Pyxis Tankers sheds two vessels

Pyxis chairman and CEO Valentios Valentis: “The sale of these non–core assets underscores our strategic focus on the eco–MR product tanker sector.”

Maroussi, Greece, headquartered Pyxis Tankers Inc. (NASDAQ: PXS) 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 is expected between late January and late February. After the repayment of outstanding indebtedness on the vessels and 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 $2.0 million.

“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,” said Pyxis Chairman and CEO Valentios Valentis. “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.”