. The Alpha Bank deals added $9.9 million net proceeds, and management notes an incremental cash increase of $10.0 million, improving liquidity for potential fleet expansion.

The Piraeus Bank amendments on $42.1 million of borrowings reduce the weighted average margin by 58 basis points, which is expected to lower interest expense, with the CEO stating that the overall margin is now less than 2% above SOFR. This kind of repricing can meaningfully support profitability in a capital-intensive business if maintained.

Capital allocation remains balanced between growth and shareholder returns. The company has repurchased 115,873 shares for roughly $0.3 million under a $3.0 million program with $2.7 million still authorized through November 2026. On the operating side, Q1 2026 visibility is supported by 73% MR product tanker days fixed at $23,100 TCE and partial coverage on dry bulkers at $12,000 TCE, while management highlights that the next loan maturity is not until September 2028.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

For the month February 2026

Commission File Number: 001-37611

Pyxis Tankers Inc.

(Translation of registrant’s name into English)

59 K. Karamanli Street

Maroussi 15125 Greece

+30 210 638 0200

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K

Attached as Exhibit 99.1 to this Report on Form 6-K is the press release of Pyxis Tankers Inc. (the “Company”) entitled “Pyxis Tankers Announces Updates on Loan Agreements, Common Share Repurchase Program & Chartering Activity”.

The information contained in this report on Form 6-K, except for the commentary attributed to the Company’s Chairman and Chief Executive Officer in Exhibit 99.1 is hereby incorporated by reference into the Company’s registration statement on Form F-3 (File No 333-278862), initially filed with the U.S. Securities and Exchange Commission on April 22, 2024.

Exhibit Index

Exhibit Number		Document
99.1		Press Release dated January 26, 2026

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	PYXIS TANKERS INC.
Dated: February 2, 2026	By:	/s/ Henry Williams
		Henry Williams
		Chief Financial Officer

Exhibit 99.1

Pyxis Tankers Announces Updates on Loan Agreements, Common Share Repurchase Program

& Chartering Activity

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.

	1.	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 of 1.90%. 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.
	2.	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.
	3.	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.
	4.	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 $23,000 per day.

3) “Pyxis Karteria” is fixed on a time charter for 12 months -30/+60 days, at $19,500 per day.

4) “Konkar Asteri” is fixed on a time charter for 55–65 days, at $12,250 per day.

5) “Konkar Venture” is fixed on a time charter for 11–16 days, at $15,000 per day.

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 $10.0 million. These refinancings are also expected to result in a material reduction in interest expense as the overall weighted average interest margin above SOFR is now less than 2%. Currently, we have approximately $52.0 million in unrestricted cash, which combined with our hunting licensed loan commitment of up to $45.0 million, provides us the capital to potentially expand our fleet. At the same time, we will continue to repurchase our common shares in the open market under the remaining $2.7 million authorized program.

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) recently complete?

Pyxis Tankers refinanced secured loans with Alpha Bank for Pyxis Lamda and Pyxis Theta, totaling $18.6 million and $14.75 million. These five-year facilities carry quarterly principal repayments and reduced pricing at Term SOFR plus 1.90%, generating $9.9 million net proceeds earmarked for potential fleet expansion.

How did Pyxis Tankers change its loan terms with Piraeus Bank?

Pyxis amended secured loans with Piraeus Bank covering $42.1 million of principal for Pyxis Karteria, Konkar Ormi and Konkar Venture. Maturities were extended by six months and margins reduced to Term SOFR plus 1.80%, a weighted average savings of 58 basis points, while other loan terms remained unchanged.

What progress has Pyxis Tankers (PXS) made on its share repurchase program?

As of January 23, 2026, Pyxis Tankers had repurchased 115,873 common shares under its up to $3.0 million program, spending approximately $0.3 million at an average price of $2.94 per share. About $2.7 million remains authorized, with the program expiring in November 2026 at management’s discretion.

How strong is Pyxis Tankers’ current liquidity position?

Management reports approximately $52.0 million in unrestricted cash after recent refinancings, which increased cash by an incremental $10.0 million. Together with a hunting licensed loan commitment of up to $45.0 million, this provides significant capital capacity to pursue disciplined fleet expansion while managing existing obligations.

What charter coverage and rates has Pyxis Tankers secured for Q1 2026?

As of January 26, 2026, Pyxis had fixed 73% of available MR product tanker days for the first quarter of 2026 at an estimated daily TCE of $23,100. For its dry bulkers, 27% of available days were booked at an estimated daily TCE of $12,000, providing partial earnings visibility.

What is Pyxis Tankers’ current fleet composition and charter profile?

Pyxis owns six mid-sized eco-vessels: three MR product tankers, one wholly owned Kamsarmax bulk carrier and controlling interests in two dry bulk joint ventures. As of January 26, 2026, key ships like Pyxis Lamda and Pyxis Karteria are on time charters, while Pyxis Theta and Konkar Ormi trade in the spot market.

When is Pyxis Tankers’ next scheduled loan maturity?

According to the CEO, recent refinancing activity has pushed out the company’s debt schedule so that the next loan maturity is not scheduled until September 2028. This longer runway reduces near-term refinancing pressure and supports the strategy of disciplined fleet growth and ongoing share repurchases.