PXSAP Pyxis Tankers Inc

 

 

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 OF THE

SECURITIES EXCHANGE ACT OF 1934

 

For the month August 2024

 

Commission File Number: 001-37611

 

Pyxis Tankers Inc.

(Translation of registrant’s name into English)

 

59 K. Karamanli Street

Maroussi 15125 Greece

+30 210 638 0200

(Address of principal executive office)

 

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 ☒ Form 40-F ☐

 

 

 

INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K

 

Attached as Exhibit 99.1 to this Report on Form 6-K is the press release of Pyxis Tankers Inc. (the “Company”) entitled “Pyxis Tankers Announces Date for the Release of the Second Quarter 2024 Results and Related Conference Call & Webcast”.

 

Attached as Exhibit 99.2 to this Report on Form 6-K is the press release of the Company entitled “Pyxis Tankers Announces Financial Results for the Three Months Ended June 30, 2024”.

 

Attached as Exhibit 99.3 to this Report on Form 6-K is Management’s Discussion and Analysis of Financial Condition and Results of Operations and unaudited interim condensed Consolidated Financial Statements and the accompanying notes thereto of the Company as of June 30, 2024 and for the six month periods ended June 30, 2024 and 2023.

 

The information contained in this report on Form 6-K, except for the sections entitled “Valentios Valentis, our Chairman and CEO, commented” is hereby incorporated by reference into the Company’s registration statement on Form F-3 (File No 333-278862), initially filed with the U.S. Securities and Exchange Commission on April 22, 2024.

 

Exhibit Index

 

Exhibit Number		Document
99.1		Press Release, dated August 7, 2024
99.2		Press Release, dated August 12, 2024
99.3		Management’s Discussion and Analysis of Financial Condition and Results of Operations and unaudited interim condensed Consolidated Financial Statements as of December 31, 2023 and June 30, 2024 and for the three month periods ended June 30, 2023 and 2024

 

 

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.
Dated: August 23, 2024	By:	/s/ Henry Williams
		Henry Williams
		Chief Financial Officer

 

 

Exhibit 99.1

 

 

Pyxis Tankers Announces Date for the Release of the Second Quarter 2024 Results

and Related Conference Call & Webcast

 

Maroussi, Greece, August 7, 2024 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), an international shipping company, today announced the following:

 

Date of Earnings Release. We will issue our unaudited results for the second quarter ended June 30, 2024, before the market opens in New York on Monday, August 12, 2024. We will host a conference call on the same day to discuss the results at 8:30 a.m. Eastern Time.

 

Conference Call details:

 

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: +1 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In). Please quote “Pyxis Tankers” to the operator and/or conference ID 13748060. Click here for additional International Toll-Free access numbers.

 

Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option

 

Webcast:

 

A webcast of the conference call will be available through our website (http://www.pyxistankers.com) under our Events Presentations page. A telephonic replay of the conference and accompanying slides will be available following the completion of the call and will remain available until Monday, August 19, 2024.

 

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://www.webcaster4.com/Webcast/Page/2976/50933

 

About Pyxis Tankers Inc.

 

The Company currently owns a modern fleet of six mid-sized vessels consisting of three MR2 product tankers engaged in seaborne transportation of refined petroleum products and other bulk liquids as well as controlling interests in two dry bulk joint ventures that own a Kamsarmax and Ultramax vessel, respectively, and a 100% owned Kamsarmax carrier, which transport a broad range of dry-bulk commodities. The Company is positioned to opportunistically expand and maximize its fleet of eco-efficient vessels due to significant capital resources, 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.

 

 

Exhibit 99.2

 

 

Pyxis Tankers Announces Financial Results for the Three Months Ended June 30, 2024

 

Maroussi, Greece, August 12, 2024 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), (“we”, “our”, “us”, the “Company” or “Pyxis Tankers”), an international shipping company, today announced unaudited results for the three and six month periods ended June 30, 2024.

 

Summary

 

For the three months ended June 30, 2024, our Revenues, net were $13.9 million. For the same period, our time charter equivalent (“TCE”) revenues were $12.2 million, an increase of $3.6 million, or 41.9%, over the comparable period in 2023. Our net income attributable to common shareholders for the three months ended June 30, 2024, was $5.0 million, an increase of $2.3 million over the comparable period in 2023. For the second quarter of 2024, the net income per common share was $0.48 basic and $0.43 diluted compared to the net income per common share of $0.25 basic and $0.23 diluted for the same period in 2023. Our Adjusted EBITDA for the three months ended June 30, 2024, was $8.0 million, an increase of $2.7 million over the comparable period in 2023. Please see “Non-GAAP Measures and Definitions” below.

 

On June 20, 2024, the Company paid $2.5 million for the redemption of 100,000 shares of our Series A Cumulative Convertible Preferred Stock (NASDAQ Cap Mkts: PXSAP). Upon this redemption, 100,000 PXSAP shares were cancelled by the Company and it is no longer obligated to pay dividends in respect of these shares. After this partial redemption, there are 303,631 PXSAP shares outstanding, which are convertible into 1,355,496 common shares if fully converted, a reduction of 446,429 in fully-diluted common shares.

 

On June 28, 2024, we closed on our previously announced dry bulk joint venture with an entity related to our Chairman and Chief Executive Officer for the acquisition of an 82,099 dwt eco-efficient Kamsarmax built in 2015 at Jiangsu New Yangzi Shipbuilding. The $30.0 million purchase price for the “Konkar Venture”, which is fitted with a ballast water treatment system, was funded by a combination of secured bank debt of $16.5 million, $12.0 million cash, of which the Company contributed $7.3 million in cash, and the issuance of 267,857 PXS restricted common shares to the related party seller. Pyxis owns a 60% controlling ownership interest in the joint venture. The five year amortizing bank loan is priced at Term SOFR +2.15% and is secured by, among other things, the vessel. The “Konkar Venture”, is a sister ship to the Company’s eco-efficient “Konkar Asteri”, and is continuing its employment under the existing time charter through mid-August, 2024 at a contracted gross daily rate of $18,000.

 

On July 30, 2024, we agreed with an existing lender to refinance the Seventhone Corp debt. The amended loan agreement provides a five year amortizing bank loan, due July 2029, with similar quarterly repayments, priced at SOFR plus 2.40% (from 3.35%) and is secured by, among other things, the vessel “Pyxis Theta”. In addition, the same lender agreed to reduce the interest margin from 3.15% to 2.40% applicable to the Eleventhone Corp. (“Pyxis Lamda”) credit facility which matures in December 2026. As of June 30, 2024, the outstanding balance of these two separate loans aggregated $27.3 million, and the average reduction in interest margin was 85 basis points.

 

Valentios Valentis, our Chairman and CEO, commented:

 

“We are pleased to report strong results for the second fiscal quarter of 2024 with revenues, net of $13.9 million and net income attributable to common shareholders of $5.0 million with basic earnings per share of $0.48 basic and of $0.43 diluted. In the quarter ended June 30, 2024, the product tanker sector continued to experience robust chartering activity driven by global demand for transportation fuels, relatively low inventories of many petroleum products, positive refinery activity, combined with the significant effect of the ongoing conflicts (Russia/Ukraine and Israeli/Hamas) which has led to continued market dislocation of shifting trade patterns and ton-mile expansion of seaborne cargo transportation. During the second quarter, we reported an average daily TCE for our MRs of $32,868. Despite the usual expected seasonal slowdown, the product tanker environment remains strong, and as of August 9, 2024, 68% of our MR available days in the quarter ending September 30, 2024, were booked at an average estimated TCE of $33,850 per day. We now own and operate three modern eco-efficient MRs, two of which are currently employed under short-term time charters and one on spot voyage. On the dry side, chartering conditions have also been constructive. For the quarter ended June 30, 2024, our three mid-sized eco-efficient bulk carriers generated an average TCE of $22,333 per day. All of our dry bulk vessels are currently employed under short-term time charters, and as of August 9, 2024, the average estimated TCE was $17,200/d with bookings of 76% of available days in the 2024 third quarter.

 

 

Tanker asset values continue to appreciate reaching 10 year historical highs. We continue to monitor this market for compelling acquisition opportunities. However, we decided to further expand in the dry bulk sector and in late June, we closed our second joint venture, where we acquired a 60% controlling interest in the 2015-built Kamsarmax, the “Konkar Venture,” and we now operate fleet of six mid-sized eco-vessels under a mixed chartering strategy.

 

We anticipate the chartering environment for product tankers and dry-bulk carriers to remain constructive for the near-term. Solid global demand for seaborne cargoes across a broad range of refined petroleum products and dry-bulk commodities is expected to continue with the respective orderbooks remaining relatively manageable. Longer-term supply/demand fundamentals remain very supportive. Even though inflation is decelerating with the prospect of interest rate cuts on the horizon and continued moderate global economic growth, the uncertainty surrounding macro-economic conditions and global events necessitate continued prudent management. Besides potential vessel acquisitions, we expect to continue to pursue additional value-enhancing transactions including the repurchase of additional common shares under our authorized program, while maintaining operational and capital discipline.”

