UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
 
For the month of: May 2018
 
Commission File Number: 1-37611

Pyxis Tankers Inc.

59 K. Karamanli Street
Maroussi 15125 Greece
+30 210 638 0200
(Address of registrant’s principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
 
Form 20-F [X] Form 40-F [  ]
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):___
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):___

 

 	
 
Pyxis Tankers Inc. (the “Company”) is furnishing this Report of Foreign Private Issuer on Form 6-K to the Securities and Exchange Commission for the purpose of providing the press releases issued by the Company on May 10, 2018 and May 14, 2018, copies of which are filed as Exhibit 99.1 and Exhibit 99.2, respectively, hereto and incorporated herein by reference.
 
Exhibit Index
 
Exhibit Number	 	Document	
 	 	 	
99.1	 	Press Release dated May 10, 2018	
99.2	 	Press Release dated May 14, 2018	

 	
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 	PYXIS TANKERS INC.	
 	 	 	
 	By:	/s/ Henry Williams	
 	Name:	Henry Williams	
 	Title:	Chief Financial Officer	
 
Date: May 14, 2018

 	

 

Exhibit 99.1
 
Pyxis Tankers Announces Date for the Release of Three Months Ended March 31, 2018 Results
and Related Conference Call and Webcast
 
MAROUSSI, GREECE – May 10, 2018 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), an emerging growth pure play product tanker company, today announced the following:
 
Date of Earnings Release. We will issue our unaudited results for the three months ended March 31, 2018 before the market opens in New York on Monday, May 14, 2018. We will host a conference call to discuss the results at 10:30 a.m. Eastern Time that same day.
 
Conference Call details:
 
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 (866) 819-7111 (from the US), 0(800) 953-0329 (from the UK) or (+44) (0) 1452 542 301 (Standard International Dial In). Please quote “Pyxis Tankers.”
 
A telephonic replay of the conference call will be available until Monday, May 21, 2018. The United States replay number is 1 (866) 247-4222; from the UK 0(800) 953-1533; the standard international replay number is (+44) (0) 1452 550 000 and the access code required for the replay is: 5478965#.
 
Webcast:
 
A live webcast of the conference call will be available through our website ( http://www.pyxistankers.com ) under our Events & Presentations page.
 
Webcast participants of the live conference call should register on the website approximately 10 minutes prior to the start of the webcast and can also access it through the following link:
 
https://event.on24.com/wcc/r/1625955/71A2C3E95297A89C86C1261BE4C48968
 
An archived version of the webcast will be available on the website within approximately two hours of the completion of the call.
 
About Pyxis Tankers Inc.
 
We own a modern fleet of six tankers engaged in seaborne transportation of refined petroleum products and other bulk liquids. We are focused on growing our fleet of medium range product tankers, which provide operational flexibility and enhanced earnings potential due to their “eco” features and modifications. We are positioned to opportunistically expand and maximize our fleet due to competitive cost structure, strong customer relationships and an experienced management team whose interests are aligned with those of its shareholders. For more information, visit: http://www.pyxistankers.com.
 
Company
Pyxis Tankers Inc.
59 K. Karamanli Street
Maroussi 15125 Greece
info@pyxistankers.com
 
Visit our website at www.pyxistankers.com
 
Company Contact
Henry Williams
Chief Financial Officer
Tel: +30 (210) 638 0200 / +1 (516) 455-0106
Email: hwilliams@pyxistankers.com
 
Source: Pyxis Tankers Inc.

 	

 

Exhibit99.2
 
Pyxis Tankers Inc. Announces Financial Results for the Three Months Ended March 31, 2018
 
Maroussi, Greece, May 14, 2018 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), (the “Company” or “Pyxis Tankers”) an emerging growth pure play product tanker company, today announced unaudited results for the three months ended March 31, 2018.
 
Summary
 
●	For the three months ended March 31, 2018, our time charter equivalent revenues were $4.5 million, which resulted in net income of $0.6 million, or earnings per share (basic and diluted) of $0.03, and our Adjusted EBITDA (see “Non-GAAP Measures and Definitions” below) was $0.1 million.	
 	 	
●	On February 28, 2018, we refinanced existing indebtedness of $26.9 million for Secondone, Thirdone and Fourthone with a new 5-year secured term loan of $20.5 million and cash of $2.1 million. The remaining balance of approximately $4.3 million was written-off by the previous lender at closing, which was recorded as gain from debt extinguishment in the first quarter of 2018.	
 
