Pyxis Tankers, an international pure play product tanker company, announced that it has agreed to sell the vessel Pyxis Malou, 2009 built 50,667 dwt. product tanker, for a sale price of $24.8 million in cash to an unaffiliated buyer located in the United Kingdom.

Completion of the vessel sale, which is subject to customary closing conditions, is scheduled to occur by March 31, 2023. After the repayment of the outstanding indebtedness for this vessel and the payment of various transaction costs, the Company expects to receive cash proceeds of approximately $18 million, which would be used for general corporate purposes, including additional debt repayment. Assuming scheduled completion of the sale at March 31, 2023, the Company expects to recognize a non-cash gain from asset disposition of approximately $8 million or approximately $0.75 per outstanding common share.

Valentios Valentis, Chairman and CEO commented:

“The sale of our oldest asset at an attractive price underscores our strategic focus for modern eco–efficient MR product tankers and provides further balance sheet liquidity and financial strength. Moving forward, we will have a fleet of four MRs with an average age of 8 years. Upon completion of the disposition, our substantial cash position and lower leverage will increase our operating and financial flexibility. At the proper time, we expect to further enhance shareholder value by pursuing opportunities with cash on hand, and, if appropriate, utilizing modest bank financing.”