 

Results for the three months ended June 30, 2023 and 2024

 

Amounts relating to variations in period–on–period comparisons shown in this section are derived from the interim consolidated financials presented below (Amounts are presented in million U.S. dollars, rounded to the nearest one hundred thousand, except as otherwise noted).

 

For the three months ended June 30, 2024, we reported Revenues, net of $13.9 million, or 46.3% higher than $9.5 million in the comparable 2023 period. Our net income attributable to common shareholders was $5.0 million, or $0.48 basic and $0.43 diluted net income per common share, compared to a net income attributable to common shareholders of $2.8 million, or $0.25 basic and $0.23 diluted net income per common share, for the same period in 2023. The weighted average number of basic common shares decreased by 0.35 million to 10.45 million in the most recent period versus the second quarter of 2023. The weighted average number of diluted common shares also decreased in 2024 to 12.1 million shares, which assumes the full conversion of all the outstanding Preferred Stock in the most recent period. The average MR daily TCE rate during the second quarter of 2024 was $32,868 or 31.5% higher than the $25,000 MR daily TCE rate for the same period in 2023, due to higher demurrage income from spot chartering activity and better market conditions. The new dry-bulkers acquired, the Ultramax carrier in September 2023 and the two Kamsarmaxes in February 2024 and June 2024, had an average TCE rate of $22,333 for the second quarter of 2024. The revenue mix of the MR tankers for the second quarter of 2024 was 56% from short-term time charters and 44% from spot market employment, while the dry-bulk carriers were hired for short-term time charters. Adjusted EBITDA increased by $2.7 million to $8.0 million in the second quarter of 2024 from $5.2 million for the same period in 2023 primarily due to 94 higher ownership days for our fleet from 458 in the most recent period compared to 364 for the same period in previous year and higher average TCE rates.

 

Tanker fleet				Three months ended June 30,								Six months ended June 30,
(Amounts in thousands of U.S. dollars, except for daily TCE rates)				2023				2024				2023				2024
MR Revenues, net 1		$			9,505				10,137				21,121				19,824
MR Voyage related costs and commissions 1					(855	)			(1,197	)			(3,257	)			(2,492	)
MR Time charter equivalent revenues 1, 3		$			8,650				8,940				17,864				17,332
MR Total operating days 1					346				272				738				536
MR Daily Time Charter Equivalent rate 1, 3		$/d			25,000				32,868				24,207				32,337
Average number of MR vessels 1					4.0				3.0				4.5				3.0

 

 

Dry-bulk fleet				Three months ended June 30,								Six months ended June 30,
(Amounts in thousands of U.S. dollars, except for daily TCE rates)				2023				2024				2023				2024
Dry-bulk Revenues, net 2		$			n/a				3,774				n/a				5,891
Dry-bulk Voyage related costs and commissions 2					n/a				(468	)			n/a				(823	)
Dry-bulk charter equivalent revenues 2, 3		$			n/a				3,306				n/a				5,068
Dry-bulk Total operating days 2					n/a				148				n/a				252
Dry-bulk Daily Time Charter Equivalent rate 2,3		$/d			n/a				22,333				n/a				20,111
Average number of Dry-bulk vessels 2					n/a				2.0				n/a				1.8

 

Total fleet				Three months ended June 30,								Six months ended June 30,
(Amounts in thousands of U.S. dollars, except for daily TCE rates)				2023				2024				2023				2024
Revenues, net 1, 2		$			9,505				13,911				21,121				25,715
Voyage related costs and commissions 1, 2					(855	)			(1,665	)			(3,257	)			(3,315	)
Charter equivalent revenues 1, 2, 3		$			8,650				12,246				17,864				22,400
Total operating days 1, 2					346				420				738				788
Daily Time Charter Equivalent rate 1, 2, 3		$/d			25,000				29,156				24,207				28,427
Average number of vessels 1,2					4.0				5.0				4.5				4.8

 

¹ a) The eco-efficient MR “Pyxis Epsilon” was sold to an unaffiliated buyer on December 15, 2023.

 

² a) The dry-bulker “Konkar Ormi” was delivered on September 14, 2023 and commenced her initial charter on October 5, 2023.

 

b) The dry-bulker “Konkar Asteri” was delivered on February 15, 2024 and commenced her initial charter on February 29, 2024.

 

c) The dry-bulker “Konkar Venture” was delivered on June 28, 2024 and is continuing its employment under the existing time charter through mid-August.

 

³ Subject to rounding; please see “Non-GAAP Measures and Definitions” below.

 

Management’s Discussion & Analysis of Financial Results for the Three Months ended June 30, 2023 and 2024

 

Amounts relating to variations in period–on–period comparisons shown in this section are derived from the interim consolidated financials presented below (Amounts are presented in million U.S. dollars, rounded to the nearest one hundred thousand, except as otherwise noted).

 

Revenues, net: Revenues, net of $13.9 million for the three months ended June 30, 2024, represented an increase of $4.4 million, or 46.3%, from $9.5 million in the comparable period of 2023. In the second quarter of 2024, our average daily TCE rate for our MR fleet was $32,868, a $7,868 per day increase from $25,000 for the same period in 2023 and for our recent acquired dry-bulk fleet was $22,333 per day. These changes were the result of higher demurrage income due to MR spot chartering activity in the second quarter of 2024 and better market conditions. In the most recent period, our MRs generated utilization of 99.6% in comparison to 98.6% in the same quarter of 2023. Our dry-bulk carriers for the three months ended June 30, 2024 achieved 80.0% utilization. Total fleet ownership days in the second quarter of 2024 were 458 on an average of 5.0 vessels compared with 364 days on an average of 4.0 vessels for the same period of 2023. This increase was due to the sale of the “Pyxis Epsilon” in December 2023 counterbalanced by the acquisitions of the new dry-bulk carriers “Konkar Ormi”, “Konkar Asteri” and “Konkar Venture” in September 2023, February 2024 and June 2024, respectively.

 

 

Voyage related costs and commissions: Voyage related costs and commissions of $1.7 million in the second quarter of 2024, represented an increase of $0.8 million, or 90.7%, from $0.9 million in the same period of 2023, primarily as a result of higher spot employment days for our vessels, including idle days, from 48 days in the second quarter in 2023 to 128 days in the same period of 2024. Under spot charters, all voyage expenses are typically borne by us rather than the charterer and a decrease in spot employment results in decreased voyage related costs and commissions.

 

Vessel operating expenses: Vessel operating expenses of $3.0 million for the three-month period ended June 30, 2024, represented an increase of $0.6 million, or 24.3% compared to same period in 2023, and reflected 94 more vessel ownership days and inflationary cost pressures.

 

General and administrative expenses: General and administrative expenses of $0.8 million for the second quarter of 2024 increased by 17.1% compared to $0.7 million in the same period of 2023. The increase was attributable to higher professional fees and an increase in administrative fees that adjusted by 3.50% to reflect the 2024 inflation rate in Greece.

 

Management fees: For the three months ended June 30, 2024, management fees charged by our tanker ship manager, Pyxis Maritime Corp. (“Maritime”), our dry-bulk ship manager Konkar Shipping Agencies S.A. (“Konkar Agencies”), both affiliated entities of our Chairman and Chief Executive Officer, Mr. Valentis, and from International Tanker Management Ltd. (“ITM”), the technical manager of our MRs, increased by $0.1 million, reflecting 94 more vessel ownership days compared to the same period in 2023.

 

Amortization of special survey costs: Amortization of special survey costs of $0.1 million for the quarter ended June 30, 2024, remained flat compared to the same period of 2023.

 

Depreciation: Depreciation of $1.6 million for the quarter that ended June 30, 2024, represented an increase of $0.4 million, or 32.6% compared to $1.2 million in 2023 and reflected additional depreciation for the newly acquired bulker vessels “Konkar Ormi”, “Konkar Asteri” and “Konkar Venture” partially offset by depreciation ceasing of the sold tanker “Pyxis Epsilon”.

 

Interest and finance costs: Interest and finance costs for the quarter ended June 30, 2024, were $1.6 million compared to $1.3 million in the comparable period in 2023, an increase of $0.3 million, or 20.0%. This increase was attributed to higher average debt levels offset by lower LIBOR/SOFR referenced interest rates paid on all the floating rate bank debt. On June 27, 2024, the Company completed the debt financing of the newly acquired dry-bulk carrier “Konkar Venture”, our 2015 built Kamsarmax with a $16.5 million five year secured loan from an existing lender. The loan is priced at SOFR plus 2.15%.

 

Interest income: Interest income of $0.6 million was received during the quarter ended June 30, 2024 from the Company’s short term time deposits compared to $0.4 million for the same period in 2023 due to higher cash balances.

 

Management’s Discussion and Analysis of Financial Results for the Six Months ended June 30, 2023 and 2024

 

Amounts relating to variations in period–on–period comparisons shown in this section are derived from the interim consolidated financials presented below (Amounts are presented in million U.S. dollars, rounded to the nearest one hundred thousand, except as otherwise noted).