Valentios Valentis, our Chairman and CEO commented:
 
“Overall, our operating results for the first quarter of 2018 were mixed. Early in the period, we expected a challenging spot charter market for medium range tankers (“MRs”), and consequently, we took the opportunity to fix all of our MR’s under short-term time charters at fair rates which averaged around $14,900 per day. However, our small tankers underperformed, and we continue to explore avenues to maximize value, including longer-term solutions, such as, vessel sale or bare boat charter arrangements. During the quarter, we also incurred unscheduled work for one of our vessels, which negatively affected the total operating days for the period.
 
“As for the balance of 2018, we continue to expect chartering activity to be choppy but with a modest upward trend, especially for the second half of the year. As of May 7, 2018, 66% of the available days in the second quarter were booked for our MRs at an average of $14,900/day, exclusive of options. Our recent employment strategy positions us to take advantage of improving rates later this year. We continue to believe in a longer term, sustainable improvement in charter rates as a result of attractive market fundamentals, such as, significantly lower scheduled deliveries of new build MRs combined with projected solid growth in consumption by end-markets and increasing export-oriented petroleum refinery cargoes. Over the long-term, we intend to maintain our strategy of a mix of time and spot charters.
 
“While the capital markets continue to be challenging for tanker companies, we will continue to pursue cost-effective, growth capital to further improve our liquidity and selectively acquire MR2s. We remain optimistic about the fundamentals of the product tanker market, specifically for MR’s, and believe that Pyxis Tankers has the platform and position to take advantage of them.”
 
1 	

 	
 
Results for the three months ended March 31, 2017 and 2018
 
For the three months ended March 31, 2018, we reported a net income of $0.6 million, or $0.03 basic and diluted earnings per share, compared to a net loss of $1.7 million, or $0.09 basic and diluted loss per share, for the same period in 2017. The improvement in our net result in the first quarter of 2018 was primarily due to the gain from debt extinguishment of $4.3 million, partially offset by the non-cash vessel impairment charge of $1.5 million ($0.07 per share) related to the write down of the carrying amount of Northsea Alpha and Northsea Beta to their fair values. Our Adjusted EBITDA was $0.1 million, representing a decrease of $0.3 million from $0.4 million for the same period in 2017.
 
 	 	Three Months ended March 31,	 	
 	 	2017	 	 	2018	 	
 	 	( Thousands of U.S. dollars, except for daily TCE rates)	 	
Voyage revenues	 	 	7,640	 	 	 	6,590	 	
Voyage related costs and commissions	 	 	(2,931	)	 	 	(2,057	)	
Time charter equivalent revenues*	 	 	4,709	 	 	 	4,533	 	
 	 	 	 	 	 	 	 	 	
Total operating days	 	 	480	 	 	 	425	 	
 	 	 	 	 	 	 	 	 	
Daily time charter equivalent rate*	 	 	9,810	 	 	 	10,667	 	
 
* Subject to rounding; please see “Non-GAAP Measures and Definitions” below.
 
Management’s Discussion and Analysis of Financial Results for the Three Months ended March 31, 2017 and 2018 (Amounts are presented in million U.S. dollars, rounded to the nearest one hundred thousand, except as otherwise noted)
 
Voyage revenues: Voyage revenues of $6.6 million for the three months ended March 31, 2018, represented a decrease of $1.1 million, or 13.7%, from $7.6 million in the comparable period in 2017. The decrease in gross voyage revenues during the first quarter of 2018 was related to a decrease in total operating days attributed to increased idle days between voyage charter employments.
 
Voyage related costs and commissions : Voyage related costs and commissions of $2.1 million for the three months ended March 31, 2018, represented a decrease of $0.9 million, or 29.8%, from $2.9 million in the comparable period in 2017. The decrease was primarily attributed to lower spot charter activity, which incurs voyage costs.
 
Vessel operating expenses : Vessel operating expenses of $3.3 million for the three months ended March 31, 2018, represented an increase of $0.3 million, or 11.3%, from $3.0 million in the comparable period in 2017. The increase was primarily attributed to certain unscheduled repairs performed in one of the vessels in our fleet.
 
General and administrative expenses : General and administrative expenses of $0.7 million for the three months ended March 31, 2018, represented a decrease of $0.1 million, or 13.3%, from $0.8 million in the comparable period in 2017. The decrease in general and administrative expenses was primarily attributed to improved cost efficiencies.
 
