PYXIS TANKERS INC., 6-K filed on 8/12/2019
Report of Foreign Issuer
v3.19.2
Document and Entity Information
 6 Months Ended
Jun. 30, 2019
Document And Entity Information  
Entity Registrant Name Pyxis Tankers Inc.
Entity Central Index Key 0001640043
Document Type 6-K
Document Period End Date Jun. 30, 2019
Amendment Flag false
Current Fiscal Year End Date --12-31
Document Fiscal Period Focus Q2
Document Fiscal Year Focus 2019
v3.19.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2019
Dec. 31, 2018
CURRENT ASSETS:    
Cash and cash equivalents $ 1,391 $ 545
Restricted cash, current portion 69 255
Inventories 704 807
Trade accounts receivable, net 409 2,585
Prepayments and other assets 352 115
Total current assets 2,925 4,307
FIXED ASSETS, NET:    
Vessels, net 105,922 107,992
Total fixed assets, net 105,922 107,992
OTHER NON-CURRENT ASSETS:    
Restricted cash, net of current portion 3,500 3,404
Financial derivative instrument 3 28
Deferred charges, net 1,103 740
Prepayments and other assets 146
Total other non-current assets 4,606 4,318
Total assets 113,453 116,617
CURRENT LIABILITIES:    
Current portion of long-term debt, net of deferred financing costs 4,474 4,333
Trade accounts payable 4,658 4,746
Due to related parties 5,027 3,402
Hire collected in advance 1,374 422
Accrued and other liabilities 1,004 642
Total current liabilities 16,537 13,545
NON-CURRENT LIABILITIES:    
Long-term debt, net of current portion and deferred financing costs 55,918 58,129
Promissory note 5,000 5,000
Total non-current liabilities 60,918 63,129
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:    
Preferred stock ($0.001 par value; 50,000,000 shares authorized; none issued)
Common stock ($0.001 par value; 450,000,000 shares authorized; 21,060,190 and 21,088,539 shares issued and outstanding at each of December 31, 2018 and June 30, 2019) 21 21
Additional paid-in capital 74,759 74,767
Accumulated deficit (38,782) (34,845)
Total stockholders' equity 35,998 39,943
Total liabilities and stockholders' equity $ 113,453 $ 116,617
v3.19.2
Consolidated Balance Sheets (Parenthetical) - $ / shares
Jun. 30, 2019
Dec. 31, 2018
Statement of Financial Position [Abstract]    
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, shares authorized 50,000,000 50,000,000
Preferred stock, shares issued 0 0
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 450,000,000 450,000,000
Common stock, shares issued 21,088,539 21,060,190
Common stock, shares outstanding 21,088,539 21,060,190
v3.19.2
Interim Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Income Statement [Abstract]    
Revenues, net $ 13,180 $ 13,567
Expenses:    
Voyage related costs and commissions (2,926) (3,939)
Vessel operating expenses (6,402) (6,338)
General and administrative expenses (1,187) (1,247)
Management fees, related parties (359) (357)
Management fees, other (465) (465)
Amortization of special survey costs (117) (55)
Depreciation (2,705) (2,738)
Vessel impairment charge (1,543)
Bad debt provisions (26) (15)
Operating loss (1,007) (3,130)
Other income / (expenses):    
Gain from debt extinguishment 4,306
Gain / (Loss) from financial derivative instrument (25) 7
Interest and finance costs, net (2,905) (1,836)
Total other income / (expenses), net (2,930) 2,477
Net loss $ (3,937) $ (653)
Loss per common share, basic and diluted $ (0.19) $ (0.03)
Weighted average number of common shares, basic and diluted 21,072,472 20,877,893
v3.19.2
Interim Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
$ in Thousands
Common Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Deficit [Member]
Total
Balance at Dec. 31, 2017 $ 21 $ 74,766 $ (26,631) $ 48,156
Balance, shares at Dec. 31, 2017 20,877,893      
Net loss (653) (653)
Balance at Jun. 30, 2018 $ 21 74,766 (27,284) 47,503
Balance, shares at Jun. 30, 2018 20,877,893      
Balance at Dec. 31, 2018 $ 21 74,767 (34,845) 39,943
Balance, shares at Dec. 31, 2018 21,060,190      
Net result from the issuance of common stock (8) (8)
Net result from the issuance of common stock, shares 28,349      
Net loss (3,937) (3,937)
Balance at Jun. 30, 2019 $ 21 $ 74,759 $ (38,782) $ 35,998
Balance, shares at Jun. 30, 2019 21,088,539      
v3.19.2
Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net loss $ (3,937) $ (653)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation 2,705 2,738
Amortization of special survey costs 117 55
Amortization and write-off of financing costs 131 146
Vessel impairment charge 1,543
Gain from debt extinguishment (4,306)
Change in fair value of financial derivative instrument 25 (54)
Bad debt provisions 26 15
Changes in assets and liabilities:    
Inventories 103 (151)
Trade accounts receivable, net 2,150 (1,010)
Prepayments and other assets (237) (323)
Special survey costs (480) (268)
Trade accounts payable (178) 1,560
Due to related parties 1,625 3,904
Hire collected in advance 952
Accrued and other liabilities 181 184
Net cash provided by operating activities 3,183 3,380
Cash flow from investing activities:    
Ballast water treatment system installation (268)
Net cash used in investing activities (268)
Cash flows from financing activities:    
Proceeds from long-term debt 20,500
Repayment of long-term debt (2,201) (24,901)
Gross proceeds from issuance of common stock 43
Common stock offering costs (1) (54)
Payment of financing costs (472)
Net cash used in financing activities (2,159) (4,927)
Net (decrease) / increase in cash and cash equivalents and restricted cash 756 (1,547)
Cash and cash equivalents and restricted cash at the beginning of the period 4,204 6,693
Cash and cash equivalents and restricted cash at the end of the period 4,960 5,146
SUPPLEMENTAL INFORMATION:    
Cash paid for interest 2,623 1,746
Unpaid portion of ballast water treatment system installation 268
Reconciliation table of cash and restricted cash    
Cash and cash equivalents 1,391 545
Restricted cash, current portion 69 255
Restricted cash, net of current portion 3,500 3,404
Total cash and cash equivalents and restricted cash $ 4,960 $ 4,204
v3.19.2
Basis of Presentation and General Information
 6 Months Ended
Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and General Information
1.Basis of Presentation and General Information:

 

PYXIS TANKERS INC. (“Pyxis”) is a corporation incorporated in the Republic of the Marshall Islands on March 23, 2015. Pyxis currently owns 100% ownership interest in the following six vessel-owning companies:

 

●SECONDONE CORPORATION LTD, established under the laws of the Republic of Malta (“Secondone”);

●THIRDONE CORPORATION LTD, established under the laws of the Republic of Malta (“Thirdone”);

●FOURTHONE CORPORATION LTD, established under the laws of the Republic of Malta (“Fourthone”);

●SIXTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Sixthone”);

●SEVENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Seventhone”); and

●EIGHTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Eighthone,” and collectively with Secondone, Thirdone, Fourthone, Sixthone and Seventhone, the “Vessel-owning companies”).