 

Revenues, net: Revenues, net of $25.7 million for the six months ended June 30, 2024, represented an increase of $4.6 million, or 21.8%, from $21.1 million in the comparable period of 2023. In the first half of 2024, our MR daily TCE rate for our three MRs was $32,337, a $8,130 per day increase from the same 2023 period as a result of higher demurrage income due to MR spot chartering activity and better market conditions. For the 2024 period, our dry-bulk daily TCE rate for our carriers was $20,111.

 

Voyage related costs and commissions: Voyage related costs and commissions of $3.3 million for the six months ended June 30, 2024, remained at the same level compared to the 2023 period. For the six months ended June 30, 2024, our MRs were on spot charters or unfixed for 182 days in total, compared to 169 days in 2023. This higher spot chartering activity for our MRs contribute higher voyage costs which are typically borne by us rather than the charterer, thus an increase in spot employment results in increased voyage related costs and commissions. In the first six-months of 2024 these higher expenses were offset by lower bunker fuel costs.

 

 

Vessel operating expenses: Vessel operating expenses of $6.1 million for the six months ended June 30, 2024, represented a $0.3 million or 5.6% increase compared to $5.8 million for the same period in 2023. This increase was mainly attributed to the 61-day increase in ownership days from 806 for the six months ended June 30, 2023 to 867 for the 2024 period.

 

General and administrative expenses: General and administrative expenses of $1.5 million for the six months ended June 30, 2024, represented a decrease of $0.5 million or 22.7%, from $2.0 million in the comparable period in 2023, mainly due to the performance bonus of $0.6 million that paid in the first quarter of 2023 to Maritime, partially offset by increased administrative fees which were adjusted by 3.50% to reflect the 2024 inflation rate in Greece.

 

Management fees: For the six months ended June 30, 2024, management fees remained at the same level with the comparable period of 2023. Management fees represent the charges by Maritime, Konkar Agencies and ITM.

 

Amortization of special survey costs: Amortization of special survey costs of $0.2 million for the six months ended June 30, 2024, remained stable compared to the same period in 2023.

 

Depreciation: Depreciation of $3.1 million for the six months ended June 30, 2024, increased by $0.5 million or 17.5% compared to $2.6 million in the comparable period of 2023. The increase was attributed to the additions of newly acquired dry-bulk vessels partially counterbalanced by the ceasing of depreciation from the sales of tankers “Pyxis Malou” during the first quarter of 2023 and “Pyxis Epsilon” in late 2023.

 

Gain from the sale of vessels, net: During the six months ended June 30, 2023, we recorded a gain from the sale of the “Pyxis Malou” of $8.0 million, which occurred in the first quarter of 2023.

 

Loss from debt extinguishment: During the six months ended June 30, 2023, we recorded a loss from debt extinguishment of approximately $0.3 million reflecting the write-off of the remaining unamortized balance of deferred financing costs, which were associated with the first quarter loan repayments from the sale of the “Pyxis Malou” and debt refinancing of the “Pyxis Karteria”.

 

Interest and finance costs: Interest and finance costs for the six months ended June 30, 2024, were $3.1 million, compared to $2.8 million in the comparable period in 2023, an increase of $0.3 million, or 9.4%. Despite lower LIBOR/SOFR indexed rates paid on all the floating rate bank debt, this increase was primarily attributable to higher average debt levels. On February 15, 2024, we completed the bank financing of the newly acquired dry-bulk carrier, “Konkar Asteri” with a five year secured loan of $14.5 million. On June 27, 2024, the Company completed the debt financing of the newly acquired dry-bulk carrier “Konkar Venture” with a $16.5 million five year secured loan from an existing lender. Also, on June 28, 2024, we agreed with an existing lender to refinance the Seventhone Corp. (“Pyxis Theta”) debt. The amended agreement will provide a five year amortizing bank loan with similar quarterly repayment and reduced pricing at SOFR plus 2.40%. In addition, the same bank agreed to reduce the interest rate margin from 3.15% to 2.40% on the outstanding $16.5 million loan to the Eleventhone Corp. (“Pyxis Lamda”).

 

Interest income: Interest income of $1.3 million was received during the six-month period ended June 30, 2024 from the Company’s short term time deposits compared to $0.4 million for the same period in 2023. The increase was a result of higher available cash balances during the most recent period.

 

 

Interim Consolidated Statements of Comprehensive Net Income

For the three months ended June 30, 2023 and 2024

(Expressed in thousands of U.S. dollars, except for share and per share data)

 

		Three months ended June 30,
		2023				2024
Revenues, net		$	9,505			$	13,910
Expenses:
Voyage related costs and commissions			(873	)			(1,665	)
Vessel operating expenses			(2,453	)			(3,049	)
General and administrative expenses			(697	)			(815	)
Management fees, related parties			(164	)			(272	)
Management fees, other			(149	)			(122	)
Amortization of special survey costs			(91	)			(97	)
Depreciation			(1,232	)			(1,634	)
Allowance for credit losses			75				—
Loss from the sale of vessels, net			(1	)			—
Operating income			3,920				6,256
Other expenses:
Interest and finance costs			(1,317	)			(1,580	)
Interest income			352				607
Total other expenses, net			(965	)			(973	)
Net income		$	2,955			$	5,283
Gain attributable to non-controlling interest			—				(91	)
Net income attributable to Pyxis Tankers Inc.		$	2,955			$	5,192
Dividend Series A Convertible Preferred Stock			(199	)			(174	)
Net income attributable to common shareholders		$	2,756			$	5,018
Net income per common share, basic		$	0.25			$	0.48
Net income per common share, diluted		$	0.23			$	0.43
Weighted average number of common shares, basic			10,801,316				10,451,364
Weighted average number of common shares, diluted			12,624,301				12,095,610

 

 

Interim Consolidated Statements of Comprehensive Net Income

For the six months ended June 30, 2023 and 2024

(Expressed in thousands of U.S. dollars, except for share and per share data)

 

		Six months ended June 30,
		2023				2024
Revenues, net		$	21,121			$	25,715
Expenses:
Voyage related costs and commissions			(3,273	)			(3,315	)
Vessel operating expenses			(5,790	)			(6,116	)
General and administrative expenses			(2,002	)			(1,546	)
Management fees, related parties			(330	)			(498	)
Management fees, other			(397	)			(244	)
Amortization of special survey costs			(176	)			(194	)
Depreciation			(2,634	)			(3,095	)
Allowance for credit losses			75				—
Gain from the sale of vessels, net			8,017				—
Operating income			14,611				10,707
Other expenses, net:
Loss from debt extinguishment			(287	)			—
Loss from financial derivative instruments			(59	)			—
Interest and finance costs			(2,808	)			(3,073	)
Interest income			413				1,261
Total other expenses, net			(2,741	)			(1,812	)
Net income		$	11,870			$	8,895
Gain attributable to non-controlling interest			—				(53	)
Net income attributable to Pyxis Tankers Inc.		$	11,870			$	8,842
Dividend Series A Convertible Preferred Stock			(418	)			(383	)
Net income attributable to common shareholders		$	11,452			$	8,459
Net income per common share, basic		$	1.06			$	0.81
Net income per common share, diluted		$	0.94			$	0.73
Weighted average number of common shares, basic			10,754,405				10,479,962
Weighted average number of common shares, diluted			12,577,390				12,124,208

 

 

Consolidated Balance Sheets

As of December 31, 2023 and June 30, 2024

(Expressed in thousands of U.S. dollars, except for share and per share data)

 

		December 31,				June 30,
		2023				2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents		$	34,539			$	25,411
Short-term investment in time deposits			20,000				17,000
Inventories			957				2,111
Trade accounts receivable, net			4,964				5,216
Due from related parties			194				—
Prepayments and other current assets			226				1,359
Total current assets			60,880				51,097
FIXED ASSETS, NET:
Vessels, net			99,273				143,833
Advance for vessel acquisition			2,663				—
Total fixed assets, net			101,936				143,833
OTHER NON-CURRENT ASSETS:
Restricted cash, net of current portion			1,800				2,150
Deferred dry-dock and special survey costs, net			1,622				1,432
Prepayments and other non-current assets			75				75
Total other non-current assets			3,497				3,657
Total assets		$	166,313			$	198,587
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt, net of deferred financing costs		$	5,580			$	7,637
Trade accounts payable			1,695				1,936
Due to related parties			990				975
Hire collected in advance			1,173				877
Accrued and other liabilities			646				1,429
Total current liabilities			10,084				12,854
NON-CURRENT LIABILITIES:
Long-term debt, net of current portion and deferred financing costs			55,370				80,846
Total non-current liabilities			55,370				80,846
COMMITMENTS AND CONTINGENCIES			—				—
STOCKHOLDERS’ EQUITY:
Preferred stock ($0.001 par value; 50,000,000 shares authorized; of which 1,000,000 authorized Series A Convertible Preferred Shares; 403,631 Series A Convertible Preferred Shares issued and outstanding as at December 31, 2023 and 303,631 at June 30, 2024)			—				—
Common stock ($0.001 par value; 450,000,000 shares authorized; 10,542,547 shares issued and outstanding as at December 31, 2023 and 10,458,767 at June 30, 2024, respectively)			11				11
Additional paid-in capital			110,799				103,993
Accumulated deficit			(14,270	)			(5,819	)
Total equity attributable to Pyxis Tankers Inc. and subsidiaries			96,540				98,185
Non-controlling interest			4,319				6,702
Total stockholders’ equity			100,859				104,887
Total liabilities and stockholders’ equity		$	166,313			$	198,587