Management fees : For the three months ended March 31, 2018, management fees payable to our ship manager, Pyxis Maritime Corp. (“Maritime”), and to International Tanker Management Ltd., our fleet’s technical manager, of $0.4 million in the aggregate, remained stable compared to the three-month period ended March 31, 2017.
 
Amortization of special survey costs : Amortization of special survey costs of less than $0.1 million for the three-month period ended March 31, 2018, remained relatively stable compared to the comparable period in 2017.
 
Depreciation : Depreciation of $1.4 million for the three months ended March 31, 2018, remained flat compared to the three-month period ended March 31, 2017.
 
2 	

 	
 
Vessel impairment charge : Vessel impairment charge of $1.5 million (non-cash) for the three months ended March 31, 2018, relates to the write down of the carrying amount of Northsea Alpha and Northsea Beta to their fair values. There was no such charge recorded in the comparable period in 2017.
 
Bad debt provisions : Bad debt provisions of $0.1 million for the three months ended March 31, 2018, represented an increase in doubtful trade accounts receivable.
 
Gain from debt extinguishment : Gain from debt extinguishment of $4.3 million for the three months ended March 31, 2018, relates to the refinancing of existing indebtedness of Secondone, Thirdone and Fourthone with a new 5-year secured term loan. Approximately $4.3 million was written-off by the previous lender at closing, which was recorded as gain from debt extinguishment in the first quarter of 2018. There was no such gain recorded in the comparable period in 2017.
 
Gain from financial derivative instrument: The gain from financial derivative instrument for the three months ended March 31, 2018, relates to the net gain from the change in fair value of the interest rate cap for a notional amount of $10.0 million the Company purchased in January 2018. There was no such instrument in the comparable period in 2017.
 
Interest and finance costs, net : Interest and finance costs, net, of $0.9 million for the three months ended March 31, 2018, represented an increase of $0.2 million, or 24.7%, from $0.7 million in the comparable period in 2017. The increase was mainly attributed to the increase of the LIBOR-based interest rates applied to our outstanding bank debt, as well as the write-off of the unamortized deferred financing costs following the refinancing and extinguishment of the existing indebtedness of Secondone, Thirdone and Fourthone.
 
3 	

 	
 
Unaudited Consolidated Statements of Comprehensive (Loss) / Income
For the three months ended March 31, 2017 and 2018
(Expressed in thousands of U.S. dollars, except for share and per share data)
 
 	 	Three Months Ended	 	 	Three Months Ended	 	
 	 	March 31, 2017	 	 	March 31, 2018	 	
 	 	 	 	 	 	 	
Voyage revenues	 	 	7,640	 	 	 	6,590	 	
 	 	 	 	 	 	 	 	 	
Expenses:	 	 	 	 	 	 	 	 	
Voyage related costs and commissions	 	 	(2,931	)	 	 	(2,057	)	
Vessel operating expenses	 	 	(2,965	)	 	 	(3,299	)	
General and administrative expenses	 	 	(769	)	 	 	(667	)	
Management fees, related parties	 	 	(175	)	 	 	(178	)	
Management fees, other	 	 	(232	)	 	 	(232	)	
Amortization of special survey costs	 	 	(18	)	 	 	(26	)	
Depreciation	 	 	(1,373	)	 	 	(1,373	)	
Vessel impairment charge	 	 	-	 	 	 	(1,543	)	
Bad debt provisions	 	 	(181	)	 	 	(56	)	
Operating loss	 	 	(1,004	)	 	 	(2,841	)	
 	 	 	 	 	 	 	 	 	
Other (expenses) / income:	 	 	 	 	 	 	 	 	
Gain from debt extinguishment	 	 	-	 	 	 	4,306	 	
Gain from financial derivative instrument	 	 	-	 	 	 	11	 	
Interest and finance costs, net	 	 	(699	)	 	 	(872	)	
Total other (expenses) / income, net	 	 	(699	)	 	 	3,445	 	
 	 	 	 	 	 	 	 	 	
Net (loss) / income	 	 	(1,703	)	 	 	604	 	
 	 	 	 	 	 	 	 	 	
(Loss) / earnings per common share, basic and diluted	 	$	(0.09	)	 	$	0.03	 	
 	 	 	 	 	 	 	 	 	
Weighted average number of common shares, basic and diluted	 	 	18,277,893	 	 	 	20,877,893	 	
 
4 	

 	
 
