Wednesday, December 22, 2021

Pyxis Tankers (PXS)
Closing of MR Acquisition Enhances Fleet Profile

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.

Closing of acquisition for $32 million enhances MR fleet. The acquisition of the 2017-built Lamda was financed with a new loan of $21.7 million, a promissory note of $3.0 million, equity of $3.0 million and cash of $4.3 million. After completing a survey under way at a cost of ~$1.0 million, the Lamda will be available in January.


Pro forma debt increases to $84.1 million.  Including refinancing Malou debt of $7.3 million, we estimate that total debt will approximate $84.1 million, including related party notes of $6.0 million. Preferred stock remains $11.2 million and cash drops into the $5.3 million range in 4Q2021 …

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.