 

 

Interim Consolidated Statements of Cash Flows

For the six months ended June 30, 2023 and 2024

(Expressed in thousands of U.S. dollars)

 

		Six months ended June 30,
		2023				2024
Cash flows from operating activities:
Net income		$	11,870			$	8,895
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			2,634				3,095
Amortization and write-off of special survey costs			176				194
Allowance for credit losses			(75	)			—
Amortization and write-off of financing costs			126				114
Amortization of restricted common stock grants			47				17
Loss from debt extinguishment			287				—
Loss from financial derivative instrument			59				—
Gain on sale of vessels, net			(8,017	)			—
Changes in assets and liabilities:
Inventories			1,053				(1,154	)
Due from related parties			50				178
Trade accounts receivable, net			6,398				(253	)
Prepayments and other assets			(339	)			(1,133	)
Insurance claim receivable			608				—
Special survey cost			(814	)			(4	)
Trade accounts payable			(491	)			241
Hire collected in advance			(1,215	)			(296	)
Accrued and other liabilities			(88	)			785
Net cash provided by operating activities		$	12,269			$	10,679
Cash flow from investing activities:
Proceeds from the sale of vessel, net			24,291				—
Vessel acquisitions			—				(44,969	)
Vessel additions			(21	)			(24	)
Short-term investment in time deposits			—				3,000
Net cash (used in)/provided by investing activities		$	24,270			$	(41,993	)
Cash flows from financing activities:
Proceeds from long-term debt			15,500				31,000
Repayment of long-term debt			(21,697	)			(3,313	)
Contributions from non-controlling interests to Joint Venture			—				5,880
Partial redemption of Series A Convertible Preferred shares			—				(2,500	)
Repayment of promissory note			(6,000	)			—
Financial derivative instrument			561				—
Payment of financing costs			(148	)			(267	)
Preferred stock dividends paid			(405	)			(391	)
Common stock re-purchase program			(91	)			(380	)
Deemed dividend			—				(7,493	)
Net cash provided by/(used in) financing activities		$	(12,280	)		$	22,536
Net (decrease)/increase in cash and cash equivalents and restricted cash			24,259				(8,778	)
Cash and cash equivalents and restricted cash at the beginning of the period			10,189				36,339
Cash and cash equivalents and restricted cash at the end of the period		$	34,448			$	27,561
SUPPLEMENTAL INFORMATION:
Cash paid for interest		$	2,598			$	2,815
Non-cash financing activities – issuance of common stock financing acquisition of vessel “Konkar Venture”			—				1,382

 

 

Liquidity, Debt and Capital Structure

 

Our total funded debt, net of deferred financing costs at June 30, 2024 of $88.5 million includes $34.1 million of bank loans, net of deferred financing costs with our two dry bulk joint ventures. Pursuant to our loan agreements, as of June 30, 2024, we were required to maintain a minimum cash balance of $2.15 million. Total cash and cash equivalents, including the minimum liquidity and cash that has been classified as a short-term investment in time deposits, aggregated $44.6 million as of June 30, 2024.

 

		December 31,				June 30,
		2023				2024
Funded debt, net of deferred financing costs		$	60,950			$	88,483
Total funded debt		$	60,950			$	88,483

 

On June 30, 2024, our weighted average interest rate on our total funded debt for the three months ended June 30, 2024 was 8.05% and we had short-term interest-bearing money market investments of $32.0 million. Our next loan maturity is scheduled for December 2026 with a balloon principal payment of $12.2 million due on the “Pyxis Lamda”.

 

On June 20, 2024, the Company paid $2.5 million for the redemption of 100,000 shares of our Series A Cumulative Convertible Preferred Stock (NASDAQ Cap Mkts: PXSAP). Upon this redemption, 100,000 PXSAP shares were cancelled by the Company and the Company is no longer obligated to pay dividends in respect of these shares. After this partial redemption, which resulted in a reduction of 446,429 in fully-diluted common shares, there are 303,631 PXSAP shares outstanding, which are convertible into 1,355,496 common shares, if fully converted.

 

On June 28, 2024, we closed on our previously announced dry bulk joint venture with an entity related to our Chairman and Chief Executive Officer for the acquisition of an 82,099 dwt eco-efficient Kamsarmax built in 2015 at Jiangsu New Yangzi Shipbuilding. The $30.0 million purchase price for the “Konkar Venture”, which is fitted with a ballast water treatment system, was funded by a combination of secured bank debt of $16.5 million, $12.0 million cash, of which the Company contributed $7.3 million in cash, and the issuance of 267,857 PXS restricted common shares (the “Restricted Common Shares”) to the related party seller. Pyxis owns a 60% controlling ownership interest in the joint venture. The five year amortizing bank loan is priced at Term SOFR +2.15% and is secured by, among other things, the vessel. The “Konkar Venture”, is a sister ship to the Company’s eco-efficient “Konkar Asteri”, and is continuing its employment under the existing time charter through mid-August, 2024 at a contracted gross daily rate of $18,000.

 

On June 30, 2024, we had a total of 10,458,767 common shares issued and outstanding of which 54.8% were beneficially owned by Mr. Valentis, 303,631 Preferred Shares (NASDAQ Cap Mkts: PXSAP), which have conversion price of $5.60, and 1,591,062 warrants (NASDAQ Cap Mkts: PXSAW), which have an exercise price of $5.60, (excluding non-tradeable underwriter’s common stock purchase warrants of which 107,143 and 3,460 have exercise prices of $8.75 and $5.60, respectively, and 2,000 and 2,683 Preferred Shares purchase warrants which have an exercise price of $24.92 and $25.00 per share, respectively).

 

During the quarter ended June 30, 2024, we repurchased 39,223 PXS common shares at an average price of $4.66 per share, including brokerage commissions, or $183,000. We have repurchased a total of 415,371 PXS common shares at an aggregate purchase price (including brokerage commissions) of $1.6 million under the authorized $3.0 million common share re-purchase program which is scheduled to expire on May 16, 2025.

 

Subsequent Events:

 

On July 30,2024, we agreed with an existing lender to refinance the Seventhone Corp (“Pyxis Theta”) outstanding debt of $10.75 million. The amended agreement provides a five year amortizing bank loan with similar quarterly repayment with a maturity of July 2029 and reduce pricing to SOFR plus 2.40% (from 3.35%). In addition, the same bank agreed to reduce the interest rate margin from 3.15% to 2.40% on the outstanding $16.5 million loan to the Eleventhone Corp. (“Pyxis Lamda”).

 

 

After the quarter ended June 30, 2024, and as of August 8, 2024 we repurchased an additional 25,537 PXS common shares at an average price of $4.94 per share, including brokerage commissions, or $126,000, under the share buy-back program. After these additional open market purchases and the issuance of the Restricted Common Shares, as of August 8, 2024, we had 10,701,087 outstanding common shares of which 56% was beneficially owned by Mr. Valentis.

 

Non-GAAP Measures and Definitions

 

Earnings before interest, taxes, depreciation and amortization (“EBITDA”) represent the sum of net income, interest and finance costs, depreciation and amortization and, if any, income taxes during a period. Adjusted EBITDA represents EBITDA before certain non-operating charges, such as interest income, loss from debt extinguishment, loss from financial derivative instrument and gain from sales of vessels. 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 have limitations as analytical tools, and should not be considered in isolation from, as a substitute for, or superior to financial measures prepared in accordance with U.S. GAAP. EBITDA and Adjusted EBITDA do not reflect:

 

	●	our cash expenditures, or future requirements for capital expenditures or contractual commitments;
	●	changes in, or cash requirements for, our working capital needs; and
	●	cash requirements necessary to service interest and principal payments on our funded debt.

 

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. The following table reconciles net income, as reflected in the Unaudited Consolidated Statements of Comprehensive Income to EBITDA and Adjusted EBITDA:

 

		Three months ended June 30,								Six months ended June 30,
(Amounts in thousands of U.S. dollars)		2023				2024				2023				2024
Reconciliation of Net income to EBITDA and Adjusted EBITDA
Net income		$	2,955			$	5,283			$	11,870			$	8,895
Depreciation			1,232				1,634				2,634				3,095
Amortization of special survey costs			91				97				176				194
Interest and finance costs			1,317				1,580				2,808				3,073
EBITDA		$	5,595			$	8,594			$	17,488			$	15,257
Interest income			(352	)			(607	)			(413	)			(1,261	)
Loss from debt extinguishment			—				—				287				—
Loss from financial derivative instrument			—				—				59				—
Gain from the sale of vessels, net			1				—				(8,017	)			—
Adjusted EBITDA		$	5,244			$	7,987			$	9,404			$	13,996

 

 

Daily TCE is a shipping industry performance measure of the average daily revenue performance of a vessel on a per voyage basis. We utilize daily 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 daily TCE to assist them in making decisions regarding the employment of the vessels. TCE Revenues are calculated by presenting Revenues, net after deducting Voyage related costs and commissions. We calculate daily TCE by dividing TCE Revenues, 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. TCE Revenues and daily TCE are not calculated in accordance with U.S. GAAP.

