Wednesday, March 31, 2021

Pyxis Tankers Inc. (PXS)
Refinancing Done. Shifting to Growth.

Pyxis Tankers Inc is a United States-based international maritime transportation company which focuses on the product tanker sector. It owns a fleet which comprises of double hull product tankers employed under a mix of short- and medium-term time charters and spot charters. The fleet owned by the company includes Pyxis Epsilon, Pyxis Theta, Pyxis Malou, Pyxis Delta, Northsea Alpha, and Northsea Beta. Each of the vessels in the fleet is capable of transporting refined petroleum products, such as naphtha, gasoline, jet fuel, kerosene, diesel, fuel oil, and other liquid bulk items, such as vegetable oils and organic chemicals.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Refinancing completed with positive impact on interest costs. A term loan of $17 million on the Epsilon from an existing lender and cash of $7.5 million refinanced existing debt. The new loan is priced at Libor plus 335 basis points and quarterly amortization is $0.3 million with a balloon payment of ~$11 million in five years. Borrowing costs should drop by more than 200 basis points and no secured debt matures over the next two years.


Well-timed equity offering materially improved public market float.  A private equity offering generated net proceeds of $23.1 million last month. Combined with preferred stock conversions, the public market float expanded to more than 50% …

This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision.