Pyxis Tankers Sells Pyxis Karteria for $37 Million

Maroussi, Greece, November 12, 2026, Pyxis Tankers Inc. has agreed to sell its 46,652 dwt MR product tanker, the Pyxis Karteria, built in 2013 at Hyundai Mipo, to an unaffiliated buyer for a sale price of $37.0 million. The transaction 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 Pyxis Karteria was acquired by Pyxis Tankers in July 2021 for $20.0 million, when it was approximately 8.3 years old. At the time of acquisition, the vessel had an estimated carrying value of approximately $15.6 million. The sale is expected to provide net cash proceeds of approximately $25.9 million after repayment of approximately $10.7 million of the outstanding debt secured by the vessel and payment of transaction expenses. This additional cash will support the company's fleet expansion and renewal plans.

Following the delivery of the Pyxis Karteria, which is expected between November 20 and December 20, 2026, the company's fleet will consist of five vessels, including two MR product tankers. 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.

The sale of the Pyxis Karteria is part of Pyxis Tankers' strategy to capitalize on strong tanker asset values and realize a substantial gain on its oldest vessel. The company believes 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. The transaction is expected to strengthen Pyxis Tankers' capacity to expand and renew its fleet, with the company seeking to acquire younger vessels offering a more attractive relationship between purchase price and expected earnings.

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. The transaction is expected to provide Pyxis Tankers with additional capacity for fleet expansion and renewal, enhancing its ability to meet market demands and drive long-term growth in earnings and net asset value per share.