 

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.

 

We calculate utilization (“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 minimize the number 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.

 

EBITDA, Adjusted EBITDA, Opex and daily TCE are not recognized measures under U.S. GAAP and should not be regarded as substitutes for Revenues, net and Net income. Our presentation of EBITDA, Adjusted EBITDA, Opex and daily TCE does not imply, and should not be construed as an inference, that our future results will be unaffected by unusual or non-recurring items and should not be considered in isolation or as a substitute for a measure of performance prepared in accordance with U.S. GAAP.

 

Recent Daily Fleet Data:

 

(Amounts in U.S. dollars per day)				Three months ended June 30,								Six months ended June 30,
				2023				2024				2023				2024
Eco-Efficient MR2: (2024: 3 vessels)
(2023: 4 vessels)		Daily TCE :			24,980				32,868				24,897				32,337
		Opex per day:			6,629				7,130				6,953				7,175
		Utilization % :			98.6	%			99.6	%			95.2	%			98.2	%
Eco-Modified MR2: (2023: 1 vessel)
		Daily TCE :			n/a				n/a				17,064				n/a
		Opex per day:			n/a				n/a				9,236				n/a
		Utilization % :			n/a				n/a				79.3	%			n/a
MR Fleet: (2024: 3 vessels) *
(2023: 5 vessels) *		Daily TCE :			25,000				32,868				24,207				32,337
		Opex per day:			6,786				7,130				7,185				7,175
		Utilization % :			98.6	%			99.6	%			93.5	%			98.2	%
Average number of MR vessels *					4.0				3.0				4.5				3.0
Dry-bulk : (2024: 3 vessels)
		Daily TCE :			n/a				22,333				n/a				20,111
		Opex per day:			n/a				5,952				n/a				6,789
		Utilization % :			n/a				80.0	%			n/a				78.5	%
Average number of Dry bulk vessels *					n/a				2.0				n/a				1.8
Total Fleet: (2024: 6 vessels) *
(2023: 5 vessels) *		Daily TCE :			25,000				29,156				24,207				28,427
		Opex per day:			6,786				6,654				7,185				7,032
		Utilization % :			98.6	%			91.7	%			93.5	%			90.9	%
Average number of vessels *					4.0				5.0				4.5				4.8

 

 

As of August 9, 2024, our fleet consisted of three eco-efficient MR2 tankers, “Pyxis Lamda”, “Pyxis Theta”, “Pyxis Karteria”, and three dry-bulk vessels, “Konkar Ormi” delivered to our joint venture on September 14, 2023, “Konkar Asteri” delivered on February 15, 2024 and “Konkar Venture” delivered to our joint venture on June 28, 2024. During 2023 and 2024, the vessels in our fleet were employed under time and spot charters.

 

*

a) The Eco-Modified MR “Pyxis Epsilon” was sold to an unaffiliated buyer on December 15, 2023.

b) The dry-bulker “Konkar Ormi” was delivered on September 14, 2023 and commenced her initial charter on October 5, 2023.

c) The dry-bulker “Konkar Asteri” was delivered on February 15, 2024 and commenced her initial charter on February 29, 2024.

d) The dry-bulker “Konkar Venture” was delivered on June 28, 2024 and is continuing its employment under the existing time charter through mid-August.

 

Conference Call and Webcast

 

Today, Monday, August 12, 2024, at 8:30 a.m. Eastern Time, the Company’s management will host a conference call to discuss the results.

 

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: +1 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In). Please quote “Pyxis Tankers” to the operator and/or conference ID 13748060. Click here for additional International Toll-Free access numbers.

 

Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option

 

A webcast of the conference call will be available through our website (http://www.pyxistankers.com) under our Events Presentations page. A telephonic replay of the conference and accompanying slides will be available following the completion of the call and will remain available until Monday, August 19, 2024.

 

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://www.webcaster4.com/Webcast/Page/2976/50933

 

 

Pyxis Tankers Fleet (as of August 9, 2024)

 

Vessel Name

Shipyard

Vessel type

Carrying Capacity (dwt)

Year Built

Type of charter

Charter(1) Rate (per day)

Anticipated Earliest Redelivery Date

Tanker fleet

Pyxis Lamda

SPP / S. Korea

MR2

50,145

2017

Spot

n/a

n/a

Pyxis Theta (2)

SPP / S. Korea

MR2

51,795

2013

Time

29,000

Aug 2024

Pyxis Karteria (3)

Hyundai / S. Korea

MR2

46,652

2013

Time

34,500

Sep 2024

148,592

Dry-bulk fleet

Konkar Ormi (4)

SKD / Japan

Ultramax

63,520

2016

Time

18,250

Sep 2024

Konkar Asteri (5)

JNYS / China

Kamsarmax

82,013

2015

Time

16,250

Oct 2024

Konkar Venture (6)

JNYS / China

Kamsarmax

82,099

2015

Time

18,000

Aug 2024

227,632

 

1) These tables present gross rates in U.S.$ and do not reflect any commissions payable.

2) “Pyxis Theta” is fixed on a time charter for a minimum of 11 maximum of 15 months, at $29,000 per day.

3) “Pyxis Karteria” was fixed on a time charter for a minimum of 6 maximum of 9 months, at $34,500 per day.

4) “Konkar Ormi” was fixed on a time charter for 55 – 65 days, at $18,250 per day.

5) “Konkar Asteri” was fixed on time charter for 90 – 105 days, at $16,250 per day, plus scrubber premium of $168,828.

6) “Konkar Venture” was fixed on time charter for 95 – 105 days, at $18,000 per day.

 

About Pyxis Tankers Inc.

 

The Company currently owns a modern fleet of mid-sized eco-vessels consisting of three MR product tankers engaged in the seaborne transportation of refined petroleum products and other bulk liquids, and three dry-bulk carriers, including controlling interests in two dry-bulk joint ventures that own a Kamsarmax and Ultramax carrier, respectively, and one 100% owned Kamsarmax vessel, which transport a broad range of dry-bulk commodities. The Company is positioned to opportunistically expand and maximize its fleet of eco-efficient vessels due to significant capital resources, 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. The information on the Company’s website is not incorporated into and does not form a part of this release.

 

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 in order to encourage companies to provide prospective information about their business. These statements include statements about our plans, strategies, goals financial performance, prospects or future events or performance 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,” “expects,” “seeks,” “predict,” “schedule,” “projects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “targets,” “continue,” “contemplate,” “possible,” “likely,” “might,” “will, “should,” “would,” “potential,” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. All statements that are not statements of either historical or current facts, including among other things, our expected financial performance, expectations or objectives regarding future and market charter rate expectations and, in particular, the effects of the war in the Ukraine and the Red Sea conflict, on our financial condition and operations as well as the nature of the product tanker and dry-bulk industries, in general, are forward-looking statements. Such forward-looking statements are necessarily based upon estimates and assumptions. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. The Company’s actual results may differ, possibly materially, from those anticipated in these forward-looking statements as a result of certain factors, including changes in the Company’s financial resources and operational capabilities and as a result of certain other factors listed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. The Company is reliant on certain independent and affiliated managers for its operations, including most recently an affiliated private company, Konkar Shipping Agencies, S.A., for the management of its dry-bulk vessels. For more information about risks and uncertainties associated with our business, please refer to our filings with the U.S. Securities and Exchange Commission, including without limitation, under the caption “Risk Factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023. 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 information in this press release, including 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

 

 

 

Exhibit 99.3

 

 

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The following is a discussion of our financial condition and results of operations for the six month periods ended June 30, 2023 and 2024. Unless otherwise specified herein, references to the “Company,” “we” or “our” shall include PYXIS TANKERS INC. and its subsidiaries. You should read the following discussion and analysis together with our Unaudited Interim Condensed Consolidated Financial Statements as of June 30, 2024 and for the six month periods ended June 30, 2023 and 2024, and the accompanying notes thereto, included elsewhere in this report. For additional information relating to our management’s discussion and analysis of financial condition and results of operations, please see our Annual Report on Form 20–F for the year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 17, 2024 (the “2023 Annual Report”).