 

All of the Vessel-owning companies are engaged in the marine transportation of liquid cargoes through the ownership and operation of tanker vessels, as listed below:

 

Vessel-owning

Company

 

Incorporation

date

  Vessel  DWT  

Year

built

  

Acquisition

date

Secondone  05/23/2007  Northsea Alpha   8,615    2010   05/28/2010
Thirdone  05/23/2007  Northsea Beta   8,647    2010   05/25/2010
Fourthone  05/30/2007  Pyxis Malou   50,667    2009   02/16/2009
Sixthone  01/15/2010  Pyxis Delta   46,616    2006   03/04/2010
Seventhone  05/31/2011  Pyxis Theta   51,795    2013   09/16/2013
Eighthone  02/08/2013  Pyxis Epsilon   50,295    2015   01/14/2015

 

Secondone, Thirdone and Fourthone were initially established under the laws of the Republic of the Marshall Islands, under the names SECONDONE CORP., THIRDONE CORP. and FOURTHONE CORP., respectively. In March and April 2018, these vessel-owning companies completed their re-domiciliation under the jurisdiction of the Republic of Malta and were renamed as mentioned above. For further information, please refer to Note 7.

 

The accompanying unaudited interim consolidated financial statements include the accounts of Pyxis and its vessel-owning companies (collectively the “Company”) as discussed above as of December 31, 2018 and June 30, 2019 and for the six–month periods ended June 30, 2018 and 2019.

 

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete annual financial statements. In the opinion of the management of the Company, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of financial position, operating results and cash flows have been included in the accompanying unaudited interim consolidated financial statements. Interim results are not necessarily indicative of results that may be expected for the year ending December 31, 2019. These interim consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes for the year ended December 31, 2018, included in the Company’s Annual Report on Form 20-F filed with the SEC on March 29, 2019 (the “2018 Annual Report”).

 

PYXIS MARITIME CORP. (“Maritime”), a corporation established under the laws of the Republic of the Marshall Islands, which is beneficially owned by Mr. Valentios (“Eddie”) Valentis, the Company’s Chairman, Chief Executive Officer and Class I Director, provides certain ship management services to the Vessel-owning companies, as discussed in Note 3 to the Company’s consolidated financial statements for the year ended December 31, 2018, included in the 2018 Annual Report.

 

With effect from the delivery of each vessel, the crewing and technical management of the vessels were contracted to INTERNATIONAL TANKER MANAGEMENT LTD. (“ITM”) with permission from Maritime. ITM is an unrelated third party technical manager, represented by its branch based in Dubai, UAE. Each ship-management agreement with ITM is in force until it is terminated by either party. The ship-management agreements can be cancelled either by the Company.

 

As of June 30, 2019, Mr. Valentis beneficially owned approximately 80.8% of the Company’s common stock.

 
v3.19.2
Significant Accounting Policies
 6 Months Ended
Jun. 30, 2019
Accounting Policies [Abstract]  
Significant Accounting Policies
2.Significant Accounting Policies:

 

A discussion of the Company’s significant accounting policies can be found in the Company’s consolidated financial statements included in the Annual Report on Form 20-F for the year ended December 31, 2018, filed with the SEC on March 29, 2019. There have been no material changes to these policies in the six-month period ended June 30, 2019.

 

The Company had no transactions which effect comprehensive loss during the six months ended June 30, 2018 and 2019 and accordingly, comprehensive loss was equal to net loss.

 

Recent Accounting Pronouncements Not Yet Adopted:

 

In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments Credit Losses, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825 Financial Instruments, the amendments of which clarify the modification of accounting for available for sale debt securities excluding applicable accrued interest, which must be individually assessed for credit losses when fair value is less than the amortized cost basis. In May 2019, the FASB issued ASU 2019-05, Financial Instruments—Credit Losses (Topic 326)—Targeted Transition Relief, which is the final version of Proposed Accounting Standards Update 2019-100—Targeted Transition Relief for Topic 326, Financial Instruments—Credit Losses, which has been deleted. This Update provides entities with an option to irrevocably elect the fair value option applied on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. The fair value option election does not apply to held-to-maturity debt securities. An entity that elects the fair value option should subsequently apply the guidance in Subtopics 820-10, Fair Value Measurement—Overall, and 825-10. The effective date and transition requirements for the amendments in these Updates are the same as the effective dates and transition requirements in Update 2016-13, as amended by these Updates. The Company is currently assessing the impact of the adoption of the new accounting standard on its consolidated financial statements and related disclosures.
v3.19.2
Transactions with Related Parties
 6 Months Ended
Jun. 30, 2019
Related Party Transactions [Abstract]  
Transactions with Related Parties
3.Transactions with Related Parties:

 

The following transactions with related parties occurred during the six–month periods ended June 30, 2018 and 2019.

 

(a) Maritime:

 

The following amounts were charged by Maritime pursuant to the head management and ship-management agreements with the Company, and are included in the accompanying unaudited interim consolidated statements of comprehensive loss:

 

   Six Months Ended June 30, 
   2018   2019 
Included in Voyage related costs and commissions          
Charter hire commissions  $170   $167 
           
Included in Management fees, related parties          
Ship-management Fees   357    359 
           
Included in General and administrative expenses          
Administration Fees   802    807 
           
Total  $1,329   $1,333 

 

As of December 31, 2018 and June 30, 2019, the balances due to Maritime were $3,402 and $5,027, respectively, and are included in Due to related parties in the accompanying consolidated balance sheets. The balances with Maritime are interest free and with no specific repayment terms.

 

The Ship-management Fees and the Administration Fees are adjusted annually according to the official inflation rate in Greece or such other country where Maritime was headquartered during the preceding year. On August 9, 2016, the Company amended the Head Management Agreement with Maritime to provide that in the event that the official inflation rate for any calendar year is deflationary, no adjustment shall be made to the Ship-management Fees and the Administration Fees, which will remain, for the particular calendar year, as per the previous calendar year. Effective January 1, 2018 and 2019, the Ship-management Fees and the Administration Fees were increased by 1.12% and 0.62%, respectively in line with the average inflation rate in Greece in 2017 and 2018, respectively.

 

(b) Maritime Investors Corp.:

 

On May 14, 2019, the Company entered into a second amendment to the Amended & Restated Promissory Note which (i) extended the repayment of the outstanding principal, in whole or in part, until the earlier of a) one year after the repayment of the credit facility of Eighthone with EntrustPermal (the “Credit Facility”) on September 2023 (see Note 7), b) January 15, 2024 and c) repayment of any PIK interest and principal deficiency amount under the Credit Facility, and (ii) increased the interest rate to 9.0% per annum of which 4.5% shall be paid in cash and 4.5% shall be paid in common shares of the Company calculated on the volume weighted average closing share price for the 10 day period immediately prior to each quarter end. The new interest rate is effective from April 1, 2019. After the repayment restrictions have been lifted per the Credit Facility, the Company, at its option, may continue to pay interest on the Amended & Restated Promissory Note in the afore-mentioned combination of cash and shares or pay all interest costs in cash. The Company considered the guidance under ASC 470-50 “Debt Modifications and Extinguishments”, and concluded that the transaction should be accounted for as debt extinguishment.

 

With respect to the portion of interest that will be settled in common shares, the Company considered the guidance in ASC 480 that requires obligations that can be settled in shares with a fixed monetary value at settlement (e.g., share-settled debt) to be carried at fair value and followed the guidance in ASC 835-30 to accrue the liability to the redemption amount using the interest method.

 

Interest charged on the Amended & Restated Promissory Note for the six months ended June 30, 2018 and 2019, amounted to $99 and $168, respectively, and is included in Interest and finance costs, net in the accompanying unaudited interim consolidated statement of comprehensive loss. Out of the total interest charged on the Amended & Restated Promissory Note during the six month period ended June 30, 2019, $112 will be paid in cash and the remaining $56 will be settled in common shares (please refer to Note 14).