Consolidated Balance Sheets
As of December 31, 2017 and March 31, 2018 (unaudited)
(Expressed in thousands of U.S. dollars, except for share and per share data)
 
 	 	December 31, 2017	 	 	March 31, 2018	 	
ASSETS	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	
CURRENT ASSETS:	 	 	 	 	 	 	 	 	
Cash and cash equivalents	 	 	1,693	 	 	 	1,427	 	
Restricted cash, current portion	 	 	141	 	 	 	141	 	
Inventories	 	 	1,016	 	 	 	641	 	
Trade accounts receivable, net	 	 	703	 	 	 	359	 	
Prepayments and other assets	 	 	342	 	 	 	465	 	
Total current assets	 	 	3,895	 	 	 	3,033	 	
 	 	 	 	 	 	 	 	 	
FIXED ASSETS, NET:	 	 	 	 	 	 	 	 	
Vessels, net	 	 	115,774	 	 	 	112,858	 	
Total fixed assets, net	 	 	115,774	 	 	 	112,858	 	
 	 	 	 	 	 	 	 	 	
OTHER NON-CURRENT ASSETS:	 	 	 	 	 	 	 	 	
Restricted cash, net of current portion	 	 	4,859	 	 	 	4,765	 	
Financial derivative instrument	 	 	-	 	 	 	58	 	
Deferred charges, net	 	 	285	 	 	 	527	 	
Total other non-current assets	 	 	5,144	 	 	 	5,350	 	
Total assets	 	 	124,813	 	 	 	121,241	 	
 	 	 	 	 	 	 	 	 	
LIABILITIES AND STOCKHOLDERS’ EQUITY	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	
CURRENT LIABILITIES:	 	 	 	 	 	 	 	 	
Current portion of long-term debt, net of deferred financing costs, current	 	 	7,304	 	 	 	5,521	 	
Trade accounts payable	 	 	2,293	 	 	 	2,832	 	
Due to related parties	 	 	2,125	 	 	 	4,167	 	
Hire collected in advance	 	 	-	 	 	 	929	 	
Accrued and other liabilities	 	 	809	 	 	 	857	 	
Total current liabilities	 	 	12,531	 	 	 	14,306	 	
 	 	 	 	 	 	 	 	 	
NON-CURRENT LIABILITIES:	 	 	 	 	 	 	 	 	
Long-term debt, net of current portion and deferred financing costs, non-current	 	 	59,126	 	 	 	53,175	 	
Promissory note	 	 	5,000	 	 	 	5,000	 	
Total non-current liabilities	 	 	64,126	 	 	 	58,175	 	
 	 	 	 	 	 	 	 	 	
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;	 	 	 	 	 	 	 	 	
20,877,893 shares issued and outstanding	 	 	 	 	 	 	 	 	
at each of December 31, 2017 and March 31, 2018)	 	 	21	 	 	 	21	 	
Additional paid-in capital	 	 	74,766	 	 	 	74,766	 	
Accumulated deficit	 	 	(26,631	)	 	 	(26,027	)	
Total stockholders’ equity	 	 	48,156	 	 	 	48,760	 	
Total liabilities and stockholders’ equity	 	 	124,813	 	 	 	121,241	 	
 
5 	

 	
 
Unaudited Consolidated Statements of Cash Flow
For the three months ended March 31, 2017 and 2018
(Expressed in thousands of U.S. dollars)
 
 	 	Three Months Ended	 	 	Three Months Ended	 	
 	 	March 31, 2017	 	 	March 31, 2018	 	
 	 	 	 	 	 	 	
Cash flows from operating activities:	 	 	 	 	 	 	 	 	
Net (loss) / income	 	 	(1,703	)	 	 	604	 	
Adjustments to reconcile net (loss) / income to net cash provided by operating activities:	 	 	 	 	 	 	 	 	
Depreciation	 	 	1,373	 	 	 	1,373	 	
Amortization of special survey costs	 	 	18	 	 	 	26	 	
Amortization and write-off of financing costs	 	 	38	 	 	 	94	 	
Vessel impairment charge	 	 	-	 	 	 	1,543	 	
Gain from debt extinguishment	 	 	-	 	 	 	(4,306	)	
Change in fair value of financial derivative instrument	 	 	-	 	 	 	(58	)	
Bad debt provisions	 	 	181	 	 	 	56	 	
Changes in assets and liabilities:	 	 	 	 	 	 	 	 	
Inventories	 	 	110	 	 	 	375	 	
Trade accounts receivable, net	 	 	(1,468	)	 	 	288	 	
Prepayments and other assets	 	 	2	 	 	 	(123	)	
Special survey cost	 	 	-	 	 	 	(268	)	
Trade accounts payable	 	 	-	 	 	 	574	 	
Due to related parties	 	 	3,071	 	 	 	2,042	 	
Hire collected in advance	 	 	31	 	 	 	929	 	
Accrued and other liabilities	 	 	150	 	 	 	48	 	
Net cash provided by operating activities	 	 	1,803	 	 	 	3,197	 	
 	 	 	 	 	 	 	 	 	