 

Forward-Looking Statements

 

Our disclosure and analysis pertaining to our operations, cash flows and financial position, including, in particular, the likelihood of our success in developing and expanding our business and making acquisitions, contains forward-looking statements and forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995 and applicable securities laws. Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “seeks,” “targets,” “continue,” “contemplate,” “possible,” “likely,” “might,” “will,” “would,” “could,” “projects,” “forecasts,” “predicts,” “potential”, “may,” “should” and similar expressions are forward-looking statements. All statements in this report that are not statements of either historical or current facts are forward-looking statements. Forward-looking statements include, but are not limited to, such matters as our future operating or financial results, global and regional economic and political conditions, including piracy, pending vessel acquisitions, our business strategy and expected capital spending or operating expenses, including dry-docking and insurance costs, competition in the product tanker and dry bulk industries, statements about shipping market trends, including charter rates and factors affecting supply and demand, in particular, the effects of the war in the Ukraine or the Red Sea conflict , our financial condition and liquidity, including our ability to obtain financing in the future to fund capital expenditures, acquisitions and other general corporate activities, our ability to enter into fixed-rate charters after our current charters expire and our ability to earn income in the spot market and our expectations of the availability of vessels to purchase, the time it may take to construct new vessels, and vessels’ useful lives. Factors that might cause or contribute to such discrepancy include, but are not limited to, the risk factors described in our Annual Report on Form 20-F for the year ended December 31, 2023 which was filed on April 17, 2024 with the Securities and Exchange Commission (the “SEC”) and our other filings with the SEC. Any of these factors or a combination of these factors could materially affect our future results of operations and the ultimate accuracy of the forward-looking statements.

 

Factors that might cause future results to differ include, but are not limited to, the following:

 

	●	changes in governmental rules and regulations or actions and compliance, including environmental and securities matters, taken by regulatory authorities;
	●	changes in economic and competitive conditions affecting our business, including market fluctuations in charter rates and charterers’ abilities to perform under existing time charters;
	●	our future operating or financial results;
	●	the central bank policies intended to combat overall inflation and rising interest rates and foreign exchange rates;
	●	our continued borrowing availability under our existing and future debt agreements and compliance with the covenants contained therein;
	●	our ability to procure or have access to financing, our liquidity and the adequacy of cash flows for our operations;
	●	our ability to successfully employ our vessels, including under time charters;
	●	changes in our operating expenses, including bunker fuel prices, crewing expenses, dry docking costs, general and administrative expenses and insurance costs, including adequacy of coverage;
	●	our ability to fund future capital expenditures and investments in the acquisition and refurbishment of our vessels (including the amount and nature thereof and the timing of completion thereof, the delivery and commencement of operations dates, expected downtime and lost revenue);
	●	planned, pending or recent acquisitions and divestitures, business strategy and expected capital spending or operating expenses, including drydocking, surveys, upgrades and insurance costs;
	●	vessel breakdowns and instances of off-hire;

 

 

	●	potential claims or liability from future litigation, government inquiries and investigations and potential costs due to environmental damage and vessel collisions;
	●	the arrest or detention of our vessels by maritime claimants or governmental authorities;
	●	any disruption of information technology systems and networks that our operations rely on or any impact of a possible cybersecurity breach;
	●	general product tanker and dry-bulk shipping market trends, including fluctuations in charter hire rates and vessel values and their useful lives;
	●	changes in supply and demand in the product tanker and dry-bulk shipping sectors, including the market for our vessels and the number of new buildings under construction;
	●	changes in economic and competitive conditions affecting our business, including market fluctuations in charter rates and charterers’ abilities to perform under existing time charters;
	●	disruption of world trade due to rising protectionism, breakdown of multilateral trade agreements, acts of piracy, terrorism, political events, public health threats, international hostilities, including the recent conflicts between Russia and Ukraine as well as between Israel and Hamas and related instability;
	●	changes in interest rates, including the impact on our debt from movements in Secured Overnight Financing Rate, or SOFR, and foreign exchange rates;
	●	changes in seaborne and other transportation;
	●	Severe and potentially extended weather disruptions, such as, the extreme drought conditions in Panama which has restricted the number of vessel transits through its canal;
	●	business disruptions due to natural disasters and the length and severity of epidemics and pandemics and their impact on the demand for seaborne transportation in the tanker and dry-bulk sectors;
	●	impacts of supply chain disruptions that began during the Coronavirus pandemic and the resulting inflationary environment;
	●	any non-compliance with the U.S. Foreign Corrupt Practices Act of 1977 or other applicable regulations relating to bribery or corruption;
	●	the impact of increasing scrutiny and changing expectations from investors, lenders and other market participants with respect to our Environmental, Social and Governance policies and the impact of climate change;
	●	general domestic and international political conditions; the length and number of off-hire periods and dependence on key employees and third-party managers; and
	●	other factors discussed under “Item 3. Key Information – D. Risk Factors” of the 2023 Annual Report.

 

You should not place undue reliance on forward-looking statements contained herein because they are statements about events that are not certain to occur as described or at all. All forward-looking statements herein are qualified in their entirety by the cautionary statements contained herein. These forward-looking statements are not guarantees of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements. Except to the extent required by applicable law or regulation, we undertake no obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

 

Overview

 

We are PYXIS TANKERS INC., a corporation incorporated in the Republic of the Marshall Islands on March 23, 2015. We currently own, directly or indirectly, 100% ownership interest in the following vessel owning companies:

 

	●	SEVENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Seventhone”);
	●	TENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Tenthone”);
	●	ELEVENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Eleventhone”);
	●	DRYTWO CORP., established under the laws of the Republic of the Marshall Islands (“Drytwo”)

 

As of June 30, 2024, we also own 60% ownership in DRYKON MARITIME Corp. (“Drykon”), an entity that owns through its wholly owned subsidiary, DRYONE CORP. (“Dryone”), a 2016 Japanese built Ultramax dry-bulk carrier the “Konkar Ormi”. The remaining 40% is owned by an entity related to our Chief Executive Officer and Chairman. The delivery of the vessel occurred on September 14, 2023 and her initial charter commenced on October 5, 2023.

 

As of June 30, 2024, we also own 60% ownership in ACCUSHIP MARITIME Ltd. (“Accuship”), an entity that owns through its wholly owned subsidiary, DRYTHREE CORP. (“Drythree”), a 2015 Japanese built Kamsarmax dry-bulk carrier the “Konkar Venture”. The remaining 40% is owned by an entity related to our Chief Executive Officer and Chairman. The “Konkar Venture”, a sister ship to our eco-efficient “Konkar Asteri”, was delivered on June 28, 2024, and is continuing its employment under the existing time charter through mid-August, 2024 at a contracted gross daily rate of $18,000.

 

We consolidate in our financial statements the aforementioned dry-bulk joint ventures for the “Konkar Ormi” and “Konkar Venture” under the relevant ASC 810 guidelines as a result of our control over Drykon and Accuship. As a result of the transactions the Company reports non-controlling interest (“NCI”) in its accompanying unaudited interim Condensed Consolidated Financial Statements. Dryone and Drythree are established under the laws of the Marshall Islands, collectively with Eleventhone, Seventhone, Tenthone and Drytwo are the “Vessel-owning companies”.

 

 

Pyxis also currently owns 100% ownership interest in the following non-vessel owning companies:

 

	●	SECONDONE CORPORATION LTD., established under the laws of the Republic of the Marshal Islands (“Secondone”) that owned the vessel “Northsea Alpha” that was sold to an unaffiliated third party on January 28, 2022;
	●	THIRDONE CORPORATION LTD., established under the laws of the Republic of the Marshal Islands (“Thirdone”) that owned the vessel “Northsea Beta” that was sold to an unaffiliated third party on March 1, 2022;
	●	FOURTHONE CORPORATION LTD., established under the laws of the Republic of Malta (“Fourthone”) that owned the vessel “Pyxis Malou” that was sold to an unaffiliated third party on March 23, 2023;
	●	SIXTHONE CORP., established under the laws of the Republic of the Marshal Islands (“Sixthone”) that owned the vessel “Pyxis Delta” that was sold to an unaffiliated third party on January 13, 2020;
	●	EIGHTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Eighthone”) that owned the vessel “Pyxis Epsilon” that was sold to an unaffiliated third party on December 15, 2023 and
	●	MARITIME TECHNOLOGIES CORP., established under the laws of Delaware.

 

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

 

Vessel-owning Company

Incorporation date

Vessel

DWT

Year built

Acquisition date

Tanker fleet

Seventhone

31-May-2011

Pyxis Theta

51,795

2013

16-Sep-2013

Tenthone

22-Apr-2021

Pyxis Karteria

46,652

2013

15-Jul-2021

Eleventhone

11-Sep-2021

Pyxis Lamda

50,145

2017

20-Dec-2021

Dry-bulk fleet

Dryone

04-Jul-2023

Konkar Ormi

63,520

2016

14-Sep-2023

Drytwo

24-Nov-2023

Konkar Asteri

82,013

2015

15-Feb-2024

Drythree

29-May-2024

Konkar Venture

82,099

2015

28-Jun-2024

 

Vessel Management

 

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, our Chairman, Chief Executive Officer and Class I Director, provides certain ship management services to the Vessel-owning Companies, including but not limited to chartering, financing and accounting, sale and purchase, insurance, operations, dry-docking and construction supervision, for a fixed daily fee per vessel, under a head management agreement (the “Head Management Agreement”).

 

The Company uses the services of Konkar Shipping Agencies, S.A. (“Konkar Agencies”), a dry-bulk ship management company with its principal office in Greece and which is beneficially owned by Mr. Valentis, our Chairman, Chief Executive Officer and Class I Director. Konkar Agencies is engaged under separate management agreement directly by the Company’s respective ship owning companies to provide a wide range of shipping services, including but not limited to, chartering, technical, sale and purchase, insurance, operations and dry-docking and construction supervision, all provided at a fixed daily fee per bulkers. The management agreement for the dry-bulkers have an initial term of five years. The management agreement will automatically be renewed for consecutive five year periods, or until terminated by either party on three months’ notice.