 

The amount of $5,000 is separately reflected in the accompanying consolidated balance sheets under non-current liabilities.
v3.19.2
Inventories
 6 Months Ended
Jun. 30, 2019
Inventory Disclosure [Abstract]  
Inventories
4.Inventories:

 

The amounts in the accompanying consolidated balance sheets are analyzed as follows:

 

  

December 31, 2018

  

June 30, 2019

 
Lubricants  $428   $468 
Bunkers   379    236 
Total  $807   $704 
v3.19.2
Vessels, Net
 6 Months Ended
Jun. 30, 2019
Property, Plant and Equipment [Abstract]  
Vessels, Net
5. Vessels, net:

 

The amounts in the accompanying consolidated balance sheets are analyzed as follows:

 

  

Vessel

Cost

  

Accumulated

Depreciation

  

Net Book

Value

 
Balance January 1, 2019  $134,310   $(26,318)  $107,992 
Additions   635    -   635 
Depreciation   -    (2,705)   (2,705)
Balance June 30, 2019  $134,945   $(29,023)  $105,922 

 

All of the Company’s vessels have been pledged as collateral to secure the loans discussed in Note 7.

 

Additions of $635 relate to ballast water treatment installation out of which, $367 has been paid and $268 is accrued and remains unpaid.
v3.19.2
Deferred Charges, Net
 6 Months Ended
Jun. 30, 2019
Deferred Charges Net Abstract  
Deferred Charges, Net
6.Deferred Charges, net:

 

The movement in Deferred charges, net, in the accompanying consolidated balance sheets are as follows:

 

  

Dry docking

costs

 
Balance, January 1, 2019  $740 
Additions   480 
Amortization of special survey costs   (117)
Balance, June 30, 2019  $1,103 

 

Additions of $480 for the six-month period ended June 30, 2019, relate to 10th year special survey for Pyxis Malou performed during the first quarter of 2019.

 

The amortization of the special survey costs is separately reflected in the accompanying unaudited interim consolidated statements of comprehensive loss.
v3.19.2
Long-term Debt
 6 Months Ended
Jun. 30, 2019
Debt Disclosure [Abstract]  
Long-term Debt
7.Long-term Debt:

 

The amounts shown in the accompanying consolidated balance sheets at December 31, 2018 and June 30, 2019, are analyzed as follows:

 

Vessel (Borrower) 

December 31, 2018

  

June 30, 2019

 
Northsea Alpha (Secondone)  $4,055   $3,890 
Northsea Beta (Thirdone)   4,055    3,890 
Pyxis Malou (Fourthone)   11,190    10,620 
Pyxis Delta (Sixthone)   5,400    4,725 
Pyxis Theta (Seventhone)   14,722    14,096 
Pyxis Epsilon (Eighthone)   24,000    24,000 
Total  $63,422   $61,221 
           
Current portion  $4,503   $4,633 
Less: Current portion of deferred financing costs   (170)   (159)
Current portion of long-term debt, net of deferred financing costs, current  $4,333   $4,474 
           
Long-term portion  $58,919   $56,588 
Less: Non-current portion of deferred financing costs   (790)   (670)
Long-term debt, net of current portion and deferred financing costs, non-current  $58,129   $55,918 

 

Each loan is secured by a first priority mortgage over the respective vessel and a first priority assignment of the vessel’s insurances and earnings. Each loan agreement contains customary ship finance covenants including restrictions as to changes in management and ownership of the vessel, in dividends distribution when certain financial ratios are not met, as well as requirements regarding minimum security cover ratios. For more information, please refer to Note 7 to the Company’s consolidated financial statements for the year ended December 31, 2018, included in the 2018 Annual Report.

 

On June 6, 2017, the lender of Sixthone and Seventhone agreed to extend the maturity of its respective loans from September 2018 to September 2022 under the same applicable margin, but with an extended amortization schedule. The aggregate outstanding balance of these loans as of June 30, 2019, of $18,821 is scheduled to be repaid in 13 quarterly installments of $651 each and a balloon payment of $10,358. As of June 30, 2019, these subsidiaries were restricted from paying dividends to the Company under the HSH loan agreement because the ratio of the Company’s total liabilities to market value adjusted total assets was 69.5%, or 4.5% higher than the threshold under which dividends can be paid. This requirement is only applicable in order to assess whether the the Sixthone and Seventhone are entitled to distribute dividends to Pyxis and does not constitute an event of default under this or the Company’s other loan agreements.

 

On February 28, 2018, the Company refinanced existing indebtedness of $26,906 under the Secondone, Thirdone and Fourthone loan agreements with a new 5-year secured loan of $20,500 and cash of $2,100. The remaining balance of approximately $4,306 was written-off by the previous lender at closing, which was recorded as Gain from debt extinguishment in the first quarter of 2018, and is separately reflected in the accompanying unaudited interim consolidated statement of comprehensive loss. As of June 30, 2019, each of Secondone’s and Thirdone’s outstanding loan balance, amounting to $3,890, is repayable in 15 remaining quarterly installments of $100 each, the first falling due in August 2019, and the last installment accompanied by a balloon payment of $2,390 falling due in February 2023. As of June 30, 2019, the outstanding balance of Fourthone loan of $10,620 is repayable in 15 remaining quarterly installments amounting to $5,220, the first falling due in August 2019, and the last installment accompanied by a balloon payment of $5,400 falling due in February 2023. The first installment, amounting to $300, is followed by two amounting to $300 each, four amounting to $330 each, four amounting to $360 each and four amounting to $390 each. The loan bears interest at LIBOR plus a margin of 4.65% per annum. As a condition subsequent to the execution of this loan agreement, the borrowers, Secondone, Thirdone and Fourthone, were required to complete all required procedures for their re-domiciliation to the jurisdiction of the Republic of Malta by May 1, 2018. The relevant re-domiciliation was completed in March and April 2018, as discussed in Note 1.

 

On September 27, 2018, Eighthone entered into a new $24,000 loan agreement, for the purpose of refinancing the outstanding indebtedness of $16,000 under the previous loan facility and for general corporate purposes. The facility matures in September 2023 and is secured by a first priority mortgage over the vessel, general assignment covering earnings, insurances and requisition compensation, an account pledge agreement and a share pledge agreement concerning the respective vessel-owning subsidiary and technical and commercial managers’ undertakings. The loan facility bears an interest rate of 11% of which 1.0% can be paid as PIK interest per annum for first two years, and 11.0% per annum thereafter and incurs fees due upfront and upon early prepayment or final repayment of outstanding principal. The principal obligation amortizes in 18 quarterly installments starting in March 29, 2019, equal to the lower of $400 and excess cash computed through a cash sweep mechanism, plus a balloon payment due at maturity. As of June 30, 2019, the outstanding balance of Eighthone loan is $24,000. The Company has assessed that no excess cash will be available to proceed with any debt repayment within the next twelve months, therefore, no principal amortization will occur through June 30, 2020.

 

Under the facility, a deferred fee may be payable on the occurrence of certain events including, among others, the sale of the vessel or on repayment or maturity of the loan. Management has assessed this deferred fee as a contingent liability under ASC 450 and concluded that such loss contingency shall not be accrued by a charge in the interim consolidated statements of comprehensive loss, since information available does not indicate that is probable that the liability has been incurred as of the balance sheet date at June 30, 2019 and cannot be estimated.

 

Amounts presented in Restricted cash, current and non-current in the consolidated balance sheet are related to minimum cash requirements imposed by the Company’s debt agreements.

