MAROUSSI, Greece - Pyxis Tankers Inc . (NASDAQ:PXS), an international maritime transportation company, has announced the completion of its acquisition of a Kamsarmax dry bulk vessel, the Konkar Asteri, for $26.625M. The vessel, built in 2015, features eco-efficient technology including a ballast water treatment system and a scrubber.
The purchase was financed through a mix of secured bank debt, amounting to $14.5M, and cash on hand. The loan terms are based on Term SOFR plus 2.35%, secured by the vessel among other assurances.
The Konkar Asteri is expected to start commercial operations soon. As of December 31, 2023, the company's pro-forma consolidated total cash stood at $45.6M, including restricted cash of $2.15M, with total funded debt at $76.0M.
Pyxis Tankers also provided a commercial update, highlighting the sale of its 2015-built product tanker, the Pyxis Epsilon, in mid-December 2023. The company currently operates three medium range product tankers and has a controlling interest in a 2015-built Ultramax dry bulk venture. The preliminary daily average time charter equivalent rate (TCE) for the fourth quarter of 2023 is estimated at approximately $30,500 per medium range tanker.
The shipping market, particularly for product tankers, remains strong, influenced by recent geopolitical events. For the first quarter of 2024, 75% of the available days for the company's medium range tankers are booked at an estimated average TCE of $29,200 per vessel.
The acquisition of the Konkar Asteri signifies Pyxis Tankers' strategic move to expand its commercial footprint with a fleet of eco-efficient, mid-sized dry bulk carriers. The company has not experienced the usual seasonal slowdown in the dry bulk sector for 2024, with solid global demand for dry bulk commodities. The company plans to employ its dry bulk vessels under a mix of time charters and spot voyages.
This expansion and operational update is based on a press release statement from Pyxis Tankers Inc. and reflects the company's current financial position and market operations.
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