 

With effect from the delivery of each tanker, 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 continues by its terms until it is terminated by either party. The ship-management agreements may be cancelled by us or ITM for any reason at any time upon three months’ advance notice.

 

Results of Operations

 

Our revenues consist of earnings under the charters on which we employ our vessels. We believe that the important measures for analyzing trends in the results of our operations consist of the following:

 

 

Revenues, net

 

We generate revenues by chartering our vessels for the transportation of petroleum products and other liquid bulk items, such as organic chemicals, and dry-bulk commodities. Revenues are generated primarily by the number of vessels in our fleet, the number of voyage days employed and the amount of daily charter hire earned under vessels’ charters. These factors, in turn, can be affected by a number of decisions by us, including the amount of time spent positioning a vessel for charter, dry-dockings, repairs, maintenance and upgrading, as well as the age, condition and specifications of our ships and supply and demand factors in the product tanker market. As of August 8, 2024, five of our vessels in our fleet were employed in short term time charters and one in spot market. Revenues from time charter agreements providing for varying daily rates are accounted for as operating leases and thus are recognized on a straight line basis over the term of the time charter as service is performed. Revenue under spot charters is recognized from loading of the current spot charter to discharge of the current spot charter. Vessels operating on time charters provide more predictable cash flows, but can yield lower profit margins than vessels operating in the spot market during periods characterized by favorable market conditions. The vessel owner generally pays commissions on both types of charters on the gross charter rate. Address commissions represent a discount provided directly to the charterers based on a fixed percentage of the agreed upon charter and is presented as a reduction in revenues.

 

Time Charters

 

A time charter is a contract for the use of a vessel for a specific period of time during which the charterer pays substantially all of the voyage expenses, including port and canal charges and the cost of bunker (fuel oil), but the vessel owner pays vessel operating expenses, including the cost of crewing, insuring, repairing and maintaining the vessel, the costs of spares and consumable stores and tonnage taxes. Time charter rates are usually set at fixed rates during the term of the charter. Prevailing time charter rates fluctuate on a seasonal and on a year-to-year basis and, as a result, when employment is being sought for a vessel with an expiring or terminated time charter, the prevailing time charter rates achievable in the time charter market may be substantially higher or lower than the expiring or terminated time charter rate. Fluctuations in time charter rates are influenced by changes in spot charter rates, which are in turn influenced by a number of factors, including vessel supply and demand. The main factors that could increase total vessel operating expenses are crew salaries, insurance premiums, spare parts orders, repairs that are not covered under insurance policies and lubricant prices.

 

Spot Charters

 

Generally, a spot charter refers to a contract to carry a specific cargo for a single voyage, which commonly lasts from several days up to three months. Spot charters typically involve the carriage of a specific amount and type of cargo on a load-port to discharge-port basis, subject to various cargo handling terms, and the vessel owner is paid on a per-ton basis. Under a spot charter, the vessel owner is responsible for the payment of all expenses including its capital costs, voyage expenses (such as port, canal and bunker costs) and vessel operating expenses. Fluctuations in spot charter rates are caused by imbalances in the availability of cargoes for shipment and the number of vessels available at any given time to transport these cargoes at a given port.

 

Voyage Related Costs and Commissions

 

We incur voyage related costs for our vessels operating under spot charters, which mainly include port and canal charges and bunker expenses. Port and canal charges and bunker expenses primarily increase in periods during which vessels are employed on spot charters because these expenses are for the account of the vessel owner. Brokerage commissions payable for both spot and time charter contracts, if any, depend on a number of factors, including, among other things, the number of shipbrokers involved in arranging the charter and the amount of commissions charged by brokers related to the charterer. Such commissions are deferred and amortized over the related period in a charter to the extent revenue has been deferred since commissions are earned as revenues are earned.

 

Vessel Operating Expenses

 

We incur vessel operating expenses for our vessels operating under time and spot charters. Vessel operating expenses primarily consist of crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores, tonnage taxes and other miscellaneous expenses necessary for the operation of the vessel. All vessel operating expenses are expensed as incurred.

 

General and Administrative Expenses

 

The primary components of general and administrative expenses consist of the annual fee payable to Maritime for the administrative services under our Head Management Agreement, which is described in more detail in our 2023 Annual Report and provides for the services of our senior executive officers, and the expenses associated with being a public company. Such public company expenses include the costs of preparing public reporting documents, legal and accounting costs, including costs of legal and accounting professionals and staff, and costs related to compliance with the rules, regulations and requirements of the SEC, the rules of the Nasdaq Stock Market (“Nasdaq”), the Company’s board of directors’ (the “Board”) compensation and investor relations.

 

Management Fees

 

We pay management fees to Maritime, Konkar Agencies and ITM for commercial and technical management services for our vessels. These services include: obtaining employment for our vessels and managing our relationships with charterers; strategic management services; technical management services, which include managing day-to-day vessel operations, ensuring regulatory and classification society compliance, arranging our hire of qualified officers and crew, arranging and supervising dry-docking and repairs and arranging insurance for vessels; and providing shore-side personnel who carry out the management functions described above. As part of their ship management services, they provide us with supervision services for new construction of vessels; these costs are capitalized as part of the total delivered cost of the vessel.

 

 

Depreciation

 

We depreciate the cost of our vessels after deducting the estimated residual value, on a straight-line basis over the expected useful life of each vessel, which is estimated to be 25 years from the date of initial delivery from the shipyard. Scrap rate of $340/light weight ton is used to calculate the residual value of our vessels.

 

Special Survey and Dry-docking

 

We are obliged to periodically drydock each of our vessels for inspection, and to make significant modifications to comply with industry certification or governmental requirements. Generally, each vessel is drydocked every 30 to 60 months for scheduled inspections, depending on its age. The capitalized costs of dry-dockings for a given vessel are amortized on a straight-line basis to the next scheduled drydocking of the vessel.

 

Interest Income, Interest and Finance Costs

 

We have historically incurred interest expense and financing costs in connection with the debt incurred to partially finance the acquisition of our existing fleet. We have also incurred interest expense in relation to the $6.0 million Amended and Restated Promissory Note we issued in favor of Maritime Investors Corp, (“MIC”), an investment company controlled by our Chairman and CEO Mr. Valentis. During first quarter of 2023, we repaid in full the Promissory Note due to MIC. Except for the interest payments under our Promissory Note that was based on a fixed rate, the interest rate under our debt agreements is currently linked to the SOFR rate. In order to hedge our variable interest rate exposure, on July 16, 2021 we via one of our vessel-owning subsidiaries, purchased an interest rate cap for the amount of $9.6 million at a cap rate of 2% with a scheduled termination date of July 8, 2025. This cap was sold on January 25, 2023 and we realized a net cash gain of $0.6 million. In the future, we may consider the use of additional financial hedging products to further limit our interest rate exposure. Further, we earn interest on cash deposits in interest-bearing accounts and on interest-bearing securities, which is included in interest income. “Interest Income” from time deposits of $1,261 recognized during the half year in the accompanying interim Condensed Consolidated Statement of Comprehensive Income as of June 30, 2024.

 

In evaluating our financial condition, we focus on the above financial and operating measures as well as fleet and vessel type for utilization, time charter equivalent rates and operating expenses to assess our operating performance. We also monitor our cash position and outstanding debt to assess short-term liquidity and our ability to finance further fleet expansion. Discussions about possible acquisitions or sales of existing vessels are based on our financial and operational criteria which depend on the state of the charter market, availability of vessel investments, employment opportunities, anticipated dry-docking costs and general economic prospects.

 

Selected Information

 

Our selected consolidated financial data as of June 30, 2024 and for the six months ended June 30, 2023 and 2024, presented in the tables below, have been derived from our Unaudited Interim Condensed Consolidated Financial Statements and notes thereto included elsewhere herein. Our selected consolidated financial data as of December 31, 2023, presented in the tables below have been derived from our audited financial statements and notes thereto, included in our 2023 Annual Report.