 

Assuming no principal repayments under the new loan of Eighthone discussed above, the annual principal payments required to be made after June 30, 2019, are as follows:

 

To June 30,  Amount 
2020  $4,633 
2021   4,753 
2022   4,873 
2023   22,962 
2024 and thereafter   24,000 
Total   $61,221 

 

The Company’s weighted average interest rate (including the margin) for the six months ended June 30, 2018 and 2019, was 5.05% and 8.19%, including the Amended & Restated Promissory Note discussed in Note 3, respectively.

 

The Company was in compliance with all of the loan covenants in its loan agreements. In addition, as of June 30, 2019, there was no amount available to be drawn down by the Company under its existing loan agreements.

 

As of June 30, 2019, the Company had a working capital deficit of $13,612, defined as current assets minus current liabilities. As of the filing date of the unaudited interim consolidated financial statements, the Company expects that it will be in a position to cover its liquidity needs for the next 12-month period through cash generated from operations and by managing its working capital requirements. In addition, the Company may consider the raising of capital including, debt, equity securities, joint ventures and / or sale of assets. Furthermore, the Company estimates that a breach of its financial covenants under its existing debt agreements for the next 12-month period is not probable.
v3.19.2
Capital Structure and Equity Incentive Plan
 6 Months Ended
Jun. 30, 2019
Retirement Benefits [Abstract]  
Capital Structure and Equity Incentive Plan
8.Capital Structure and Equity Incentive Plan:

 

The Company’s authorized common and preferred stock consists of 450,000,000 common shares and 50,000,000 preferred shares with a par value of USD 0.001 per share.

 

As of December 31, 2018 and June 30, 2019, the Company had a total of 21,060,190 and 21,088,539 common shares, respectively, and no preferred shares outstanding.

 

On February 2, 2018, the Company filed with the SEC a registration statement on Form F-3 (the “Shelf Registration Statement”), under which it may sell from time to time common stock, preferred stock, debt securities, warrants, purchase contracts and units, each as described therein, in any combination, in one or more offerings up to an aggregate dollar amount of $100,000. In addition, the selling stockholders referred to in the registration statement may sell in one of more offerings up to 5,233,222 shares of the Company’s common stock from time to time as described therein. The registration statement was declared effective by the SEC on February 12, 2018. On March 30, 2018, the Company filed a prospectus supplement to the Shelf Registration Statement related to an At-The-Market Program (“ATM Program”) under which it may, from time to time, issue and sell shares of its common stock up to an aggregate offering of $2,300 through a sales agent as either agent or principal. No shares were sold under this initial ATM Program, but on November 19, 2018 the prospectus supplement was amended to increase the offering to $3,675.

 

As of December 31, 2018, following the issuance and sale of 182,297 shares of common stock under the ATM Program during 2018, the Company’s outstanding common shares increased from 20,877,893 to 21,060,190. Following the issuance and sale of a further 28,349 shares of common stock under the ATM Program during April 2019, the Company’s outstanding common shares increased from 21,060,190 to 21,088,539 as at June 30, 2019.
v3.19.2
Loss Per Common Share
 6 Months Ended
Jun. 30, 2019
Loss Per Common Share  
Loss Per Common Share
9.Loss per Common Share:

 

   Six Months Ended June 30, 
   2018   2019 
Net loss available to common stockholders  $(653)  $(3,937)
           
Weighted average number of common shares, basic and diluted   20,877,893    21,072,472
           
Loss per common share, basic and diluted  $(0.03)  $(0.19)

 

The weighted average number of share, basic and diluted, for the six months ended June 30, 2019, includes shares that were issued subsequent to June 30, 2019 as discussed in Note 14 of these unaudited interim consolidated financial statements.
v3.19.2
Risk Management and Fair Value Measurements
 6 Months Ended
Jun. 30, 2019
Risk Management And Fair Value Measurements  
Risk Management and Fair Value Measurements
10.Risk Management and Fair Value Measurements:

 

The principal financial assets of the Company consist of cash and cash equivalents and trade accounts receivable due from charterers. The principal financial liabilities of the Company consist of long-term loans, trade accounts payable, amounts due to related parties and a promissory note.

 

Interest rate risk: The Company’s interest rates are calculated at LIBOR plus a margin, as described in Note 7 above, as well as in Note 7 to the Company’s consolidated financial statements for the year ended December 31, 2018, included in the 2018 Annual Report, and hence the Company is exposed to movements in LIBOR. In order to hedge its variable interest rate exposure, on January 19, 2018, the Company, via one of its vessel-owning subsidiaries, purchased an interest rate cap with one of its lenders for a notional amount of $10,000 and a cap rate of 3.5%. The interest rate cap will terminate on July 18, 2022.

 

Credit risk: Credit risk is minimized since trade accounts receivable from charterers are presented net of the relevant provision for uncollectible amounts, whenever required. On the balance sheet dates there were no significant concentrations of credit risk. The maximum exposure to credit risk is represented by the carrying amount of each financial asset on the consolidated balance sheet.

 

Currency risk: The Company’s transactions are denominated primarily in U.S. Dollars; therefore overall currency exchange risk is limited. Balances in foreign currency other than U.S. Dollars are not considered significant.

 

Fair value: The Management has determined that the fair values of the assets and liabilities as of June 30, 2019, are as follows:

 

  

Carrying

Value

  

Fair

Value

 
Cash and cash equivalents  $4,960   $4,960 
Trade accounts receivable, net  $409   $409 
Trade accounts payable  $4,658   $4,658 
Long-term debt with variable interest rates, net  $37,221   $37,221 
Long-term loans and promissory note with non-variable interest rates, net  $29,000   $29,000 

 

Assets measured at fair value on a recurring basis: Interest rate cap

 

The Company’s interest rate cap does not qualify for hedge accounting. The Company adjusts its interest rate cap contract to fair market value at the end of every period and records the resulting gain / (loss) during the period in the consolidated statements of comprehensive loss. Information on the location and amount of derivative fair value in the consolidated balance sheets and loss from financial derivative instrument in the unaudited interim consolidated statements of comprehensive loss is shown below:

 

Consolidated Balance Sheets – Location  December 31, 2018   June 30, 2019 
Financial derivative instrument – Other non-current assets  $28   $3 
           
Consolidated Statements of Comprehensive Loss – Location   

June 30, 2018

    

June 30, 2019

 
Financial derivative instrument – Initial cost  $(47)  $(28)
Financial derivative instrument – Fair value as at period end   54    3 
Gain / (Loss) from financial derivative instrument  $7   $(25)

 

The fair value of the Company’s interest rate cap agreement is determined based on market-based LIBOR rates. LIBOR rates are observable at commonly quoted intervals for the full term of the cap and therefore, are considered Level 2 items in accordance with the fair value hierarchy.

 

Assets measured at fair value on a non-recurring basis: Long lived assets held and used

 

As of March 31, 2018, the Company reviewed the carrying amount in connection with the estimated recoverable amount for each of its vessels. This review indicated that such carrying amount was not fully recoverable for the Company’s vessels Northsea Alpha and Northsea Beta. Consequently the carrying value of these vessels was written-down to their respective fair values as presented in the table below.

 

Vessel  Significant Other
Observable Inputs
(Level 2)		   Vessel Impairment
Charge (charged against
Vessels, net)		 
Northsea Alpha  $6,750   $772 
Northsea Beta   6,750    771 
TOTAL  $13,500   $1,543 

 

The fair value is based on level 2 inputs of the fair value hierarchy and reflects the Company’s best estimate of the value of each vessel on a time charter free basis, and is supported by a vessel valuation of an independent shipbroker as of March 31, 2018, which is mainly based on recent sales and purchase transactions of similar vessels.

