Pyxis Tankers Agrees to Sell Pyxis Karteria at an Expected $21.0 Million Gain $37.0 million sale price expected to generate a gain of approximately $2.05 per share and support fleet expansion and renewal
Maroussi, Greece – November 12, 2026 – Pyxis Tankers Inc. (Nasdaq Capital Market: PXS) (the “Company” or “Pyxis
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Maroussi, Greece – November 12, 2026 – Pyxis Tankers Inc. (Nasdaq Capital Market: PXS) (the “Company” or “Pyxis Tankers”), an international shipping company, today announced that it has entered into an agreement to sell the Pyxis Karteria, a 46,652 dwt MR product tanker built in 2013 at Hyundai Mipo, to an unaffiliated buyer for a sale price of $37.0 million.
The sale of the Company’s oldest vessel is expected to generate a one-time gain of approximately $21.0 million, or approximately $2.05 per share, based on approximately 10.2 million shares outstanding. The sale price compares with an estimated carrying value of approximately $15.6 million at delivery. The Company expects to sell and deliver the vessel and recognize the estimated gain in the fourth quarter of 2026.
After repayment of approximately $10.7 million of the outstanding debt secured by the vessel and payment of transaction expenses, the transaction is expected to generate net cash proceeds of approximately $25.9 million, providing additional capacity for fleet expansion and renewal.
Delivery to the buyer is expected between November 20 and December 20, 2026, subject to customary closing conditions. The final gain and cash proceeds will depend on the timing of completion and customary closing adjustments.
The Company acquired the vessel in July 2021 for $20.0 million, when it was approximately 8.3 years old. Including cumulative cash flow after debt service, net refinancing proceeds and the expected net proceeds from the sale, the Company expects total cash proceeds to equal approximately 6.3 times its initial equity investment.
Eddie Valentis, Chairman and Chief Executive Officer of Pyxis Tankers, commented:
“This sale allows us to capitalize on strong tanker asset values and realize a substantial gain on our oldest vessel. We believe the price is particularly attractive when considered against both current newbuilding costs, adjusted for the vessel’s age, and its earnings potential through the cycle. Our analysis of the vessel’s remaining cash flows, taking into account operating costs, future capital requirements and market risks, supports our view that the sale offers an attractive opportunity to realize value today.
“The transaction strengthens our capacity to expand and renew our fleet. We will seek opportunities to acquire younger vessels offering a more attractive relationship between purchase price and expected earnings. We will remain disciplined and selective, pursuing opportunities that meet our risk-adjusted return requirements. Our objective is to drive long-term growth in earnings and net asset value per share.”
About Pyxis Tankers Inc.
Pyxis Tankers Inc. currently owns a modern fleet of six mid-sized eco-vessels engaged in the seaborne transportation of refined petroleum products and dry-bulk commodities, consisting of three MR product tankers, one Kamsarmax bulk carrier and controlling interests in two dry-bulk joint ventures that own a sister-ship Kamsarmax and an Ultramax vessel. Following delivery of the Pyxis Karteria, the Company’s fleet will consist of five vessels, including two MR product tankers. The Company is positioned to opportunistically expand and renew its fleet of eco-efficient vessels due to its capital resources, competitive cost structure, strong customer relationships and experienced management team whose interests are aligned with shareholders.
Investor Presentation
An investor presentation with additional information on the transaction, including market context, valuation benchmarks, illustrative financial impact and hold-versus-sell return sensitivities, is available on the Company’s website at www.pyxistankers.com.
Forward-Looking Statements
This press release and the related investor presentation include 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. Forward-looking statements include, without limitation, statements regarding the Company’s expectations, objectives, plans, strategies, future events or performance, vessel employment, market conditions, geopolitical developments, shipping market fundamentals and other statements that are not historical facts. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including the satisfaction of closing conditions, delays in delivery, buyer performance, closing adjustments, changes in vessel values and charter rates, and the Company’s ability to identify and acquire vessels on acceptable terms. For more information about these and other risks and uncertainties, please refer to the Company’s filings with the U.S. Securities and Exchange Commission, including under the caption “Risk Factors” in its Annual Report on Form 20-F for the fiscal year ended December 31, 2025. You should not place undue reliance on any forward-looking statements, which are made as of the date of this press release. The Company undertakes no obligation to update or revise any forward-looking statements, except as required by law.
Company
Pyxis Tankers Inc.
59 K. Karamanli Street, Maroussi, 15125 Greece
Visit our website at https://www.pyxistankers.com
Company Contact
Fotis Giannakoulis
Chief Financial Officer
Tel: +1 917 291 7142 / +30 (210) 638 0200
Email: ir@pyxistankers.com
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