Cash flow from investing activities:	 	 	 	 	 	 	 	 	
Net cash provided by / (used in) investing activities	 	 	-	 	 	 	-	 	
 	 	 	 	 	 	 	 	 	
Cash flows from financing activities:	 	 	 	 	 	 	 	 	
Proceeds from long-term debt	 	 	-	 	 	 	20,500	 	
Repayment of long-term debt	 	 	(2,121	)	 	 	(23,550	)	
Common stock offering costs	 	 	-	 	 	 	(35	)	
Payment of financing costs	 	 	-	 	 	 	(472	)	
Net cash used in financing activities	 	 	(2,121	)	 	 	(3,557	)	
 	 	 	 	 	 	 	 	 	
Net decrease in cash and cash equivalents and restricted cash	 	 	(318	)	 	 	(360	)	
 	 	 	 	 	 	 	 	 	
Cash and cash equivalents and restricted cash at the beginning of the period	 	 	5,783	 	 	 	6,693	 	
 	 	 	 	 	 	 	 	 	
Cash and cash equivalents and restricted cash at the end of the period	 	 	5,465	 	 	 	6,333	 	
 
6 	

 	
 
Liquidity, Debt and Capital Structure
 
Pursuant to our loan agreements, as of March 31, 2018, we were required to maintain minimum liquidity of $4.9 million. Total cash and cash equivalents, including restricted cash, aggregated to $6.3 million as of March 31, 2018.
 
Total debt (in thousands of U.S. dollars), net of deferred financing costs:
 
 	 	As of	 	 	As of	 	
 	 	December 31, 2017	 	 	March 31, 2018	 	
Bank debt	 	$	66,430	 	 	$	58,696	 	
Promissory Note - related party	 	 	5,000	 	 	 	5,000	 	
Total	 	$	71,430	 	 	$	63,696	 	
 
Our weighted average interest rate on our total funded debt for the three months ended March 31, 2018 was 4.47%.
 
Refinancing of Certain Loan Agreements: On February 28, 2018, we refinanced existing indebtedness of $26.9 million for Secondone, Thirdone and Fourthone with a new 5-year secured term loan of $20.5 million and cash of $2.1 million. The remaining balance of approximately $4.3 million was written-off by the previous lender at closing, which was recorded as gain from debt extinguishment in the first quarter of 2018. Interest is charged at LIBOR plus a margin of 4.65% per annum. The new loan is repayable in 20 quarterly installments amounting to $10.3 million in the aggregate, the first falling due in May 2018, and the last installment accompanied by a balloon payment of $10.2 million falling due in February 2023. Standard loan covenants include, among others, a minimum loan to value ratio and liquidity.
 
ATM Program : On March 30, 2018, we filed a prospectus supplement with the Securities and Exchange Commission for an At-the-Market program to potentially publicly sell up to $2.3 million of our shares of common stock. To date, we have chosen not to sell any shares under this program.
 
7 	

 	
 
Non-GAAP Measures and Definitions
 
Earnings before interest, taxes, depreciation and amortization (“EBITDA”) represents the sum of net income / (loss), interest and finance costs, depreciation and amortization and, if any, income taxes during a period. Adjusted EBITDA represents EBITDA before vessel impairment charge, gain from debt extinguishment and gain from financial derivative instrument. EBITDA and Adjusted EBITDA are not recognized measurements under U.S. GAAP.
 
EBITDA and Adjusted EBITDA are presented in this press release as we believe that they provide investors with means of evaluating and understanding how our management evaluates operating performance. These non-GAAP measures should not be considered in isolation from, as a substitute for, or superior to financial measures prepared in accordance with U.S. GAAP. In addition, these non-GAAP measures do not have standardized meanings, and are therefore, unlikely to be comparable to similar measures presented by other companies.
 