 

The Company performs an impairment exercise whenever there are indicators of impairment.

 

The Company recognized a total Vessel impairment charge of $1,543 which is included in the accompanying unaudited interim consolidated statements of comprehensive loss for the six-month period ended June 30, 2018. No impairment loss was recognized for the six-month period ended June 30, 2019.

 

As of December 31, 2018 and June 30, 2019, the Company did not have any other assets or liabilities measured at fair value on a non- recurring basis.
v3.19.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
11. Commitments and Contingencies:

 

Future minimum lease payments: Future minimum lease payments, gross of 1.25% address commission and 1.25% brokerage commissions to Maritime and of any other brokerage commissions to third parties, based on vessels committed, non-cancelable, long-term time charter contracts as of June 30, 2019, expiring through June 30, 2020, amount to $11,038.

 

Other: Various claims, suits and complaints, including those involving government regulations and environmental liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company’s vessels. Currently, management is not aware of any such claims not covered by insurance or contingent liabilities, which should be disclosed, or for which a provision has not been established in the accompanying unaudited interim consolidated financial statements.

 

The Company accrues for the cost of environmental and other liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any other claims or contingent liabilities, which should be disclosed or for which a provision should be established in the accompanying unaudited interim consolidated financial statements. The Company is covered for liabilities associated with the individual vessels’ actions to the maximum limits as provided by Protection and Indemnity (P&I) Clubs, members of the International Group of P&I Clubs.
v3.19.2
Interest and Finance Costs, Net
 6 Months Ended
Jun. 30, 2019
Interest And Finance Costs Net  
Interest and Finance Costs, Net
12.Interest and Finance Costs, net:

 

The amounts in the accompanying unaudited interim consolidated statements of comprehensive loss are analyzed as follows:

 

   Six Months Ended June 30, 
   2018   2019 
Interest on long-term debt (Note 7)  $1,591   $2,606 
Interest on promissory note (Note 3)   99    168 
Amortization and write-off of financing costs   146    131 
Total  $1,836   $2,905 

 

Out of the total interest charged during the six month period ended June 30, 2019, $112 will be paid in cash and the remaining $56 will be settled in common shares (please refer to Note 14).
v3.19.2
Revenues, Net
 6 Months Ended
Jun. 30, 2019
Revenue from Contract with Customer [Abstract]  
Revenues, Net
13. Revenues, net

 

The Company disaggregates its revenue from contracts with customers by the type of charter (time charters and spot charters).

 

The following table presents the Company’s revenue disaggregated by revenue source for the six-month periods ended June 30, 2018 and 2019:

 

  

June 30, 2018

  

June 30, 2019

 
Revenues derived from spot charters, net  $5,430   $4,397 
Revenues derived from time charters, net   8,137    8,783 
Revenues, net  $13,567   $13,180 

 

The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less, in accordance with the optional exception in ASC 606.

 

The following table presents the Company’s net trade accounts receivable disaggregated by revenue source as at June 30, 2019 and December 31, 2018:

 

  

December 31, 2018

  

June 30, 2019

 
Accounts receivable trade, net from spot charters  $2,581   $356 
Accounts receivable trade, net from time charters   4    53 
Total  $2,585   $409 
v3.19.2
Subsequent Events
 6 Months Ended
Jun. 30, 2019
Subsequent Events [Abstract]  
Subsequent Events
14.Subsequent Events:

 

On July 2, 2019, following the second amendment to the Amended & Restated Promissory Note dated May 14, 2019, the Company issued 54,462 of common shares at the volume weighted average closing share price for the 10 day period immediately prior to the quarter end.
v3.19.2
Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2019
Accounting Policies [Abstract]  
Recent Accounting Pronouncements Not Yet Adopted

Recent Accounting Pronouncements Not Yet Adopted:

 

In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments Credit Losses, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825 Financial Instruments, the amendments of which clarify the modification of accounting for available for sale debt securities excluding applicable accrued interest, which must be individually assessed for credit losses when fair value is less than the amortized cost basis. In May 2019, the FASB issued ASU 2019-05, Financial Instruments—Credit Losses (Topic 326)—Targeted Transition Relief, which is the final version of Proposed Accounting Standards Update 2019-100—Targeted Transition Relief for Topic 326, Financial Instruments—Credit Losses, which has been deleted. This Update provides entities with an option to irrevocably elect the fair value option applied on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. The fair value option election does not apply to held-to-maturity debt securities. An entity that elects the fair value option should subsequently apply the guidance in Subtopics 820-10, Fair Value Measurement—Overall, and 825-10. The effective date and transition requirements for the amendments in these Updates are the same as the effective dates and transition requirements in Update 2016-13, as amended by these Updates. The Company is currently assessing the impact of the adoption of the new accounting standard on its consolidated financial statements and related disclosures.
v3.19.2
Basis of Presentation and General Information (Tables)
 6 Months Ended
Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Ownership and Operation of Tanker Vessels

All of the Vessel-owning companies are engaged in the marine transportation of liquid cargoes through the ownership and operation of tanker vessels, as listed below:

 

Vessel-owning

Company

 

Incorporation

date

  Vessel  DWT  

Year

built

  

Acquisition

date

Secondone  05/23/2007  Northsea Alpha   8,615    2010   05/28/2010
Thirdone  05/23/2007  Northsea Beta   8,647    2010   05/25/2010
Fourthone  05/30/2007  Pyxis Malou   50,667    2009   02/16/2009
Sixthone  01/15/2010  Pyxis Delta   46,616    2006   03/04/2010
Seventhone  05/31/2011  Pyxis Theta   51,795    2013   09/16/2013
Eighthone  02/08/2013  Pyxis Epsilon   50,295    2015   01/14/2015

 
v3.19.2
Transactions with Related Parties (Tables)
 6 Months Ended
Jun. 30, 2019
Related Party Transactions [Abstract]  
Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Loss

The following amounts were charged by Maritime pursuant to the head management and ship-management agreements with the Company, and are included in the accompanying unaudited interim consolidated statements of comprehensive loss:

 

   Six Months Ended June 30, 
   2018   2019 
Included in Voyage related costs and commissions          
Charter hire commissions  $170   $167 
           
Included in Management fees, related parties          
Ship-management Fees   357    359 
           
Included in General and administrative expenses          
Administration Fees   802    807 
           
Total  $1,329   $1,333 
v3.19.2
Inventories (Tables)
 6 Months Ended
Jun. 30, 2019
Inventory Disclosure [Abstract]  
Schedule of Inventories

The amounts in the accompanying consolidated balance sheets are analyzed as follows:

 

  

December 31, 2018

  

June 30, 2019

 
Lubricants  $428   $468 
Bunkers   379    236 
Total  $807   $704
v3.19.2
Vessels, Net (Tables)
 6 Months Ended
Jun. 30, 2019
Property, Plant and Equipment [Abstract]  
Schedule of Vessels

The amounts in the accompanying consolidated balance sheets are analyzed as follows:

 

  

Vessel

Cost

  

Accumulated

Depreciation

  

Net Book

Value

 
Balance January 1, 2019  $134,310   $(26,318)  $107,992 
Additions   635    -   635 
Depreciation   -    (2,705)   (2,705)
Balance June 30, 2019  $134,945   $(29,023)  $105,922 

 
v3.19.2
Deferred Charges, Net (Tables)
 6 Months Ended
Jun. 30, 2019
Deferred Charges Net Abstract  
Schedule of Deferred Charges

