Pyxis Sells Two Small Product Tankers

Pure play product tanker company Pyxis Tankers on Tuesday announced that it has agreed to sell the Northsea Alpha and Northsea Beta, two 2010 built 8,600 dwt product tankers for an aggregate sale price of $8.9 million.

Completion of the vessel sales, which are subject to customary closing conditions, should occur between late January, 2022 and late February, 2022. After the repayment of the outstanding indebtedness securing these vessels and the payment of various transaction costs, the company expects to receive aggregate net cash proceeds of approximately $2.8 million, which would be used for working capital purposes. For the fiscal year ended December 31, 2021, the company expects to recognize a non-cash loss from asset dispositions of approximately $2 million.

Valentios Valentis, Pyxis Tankers' chairman and CEO, said, “The sale of these non-core assets underscores our strategic focus on the eco-MR product tanker sector, reduces outstanding debt and improves balance sheet liquidity. Moving forward, we will have a fleet of five MRs with an average age of 8.3 years. Upon completion of the dispositions, our total debt should be approximately $77.35 million at a weighted average interest rate of less than 4% per annum with the next bank loan maturity scheduled in 3.5 years.”