 	 	Three Months Ended	 	
(In thousands of U.S. dollars)	 	March 31, 2017	 	 	March 31, 2018	 	
Reconciliation of Net (loss) / income to Adjusted EBITDA	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	
Net (loss) / income	 	$	(1,703	)	 	$	604	 	
 	 	 	 	 	 	 	 	 	
Depreciation	 	 	1,373	 	 	 	1,373	 	
 	 	 	 	 	 	 	 	 	
Amortization of special survey costs	 	 	18	 	 	 	26	 	
 	 	 	 	 	 	 	 	 	
Interest and finance costs, net	 	 	699	 	 	 	872	 	
 	 	 	 	 	 	 	 	 	
EBITDA	 	$	387	 	 	$	2,875	 	
 	 	 	 	 	 	 	 	 	
Vessel impairment charge	 	 	-	 	 	 	1,543	 	
 	 	 	 	 	 	 	 	 	
Gain from debt extinguishment	 	 	-	 	 	 	(4,306	)	
 	 	 	 	 	 	 	 	 	
Gain from financial derivative instrument	 	 	-	 	 	 	(11	)	
 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	 	$	387	 	 	$	101	 	
 
Daily time charter equivalent (“TCE”) is a shipping industry performance measure of the average daily revenue performance of a vessel on a per voyage basis. TCE is not calculated in accordance with U.S. GAAP. We utilize TCE because we believe it is a meaningful measure to compare period-to-period changes in our performance despite changes in the mix of charter types (i.e., spot charters, time charters and bareboat charters) under which our vessels may be employed between the periods. Our management also utilizes TCE to assist them in making decisions regarding employment of the vessels. We calculate TCE by dividing voyage revenues after deducting voyage related costs and commissions by operating days for the relevant period. Voyage related costs and commissions primarily consist of brokerage commissions, port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract.
 
Vessel operating expenses (“Opex”) per day are our vessel operating expenses for a vessel, which primarily consist of crew wages and related costs, insurance, lube oils, communications, spares and consumables, tonnage taxes as well as repairs and maintenance, divided by the ownership days in the applicable period.
 
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We calculate fleet utilization by dividing the number of operating days during a period by the number of available days during the same period. We use fleet utilization to measure our efficiency in finding suitable employment for our vessels and minimizing the amount of days that our vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel upgrades, special surveys and intermediate dry-dockings or vessel positioning. Ownership days are the total number of days in a period during which we owned each of the vessels in our fleet. Available days are the number of ownership days in a period, less the aggregate number of days that our vessels were off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades or special surveys and intermediate dry-dockings and the aggregate number of days that we spent positioning our vessels during the respective period for such repairs, upgrades and surveys. Operating days are the number of available days in a period, less the aggregate number of days that our vessels were off-hire or out of service due to any reason, including technical breakdowns and unforeseen circumstances.
 
Recent Daily Fleet Data:
 
(Amounts in U.S.$)	 	 	 	Three Months Ended March 31,	 	
 	 	 	 	2017	 	 	2018	 	
Eco-Efficient MR2: (2 of our vessels)	 	 	 	 	 	 	 	 	 	 	
 	 	TCE	 	 	14,043	 	 	 	14,012	 	
 	 	Opex	 	 	5,622	 	 	 	6,011	 	
 	 	Utilization%	 	 	84.4	%	 	 	91.7	%	
Eco-Modified MR2: (1 of our vessels)	 	 	 	 	 	 	 	 	 	 	
 	 	TCE	 	 	11,050	 	 	 	7,861	 	
 	 	Opex	 	 	6,347	 	 	 	7,568	 	
 	 	Utilization%	 	 	97.8	%	 	 	61.8	%	
Standard MR2: (1 of our vessels)	 	 	 	 	 	 	 	 	 	 	
 	 	TCE	 	 	10,119	 	 	 	14,066	 	
 	 	Opex	 	 	5,931	 	 	 	6,150	 	
 	 	Utilization%	 	 	96.7	%	 	 	100.0	%	
Small Tankers: (2 of our vessels)	 	 	 	 	 	 	 	 	 	 	
 	 	TCE	 	 	4,717	 	 	 	4,885	 	
 	 	Opex	 	 	4,711	 	 	 	5,459	 	
 	 	Utilization%	 	 	85.0	%	 	 	71.1	%	
Fleet: (6 vessels)	 	 	 	 	 	 	 	 	 	 	
 	 	TCE	 	 	9,810	 	 	 	10,667	 	
 	 	Opex	 	 	5,491	 	 	 	6,110	 	
 	 	Utilization%	 	 	88.9	%	 	 	82.0	%	
 
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Conference Call and Webcast
 
We will host a conference call to discuss our results at 10:30 a.m., Eastern Time, on May 14, 2018.
 