The movement in Deferred charges, net, in the accompanying consolidated balance sheets are as follows:

 

  

Dry docking

costs

 
Balance, January 1, 2019  $740 
Additions   480 
Amortization of special survey costs   (117)
Balance, June 30, 2019  $1,103 
v3.19.2
Long-term Debt (Tables)
 6 Months Ended
Jun. 30, 2019
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt

The amounts shown in the accompanying consolidated balance sheets at December 31, 2018 and June 30, 2019, are analyzed as follows:

 

Vessel (Borrower) 

December 31, 2018

  

June 30, 2019

 
Northsea Alpha (Secondone)  $4,055   $3,890 
Northsea Beta (Thirdone)   4,055    3,890 
Pyxis Malou (Fourthone)   11,190    10,620 
Pyxis Delta (Sixthone)   5,400    4,725 
Pyxis Theta (Seventhone)   14,722    14,096 
Pyxis Epsilon (Eighthone)   24,000    24,000 
Total  $63,422   $61,221 
           
Current portion  $4,503   $4,633 
Less: Current portion of deferred financing costs   (170)   (159)
Current portion of long-term debt, net of deferred financing costs, current  $4,333   $4,474 
           
Long-term portion  $58,919   $56,588 
Less: Non-current portion of deferred financing costs   (790)   (670)
Long-term debt, net of current portion and deferred financing costs, non-current  $58,129   $55,918 
Schedule of Principal Payments

Assuming no principal repayments under the new loan of Eighthone discussed above, the annual principal payments required to be made after June 30, 2019, are as follows:

 

To June 30,  Amount 
2020  $4,633 
2021   4,753 
2022   4,873 
2023   22,962 
2024 and thereafter   24,000 
Total   $61,221 
v3.19.2
Loss Per Common Share (Tables)
 6 Months Ended
Jun. 30, 2019
Earnings Per Share [Abstract]  
Schedule of Loss Per Common Share
   Six Months Ended June 30, 
   2018   2019 
Net loss available to common stockholders  $(653)  $(3,937)
           
Weighted average number of common shares, basic and diluted   20,877,893    21,072,472
           
Loss per common share, basic and diluted  $(0.03)  $(0.19)
v3.19.2
Risk Management and Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2019
Risk Management And Fair Value Measurements  
Schedule of Fair Value of Assets and Liabilities

Fair value: The Management has determined that the fair values of the assets and liabilities as of June 30, 2019 are as follows:

 

  

Carrying

Value

  

Fair

Value

 
Cash and cash equivalents  $4,960   $4,960 
Trade accounts receivable, net  $409   $409 
Trade accounts payable  $4,658   $4,658 
Long-term debt with variable interest rates, net  $37,221   $37,221 
Long-term loans and promissory note with non-variable interest rates, net  $29,000   $29,000 
Schedule of Financial Derivative Instrument Location

Information on the location and amount of derivative fair value in the consolidated balance sheets and loss from financial derivative instrument in the unaudited interim consolidated statements of comprehensive loss is shown below:

 

Consolidated Balance Sheets – Location  December 31, 2018   June 30, 2019 
Financial derivative instrument – Other non-current assets  $28   $3 
           
Schedule of Gains Losses on Derivative Instruments
Consolidated Statements of Comprehensive Loss – Location    

June 30, 2018

      

June 30, 2019

  
Financial derivative instrument – Initial cost   $ (47 )   $ (28 )
Financial derivative instrument – Fair value as at period end     54       3  
Gain / (Loss) from financial derivative instrument   $ 7     $ (25 )
Schedule of Assets Measured at Fair Value on a Non-recurring Basis Long Lived Assets Held and Used

Consequently the carrying value of these vessels was written-down to their respective fair values as presented in the table below.

 

Vessel  Significant Other
Observable Inputs
(Level 2)		   Vessel Impairment
Charge (charged against
Vessels, net)		 
Northsea Alpha  $6,750   $772 
Northsea Beta   6,750    771 
TOTAL  $13,500   $1,543
v3.19.2
Interest and Finance Costs, Net (Tables)
 6 Months Ended
Jun. 30, 2019
Interest And Finance Costs Net  
Schedule of Interest and Finance Costs

The amounts in the accompanying unaudited interim consolidated statements of comprehensive loss are analyzed as follows:

 

   Six Months Ended June 30, 
   2018   2019 
Interest on long-term debt (Note 7)  $1,591   $2,606 
Interest on promissory note (Note 3)   99    168 
Amortization and write-off of financing costs   146    131 
Total  $1,836   $2,905 
v3.19.2
Revenues, Net (Tables)
 6 Months Ended
Jun. 30, 2019
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue Disaggregated by Revenue Source

The following table presents the Company’s revenue disaggregated by revenue source for the six-month periods ended June 30, 2018 and 2019:

 

  

June 30, 2018

  

June 30, 2019

 
Revenues derived from spot charters, net  $5,430   $4,397 
Revenues derived from time charters, net   8,137    8,783 
Revenues, net  $13,567   $13,180 
Schedule of Net Trade Accounts Receivable Disaggregated by Revenue Source

The following table presents the Company’s net trade accounts receivable disaggregated by revenue source as at June 30, 2019 and December 31, 2018:

 

  

December 31, 2018

  

