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Saturday, December 9, 2023

US Buyer Scoops Pyxis Product Tanker for $40.75 Million

Maritime Activity Reports, Inc.

September 22, 2023

Greek shipping company Pyxis Tankers announced it has agreed to sell the vessel Pyxis Epsilon, a 2015 built 50,295 dwt. product tanker, for a sale price of $40.75 million in cash to an unaffiliated buyer located in the United States.

Completion of the vessel sale remains subject to customary closing conditions and is expected to occur during the fourth quarter of 2023. After the repayment of the outstanding indebtedness secured by the vessel and the payment of various transaction costs, Pyxis Tankers expects to receive cash proceeds of approximately $26.4 million, the company said. Assuming completion of the vessel sale during the fourth quarter of 2023, the company said it expects to recognize a non-cash gain from asset disposition of approximately $16.8 million or $1.57 per current outstanding common share.

Valentios Valentis, Pyxis Tankers chairman and CEO, said, “The sale of our eight year old tanker at what we believe is a very attractive price underscores our focus on optimizing fleet value and providing further financial strength and capital resources. Our current total cash balance of $30.7  million is expected to subsequently increase upon receipt of the net cash sale proceeds of over $26 million. On completion of this latest asset disposition, our substantial cash position and low leverage will further increase our operating and financial flexibility to potentially pursue additional vessel purchases as well as other corporate and strategic initiatives that should enhance shareholder value.”

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