Pyxis Tankers Announces Closing of Modern Dry Bulk Joint Venture

Pyxis Tankers, an international shipping company, today announced the closing of its previously announced dry bulk joint venture with an entity related to its Chairman and CEO, which was newly formed to acquire, own and operate the “ Konkar Company”, an 82,099 dwt Kamsarmax carrier built in 2015. The Company invested $7.3 million in cash and will issue 267,857 restricted common shares for a 60% interest in the joint venture. THE Konkar Venture which is a sister ship to the Company’s eco-efficient program “Konkar Asteri” continues its employment under the existing time charter until mid-August 2024, at a gross daily rate of $18,000. Following the acquisition of the vessel, including payment of transaction fees and expenses and the use of the vessel’s working capital, the Company’s total consolidated cash position is estimated at approximately $43.0 million, including restricted cash of $2.2 million, with total funded debt of approximately $89.0 million.