June 30, 2019

 
Accounts receivable trade, net from spot charters  $2,581   $356 
Accounts receivable trade, net from time charters   4    53 
Total  $2,585   $409 
v3.19.2
Basis of Presentation and General Information (Details Narrative)
 6 Months Ended
Jun. 30, 2019
Integer
Entity ownership interest 100.00%
Number of ownership interest entities 6
Mr. Valentis [Member]  
Percentage of beneficially owned common stock 80.80%
v3.19.2
Basis of Presentation and General Information - Schedule of Ownership and Operation of Tanker Vessels (Details) - Vessels [Member]
 6 Months Ended
Jun. 30, 2019
Integer
Secondone Corporation Ltd [Member]  
Property, Plant and Equipment [Line Items]  
Entity incorporation, date of incorporation May 23, 2007
Vessel Northsea Alpha
DWT 8,615
Year built 2010
Acquisition date May 28, 2010
Thirdone Corporation Ltd [Member]  
Property, Plant and Equipment [Line Items]  
Entity incorporation, date of incorporation May 23, 2007
Vessel Northsea Beta
DWT 8,647
Year built 2010
Acquisition date May 25, 2010
Fourthone Corporation Ltd [Member]  
Property, Plant and Equipment [Line Items]  
Entity incorporation, date of incorporation May 30, 2007
Vessel Pyxis Malou
DWT 50,667
Year built 2009
Acquisition date Feb. 16, 2009
Sixthone Corp [Member]  
Property, Plant and Equipment [Line Items]  
Entity incorporation, date of incorporation Jan. 15, 2010
Vessel Pyxis Delta
DWT 46,616
Year built 2006
Acquisition date Mar. 04, 2010
Seventhone Corp [Member]  
Property, Plant and Equipment [Line Items]  
Entity incorporation, date of incorporation May 31, 2011
Vessel Pyxis Theta
DWT 51,795
Year built 2013
Acquisition date Sep. 16, 2013
Eighthone Corp. [Member]  
Property, Plant and Equipment [Line Items]  
Entity incorporation, date of incorporation Feb. 08, 2013
Vessel Pyxis Epsilon
DWT 50,295
Year built 2015
Acquisition date Jan. 14, 2015
v3.19.2
Transactions with Related Parties (Details Narrative) - USD ($)
$ in Thousands
 6 Months Ended
May 14, 2019
Jun. 30, 2019
Jun. 30, 2018
Dec. 31, 2018
Due to related parties   $ 5,027   $ 3,402
Interest on promissory note to be paid in cash   112    
Interest on promissory note to be paid in common shares   56    
Promissory note outstanding balance   5,000   5,000
Maritime Investors Promissory Note [Member]        
Promissory note maturity date, description Until the earlier of a) one year after the repayment of the credit facility of Eighthone with EntrustPermal (the "Credit Facility") on September 2023 (see Note 7), b) January 15, 2024 and c) repayment of any PIK interest and principal deficiency amount under the Credit Facility      
Promissory Note, interest rate - effective from April 1, 2019 9.00%      
Interest rate paid in cash 4.50%      
Interest rate paid in common shares - effective from April 1, 2019 4.50%      
Interest expense on promissory note   168 $ 99  
Interest on promissory note to be paid in cash   112    
Interest on promissory note to be paid in common shares   56    
Promissory note outstanding balance   5,000   5,000
Pyxis Maritime Corporation [Member]        
Due to related parties   $ 5,027   $ 3,402
Pyxis Maritime Corporation [Member]        
Ship-management and administration fees percentage increase   Effective January 1, 2018 and 2019, the Ship-management Fees and the Administration Fees were increased by 1.12% and 0.62%, respectively in line with the average inflation rate in Greece in 2017 and 2018, respectively.    
v3.19.2
Transactions with Related Parties - Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Loss (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Related Party Transaction [Line Items]    
Ship-management fees $ 359 $ 357
Pyxis Maritime Corporation [Member]    
Related Party Transaction [Line Items]    
Charter hire commissions 167 170
Ship-management fees 359 357
Administration fees 807 802
Related party transaction expenses, total $ 1,333 $ 1,329
v3.19.2
Inventories - Schedule of Inventories (Details) - USD ($)
$ in Thousands
Jun. 30, 2019
Dec. 31, 2018
Inventory [Line Items]    
Inventories $ 704 $ 807
Lubricants [Member]    
Inventory [Line Items]    
Inventories 468 428
Bunkers [Member]    
Inventory [Line Items]    
Inventories $ 236 $ 379
v3.19.2
Vessels, Net (Details Narrative) - Vessel Cost [Member]
$ in Thousands
 6 Months Ended
Jun. 30, 2019
USD ($)
Vessels cost, additions $ 635
Paid amount of vessels cost 367
Accrued and remains unpaid amount of vessels cost $ 268
v3.19.2
Vessels, Net - Schedule of Vessels (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Property, Plant and Equipment [Line Items]    
Beginning balance $ 107,992  
Depreciation (2,705) $ (2,738)
Ending balance 105,922  
Vessel Cost [Member]    
Property, Plant and Equipment [Line Items]    
Beginning balance 134,310  
Additions 635  
Depreciation  
Ending balance 134,945  
Accumulated Depreciation [Member]    
Property, Plant and Equipment [Line Items]    
Beginning balance (26,318)  
Additions  
Depreciation (2,705)  
Ending balance (29,023)  
Net Book Value [Member]    
Property, Plant and Equipment [Line Items]    
Beginning balance 107,992  
Additions 635  
Depreciation (2,705)  
Ending balance $ 105,922  
v3.19.2
Deferred Charges, Net (Details Narrative)
$ in Thousands
 6 Months Ended
Jun. 30, 2019
USD ($)
Deferred Charges Net Abstract  
Additions $ 480
v3.19.2
Deferred Charges, Net - Schedule of Deferred Charges (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Deferred Charges Net Abstract    
Deferred charges, beginning balance $ 740  
Additions 480  
Amortization of special survey costs (117) $ (55)
Deferred charges, ending balance $ 1,103  
v3.19.2
Long-Term Debt (Details Narrative) - USD ($)
$ in Thousands
 6 Months Ended
Sep. 27, 2018
Feb. 28, 2018
Jun. 06, 2017
Jun. 30, 2019
Jun. 30, 2018
Dec. 31, 2018
Total long-term debt outstanding       $ 61,221   $ 63,422
Gain from debt extinguishment       $ 4,306  
Long-term debt, weighted average interest rate       8.19% 5.05%  
Actual leverage ratio       69.50%    
Difference between actual ratio and required threshold       4.50%    
Working capital deficit       $ 13,612    
Loan Agreement [Member] | Sixthone Corp [Member] | Pyxis Delta Vessel [Member]            
Extended Long term debt maturity, description     loans from September 2018 to September 2022      
Loan Agreement [Member] | Seventhone Corp [Member] | Pyxis Theta Vessel [Member]            
Extended Long term debt maturity, description     loans from September 2018 to September 2022      
Previous Secured Loan - Secondone, Thirdone and Fourthone [Member]            
Total long-term debt outstanding   $ 26,906        
Cash used for refinance of existing Indebtedness   2,100        
Gain from debt extinguishment   4,306        
New Secured Loan - Secondone, Thirdone and Fourthone [Member]            
Total long-term debt outstanding   $ 20,500        
Secured loan term   5 years        
Interest rate margin   4.65%        
New Secured Loan - Secondone and Thirdone [Member]            
Total long-term debt outstanding per facility       $ 3,890    
Loan amortization profile       As of June 30, 2019, each of Secondone's and Thirdone's outstanding loan balance, amounting to $3,890, is repayable in 15 remaining quarterly installments of $100 each, the first falling due in August 2019, and the last installment accompanied by a balloon payment of $2,390 falling due in February 2023.    
Long-term debt first periodic payment       2019-08    
Long-term debt balloon payment year       2023-02    
Long-term debt balloon payments per facility       $ 2,390    
Quarterly installments payable (15 installments per facility)       100    
New Secured Loan - Fourthone [Member] | Pyxis Malou Vessel [Member]            
Total long-term debt outstanding       10,620    
Long-term debt balloon payments       $ 5,400    
Loan amortization profile       As of June 30, 2019, the outstanding balance of Fourthone loan of $10,620 is repayable in 15 remaining quarterly installments amounting to $5,220, the first falling due in August 2019, and the last installment accompanied by a balloon payment of $5,400 falling due in February 2023. The first installment, amounting to $300, is followed by two amounting to $300 each, four amounting to $330 each, four amounting to $360 each and four amounting to $390 each.    
Long-term debt first periodic payment       2019-08    
