Pyxis Tankers Inc., an international shipping company, 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.”