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 (866) 819-7111 (from the US), 0(800) 953-0329 (from the UK) or (+44) (0) 1452 542 301 (Standard International Dial In). Please quote “Pyxis Tankers.”
 
A telephonic replay of the conference call will be available until Thursday, May 21, 2018. The United States replay number is 1 (866) 247-4222; from the UK 0(800) 953-1533; the standard international replay number is
(+44) (0) 1452 550 000 and the access code required for the replay is: 5478965#.
 
A live webcast of the conference call will be available through our website ( http://www.pyxistankers.com ) under our Events & Presentations page. Webcast participants of the live conference call should register on the website approximately 10 minutes prior to the start of the webcast and can also access it through the following link:
 
https://event.on24.com/wcc/r/1625955/71A2C3E95297A89C86C1261BE4C48968
 
An archived version of the webcast will be available on the website within approximately two hours of the completion of the call.
 
About Pyxis Tankers Inc.
 
We own a modern fleet of six tankers engaged in seaborne transportation of refined petroleum products and other bulk liquids. We are focused on growing our fleet of medium range product tankers, which provide operational flexibility and enhanced earnings potential due to their “eco” features and modifications. We are positioned to opportunistically expand and maximize our fleet due to competitive cost structure, strong customer relationships and an experienced management team whose interests are aligned with those of its shareholders. For more information, visit: http://www.pyxistankers.com.
 
Pyxis Tankers Fleet (as of May 7, 2018)
 
 	 	 	 	 	 	Carrying	 	 	 	 	 	 	 	 	Charter	 	 	Anticipated	 	
 	 	 	 	 	 	Capacity	 	 	Year	 	 	Type of	 	 	Rate	 	 	Redelivery	 	
Vessel Name	 	Shipyard	 	Vessel Type	 	(dwt)	 	 	Built	 	 	Charter	 	 	(per day) (1)	 	 	Date	 	
Pyxis Epsilon	 	SPP / S. Korea	 	MR	 	 	50,295	 	 	 	2015	 	 	 	Time	 	 	$	16,250	 	 	 	May 2018	 	
Pyxis Theta	 	SPP / S. Korea	 	MR	 	 	51,795	 	 	 	2013	 	 	 	Time	 	 	$	15,000	 	 	 	May 2018	 	
Pyxis Malou	 	SPP / S. Korea	 	MR	 	 	50,667	 	 	 	2009	 	 	 	Time	 	 	$	14,000	 	 	 	July 2018	 	
Pyxis Delta	 	Hyundai / S. Korea	 	MR	 	 	46,616	 	 	 	2006	 	 	 	Time	 	 	$	14,325	 	 	 	May 2018	 	
Northsea Alpha	 	Kejin / China	 	Small Tanker	 	 	8,615	 	 	 	2010	 	 	 	Spot	 	 	 	n/a	 	 	 	n/a	 	
Northsea Beta	 	Kejin / China	 	Small Tanker	 	 	8,647	 	 	 	2010	 	 	 	Spot	 	 	 	n/a	 	 	 	n/a	 	
 	 	 	 	 	 	 	216,635	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 
	1)	This table shows gross rates and does not reflect any commissions payable.	
 
Our next drydocking is for the Pyxis Theta, scheduled in the third quarter of 2018.
 
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Forward Looking Statements
 
This press release includes “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These statements include statements about our plans, strategies, financial performance, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “seek,” “predict,” “schedule,” “project,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “potential,” “position,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management team, are inherently uncertain. A more complete description of these risks and uncertainties can be found in our filings with the U.S. Securities and Exchange Commission, including under the caption “Risk Factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2017. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws.
 
Company
 
Pyxis Tankers Inc.
59 K. Karamanli Street
Maroussi 15125 Greece
info@pyxistankers.com
 
Visit our website at www.pyxistankers.com
 
Company Contact
 
Henry Williams
Chief Financial Officer
Tel: +30 (210) 638 0200 / +1 (516) 455-0106
Email: hwilliams@pyxistankers.com
 
Source: Pyxis Tankers Inc.
 
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