Long-term debt balloon payment year       2023-02    
Quarterly installments payable (15 installments per facility)       $ 5,220    
New Secured Loan - Eighthone Corp [Member]            
Extended Long term debt maturity, description September 2023          
Total long-term debt outstanding $ 24,000          
Quarterly installments payable (18 installments) Equal to the lower of $400 and excess cash computed through a cash sweep mechanism, plus a balloon payment due at maturity          
New Secured Loan - Eighthone Corp [Member] | First Two Year [Member]            
Interest rate margin 11% of which 1.0% can be paid as PIK          
New Secured Loan - Eighthone Corp [Member] | Thereafter [Member]            
Interest rate margin 11.00%          
Previous Secured Loan - Eighthone Corp [Member]            
Total long-term debt outstanding $ 16,000          
Lender [Member] | Loan Agreement [Member] | Sixthone and Seventhone [Member]            
Total long-term debt outstanding       18,821    
Quarterly installments payable (13 installments)       651    
Long-term debt balloon payments       $ 10,358    
v3.19.2
Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($)
$ in Thousands
Jun. 30, 2019
Dec. 31, 2018
Debt Instrument [Line Items]    
Total $ 61,221 $ 63,422
Current portion 4,633 4,503
Less: Current portion of deferred financing costs (159) (170)
Current portion of long-term debt, net of deferred financing costs, current 4,474 4,333
Long-term portion 56,588 58,919
Less: Non-current portion of deferred financing costs (670) (790)
Long-term debt, net of current portion and deferred financing costs, non-current 55,918 58,129
Vessel Northsea Alpha [Member] | Secondone [Member]    
Debt Instrument [Line Items]    
Total 3,890 4,055
Vessel Northsea Beta [Member] | Thirdone [Member]    
Debt Instrument [Line Items]    
Total 3,890 4,055
Pyxis Malou Vessel [Member] | Fourthone [Member]    
Debt Instrument [Line Items]    
Total 10,620 11,190
Pyxis Delta Vessel [Member] | Sixthone [Member]    
Debt Instrument [Line Items]    
Total 4,725 5,400
Pyxis Theta Vessel [Member] | Seventhone [Member]    
Debt Instrument [Line Items]    
Total 14,096 14,722
Pyxis Epsilon Vessel [Member] | Eighthone [Member]    
Debt Instrument [Line Items]    
Total $ 24,000 $ 24,000
v3.19.2
Long-Term Debt - Schedule of Principal Payments (Details)
$ in Thousands
Jun. 30, 2019
USD ($)
Debt Instruments [Abstract]  
2020 $ 4,633
2021 4,753
2022 4,873
2023 22,962
2024 and thereafter 24,000
Total $ 61,221
v3.19.2
Capital Structure and Equity Incentive Plan (Details Narrative) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 12 Months Ended
Nov. 19, 2018
Mar. 30, 2018
Feb. 02, 2018
Apr. 30, 2019
Dec. 31, 2018
Jun. 30, 2019
Dec. 31, 2017
Common stock, shares authorized         450,000,000 450,000,000  
Preferred stock, shares authorized         50,000,000 50,000,000  
Common stock, par value         $ 0.001 $ 0.001  
Preferred stock, par value         $ 0.001 $ 0.001  
Common stock, shares outstanding         21,060,190 21,088,539 20,877,893
Preferred stock, shares outstanding          
F-3 Registration Statement [Member]              
Maximum offering amount under registration statement     $ 100,000        
Maximum number of shares for sale under registration statement     5,233,222        
Prospectus Supplement Filed for Shelf Registration Statement Related to ATM Program [Member]              
Maximum offering amount under registration statement   $ 2,300          
Prospectus Supplement Amended for Shelf Registration Statement Related to ATM Program [Member]              
Maximum offering amount under registration statement $ 3,675            
ATM Program [Member]              
Number of common stock issued under ATM       28,349 182,297    
v3.19.2
Loss Per Common Share - Schedule of Loss Per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Earnings Per Share [Abstract]    
Net loss available to common stockholders $ (3,937) $ (653)
Weighted average number of common shares, basic and diluted 21,072,472 20,877,893
Loss per common share, basic and diluted $ (0.19) $ (0.03)
v3.19.2
Risk Management and Fair Value Measurements (Details Narrative) - USD ($)
$ in Thousands
 6 Months Ended
Jan. 19, 2018
Jun. 30, 2019
Jun. 30, 2018
Vessel Impairment Charge   $ 1,543
Interest Rate Cap [Member]      
Notional amount $ 10,000    
Interest rate cap percentage 3.50%    
Interest rate cap termination date Jul. 18, 2022    
v3.19.2
Risk Management and Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2019
Dec. 31, 2018
Trade accounts payable $ 4,658 $ 4,746
Carrying Value [Member]    
Cash and cash equivalent 4,960  
Trade accounts receivable, net 409  
Trade accounts payable 4,658  
Long-term debt with variable interest rates, net 37,221  
Long-term loans and promissory note with non-variable interest rates, net 29,000  
Fair Value [Member]    
Cash and cash equivalent 4,960  
Trade accounts receivable, net 409  
Trade accounts payable 4,658  
Long-term debt with variable interest rates, net 37,221  
Long-term loans and promissory note with non-variable interest rates, net $ 29,000  
v3.19.2
Risk Management and Fair Value Measurements - Schedule of Financial Derivative Instrument Location (Details) - USD ($)
$ in Thousands
Jun. 30, 2019
Dec. 31, 2018
Risk Management And Fair Value Measurements    
Financial derivative instrument - Other non-current assets $ 3 $ 28
v3.19.2
Risk Management and Fair Value Measurements - Schedule of Gains Losses on Derivative Instruments (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Risk Management And Fair Value Measurements    
Financial derivative instrument - Initial cost $ (28) $ (47)
Financial derivative instrument - Fair value as at period end 3 54
Gain / (Loss) from financial derivative instrument $ (25) $ 7
v3.19.2
Risk Management and Fair Value Measurements - Schedule of Assets Measured at Fair Value on a Non-recurring Basis Long Lived Assets Held and Used (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2018
USD ($)
Significant Other Observable Inputs (Level 2) Northsea Alpha [Member]  
Impaired Long-Lived Assets Held and Used [Line Items]  
Fair value of vessel $ 6,750
Impairment Loss charged against Vessels, net 772
Significant Other Observable Inputs (Level 2) Northsea Beta [Member]  
Impaired Long-Lived Assets Held and Used [Line Items]  
Fair value of vessel 6,750
Impairment Loss charged against Vessels, net 771
Significant Other Observable Inputs (Level 2) Northsea Alpha and Northsea Beta [Member]  
Impaired Long-Lived Assets Held and Used [Line Items]  
Fair value of vessel 13,500
Impairment Loss charged against Vessels, net $ 1,543
v3.19.2
Commitments and Contingencies (Details Narrative)
$ in Thousands
 6 Months Ended
Jun. 30, 2019
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Contractual charter expiring date Jun. 30, 2020
Future minimum contractual charter revenues $ 11,038
v3.19.2
Interest and Finance Costs, Net (Details Narrative)
$ in Thousands
 6 Months Ended
Jun. 30, 2019
USD ($)
Interest And Finance Costs Net  
Interest on promissory note to be paid in cash $ 112
Interest on promissory note to be paid in common shares $ 56
v3.19.2
Interest and Finance Costs, Net - Schedule of Interest and Finance Costs (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Interest And Finance Costs Net    
Interest on long-term debt $ 2,606 $ 1,591
Interest on promissory note 168 99
Amortization and write-off of financing costs 131 146
Total $ 2,905 $ 1,836
v3.19.2
Revenues, Net - Schedule of Revenue Disaggregated by Revenue Source (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Revenues, net $ 13,180 $ 13,567
Revenues Derived from Spot Charters, Net [Member]    
Revenues, net 4,397 5,430
Revenues Derived from Time Charters, Net [Member]    
Revenues, net $ 8,783 $ 8,137
v3.19.2
Revenues, Net - Schedule of Net Trade Accounts Receivable Disaggregated by Revenue Source (Details) - USD ($)
$ in Thousands
Jun. 30, 2019
Dec. 31, 2018
Trade accounts receivable, net $ 409 $ 2,585
Accounts Receivable Trade Net from Spot Charters [Member]    
Trade accounts receivable, net 356 2,581
Accounts Receivable Trade Net from Time Charters [Member]    
Trade accounts receivable, net $ 53 $ 4
v3.19.2
Subsequent Events (Details Narrative)
Jul. 02, 2019
shares
Subsequent Event [Member]  
Number of common shares issued 54,462