 

 

Interim Condensed Consolidated Statements of Comprehensive Income Data		Six months ended June 30,
(Amounts in thousands of U.S. dollars, except per share data)		2023				2024
Revenues, net		$	21,121			$	25,715
Voyage related costs and commissions			(3,273	)			(3,315	)
Vessel operating expenses			(5,790	)			(6,116	)
General and administrative expenses			(2,002	)			(1,546	)
Management fees, related parties			(330	)			(498	)
Management fees, other			(397	)			(244	)
Amortization of special survey costs			(176	)			(194	)
Depreciation			(2,634	)			(3,095	)
Allowance for credit losses			75				—
Gain from the sale of vessels, net			8,017				—
Operating income			14,611				10,707
Other expenses, net:
Loss from debt extinguishment			(287	)			—
Loss from financial derivative instruments			(59	)			—
Interest and finance costs			(2,808	)			(3,073	)
Interest income			413				1,261
Total other expenses, net			(2,741	)			(1,812	)
Net income		$	11,870			$	8,895
Gain attributable to non-controlling interest			—				(53	)
Net income attributable to Pyxis Tankers Inc.		$	11,870			$	8,842
Dividend Series A Convertible Preferred Stock			(418	)			(383	)
Net income attributable to common shareholders		$	11,452			$	8,459
Net Income per common share, basic		$	1.06			$	0.81
Net Income per common share, diluted		$	0.94			$	0.73
Weighted average number of shares, basic			10,754,405				10,479,962
Weighted average number of shares, diluted			12,577,390				12,124,208

 

Interim Condensed Consolidated Balance Sheets Data		December 31,				June 30,
(Amounts in thousands of U.S. dollars)		2023				2024
Total current assets		$	60,880			$	51,097
Total other non-current assets			3,497				3,657
Total fixed assets, net			101,936				143,833
Total assets		$	166,313			$	198,587
Total current liabilities			10,084				12,854
Total non-current liabilities			55,370				80,846
Total stockholders’ equity			100,859				104,887
Total liabilities and stockholders’ equity		$	166,313			$	198,587

 

 

Interim Condensed Consolidated Statements of Cash Flows Data		Six months ended June 30,
(Amounts in thousands of U.S. dollars)		2023				2024
Net cash provided by operating activities		$	12,269			$	10,679
Net cash (used in) / provided by investing activities			24,270				(41,993	)
Net cash provided by / (used in) financing activities			(12,280	)			22,536
Change in cash and cash equivalents and restricted cash		$	24,259			$	(8,778	)

 

As of June 30, 2024, our fleet consisted of three eco-efficient MR2 tankers, “Pyxis Lamda”, “Pyxis Theta”, “Pyxis Karteria”, and three dry-bulk vessels, “Konkar Ormi” delivered on September 14, 2023, “Konkar Asteri” delivered on February 15, 2024 and “Konkar Venture” delivered on June 28, 2024. During 2023 and 2024, the vessels in our fleet were employed under time and spot charters. The following table presents the fleet data for the first half of 2023 and 2024.

 

		Six months ended June 30,
MR vessels		2023				2024
Ownership days (1)			806				546
Available days (2)			789				546
Operating days (3)			738				536
Utilization % (4)			93.5	%			98.2	%
Daily time charter equivalent rate (5)		$	24,207			$	32,337
Daily vessel operating expenses (6)		$	7,185			$	7,175
Average number of vessels (7)			4.5				3.0
Number of vessels at period end			4				3
Weighted average age of vessels at period end (8)			8.8				9.9

 

		Six months ended June 30,
Dry-bulk vessels		2023				2024
Ownership days (1)			n/a				321
Available days (2)			n/a				321
Operating days (3)			n/a				252
Utilization % (4)			n/a				78.5	%
Daily time charter equivalent rate (5)		$	n/a			$	20,111
Daily vessel operating expenses (6)		$	n/a			$	6,789
Average number of vessels (7)			n/a				1.8
Number of vessels at period end			n/a				3
Weighted average age of vessels at period end (8)			n/a				8.7

 

		Six months ended June 30,
Total fleet		2023				2024
Ownership days (1)			806				867
Available days (2)			789				867
Operating days (3)			738				788
Utilization % (4)			93.5	%			90.9	%
Daily time charter equivalent rate (5)		$	24,207			$	28,427
Daily vessel operating expenses (6)		$	7,185			$	7,032
Average number of vessels (7)			4.5				4.8
Number of vessels at period end			4				6
Weighted average age of vessels at period end (8)			8.8				9.3

 

	(1)	Ownership days are the total number of days in a period during which we owned each of the vessels in our fleet. Ownership days are an indicator of the size of our fleet over a period and affect both the amount of revenues generated and the amount of expenses incurred during the respective period.
	(2)	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. Available days measures the aggregate number of days in a period during which vessels should be capable of generating revenues.
	(3)	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. Operating days measures the aggregate number of days in a period during which vessels actually generate revenues.

 

 

	(4)	We calculate fleet utilization by dividing the number of Operating days during a period by the number of Available days during the same period. The shipping industry uses fleet utilization to measure a company’s efficiency in finding suitable employment for its vessels and minimizing the amount of days that its 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.
	(5)	Daily TCE rate is a standard 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. generally accepted accounting principles (“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 believe that our method of calculating TCE is consistent with industry standards and is calculated by dividing voyage revenues after deducting voyage expenses, including commissions, by Operating days for the relevant period. Voyage expenses primarily consist of brokerage commissions, port, canal and bunker costs that are unique to a particular voyage, which would otherwise be paid by the charter under a time charter contract.
	(6)	Daily vessel operating expenses are direct operating expenses such as crewing, provisions, repairs and maintenance, insurance, deck and engine stores, lubricating oils and tonnage tax divided by Ownership days.
	(7)	Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was part of our fleet during such period divided by the number of calendar days in the period.
	(8)	Weighted average age of the fleet is the sum of the ages of our vessels, weighted by the DWT of each vessel on the total fleet DWT.

 

The following table reflects the calculation of our fleet daily TCE rates for the six month periods ended June 30, 2023 and 2024:

 

Tanker fleet		Six months ended June 30,
(Amounts in thousands of U.S. dollars, except for operating days and for daily TCE rates)		2023				2024
MR Revenues, net 1		$	21,121			$	19,824
MR Voyage related costs and commissions 1			(3,257	)			(2,492	)
MR Time charter equivalent revenues 1, 3		$	17,864			$	17,332
MR Total operating days 1			738				536
MR Daily Time Charter Equivalent rate 1, 3		$/d	24,207			$/d	32,337
Average number of MR vessels 1			4.5				3.0

 

Dry-bulk fleet		Six months ended June 30,
(Amounts in thousands of U.S. dollars, except for operating days and for daily TCE rates)		2023				2024
Dry-bulk Revenues, net 2			n/a			$	5,891
Dry-bulk Voyage related costs and commissions 2			n/a				(823	)
Dry-bulk charter equivalent revenues 2, 3			n/a			$	5,068
Dry-bulk Total operating days 2			n/a				252
Dry-bulk Daily Time Charter Equivalent rate 2,3			n/a			$/d	20,111
Average number of Dry-bulk vessels 2			n/a				1.8

 

Total fleet		Six months ended June 30,
(Amounts in thousands of U.S. dollars, except for operating days and for daily TCE rates)		2023				2024
Revenues, net 1, 2		$	21,121			$	25,715
Voyage related costs and commissions 1, 2			(3,257	)			(3,315	)
Charter equivalent revenues 1, 2, 3		$	17,864			$	22,400
Total operating days 1, 2			738				788
Daily Time Charter Equivalent rate 1, 2, 3		$/d	24,207			$/d	28,427
Average number of vessels 1,2			4.5				4.8

 

1

a)

The eco-efficient MR “Pyxis Epsilon” was sold to an unaffiliated buyer on December 15, 2023.

 

2	a)	The dry-bulker “Konkar Ormi” was delivered on September 14, 2023 and commenced her initial charter on October 5, 2023.
	b)	The dry-bulker “Konkar Asteri” was delivered on February 15, 2024 and commenced her initial charter on February 29, 2024.
	c)	The dry-bulker “Konkar Venture” was delivered on June 28, 2024 and is continuing its employment under the existing time charter through mid-August.

 

3	Subject to rounding; please see “Non-GAAP Measures and Definitions” below.

 

 

The following table reflects the daily TCE rate, daily operating expenses (“Opex”) and utilization rate on a per vessel type for the six month periods ended June 30, 2023 and 2024:

 

(Amounts in U.S. dollars per day)						Six months ended June 30,
						2023				2024
Eco-Efficient MR2:		(2024: 3 vessels)
		(2023: 4 vessels)		Daily TCE :			24,897				32,337
				Opex per day:			6,953				7,175
				Utilization % :			95.2	%			98.2	%
Eco-Modified MR2:		(2023: 1 vessel)
				Daily TCE :			17,064				n/a
				Opex per day:			9,236				n/a
				Utilization % :			79.3	%			n/a
MR Fleet:		(2024: 3 vessels) *
		(2023: 5 vessels) *		Daily TCE :			24,207				32,337
				Opex per day:			7,185				7,175
				Utilization % :			93.5	%			98.2	%
Average number of MR vessels *							4.5				3.0
Dry-bulk :		(2024: 3 vessels)
				Daily TCE :			n/a				20,111
				Opex per day:			n/a				6,789
				Utilization % :			n/a				78.5	%
Average number of Dry-bulk vessels *							n/a				1.8
Total Fleet:		(2023: 5 vessels) *
		(2024: 6 vessels) *		Daily TCE :			24,207				28,427
				Opex per day:			7,185				7,032
				Utilization % :			93.5	%			90.9	%
Average number of vessels *							4.5				4.8

 

*

 

	a)	The Eco-Modified MR “Pyxis Epsilon” was sold to an unaffiliated buyer on December 15, 2023.
	b)	The dry-bulker “Konkar Ormi” was delivered on September 14, 2023 and commenced her initial charter on October 5, 2023.
	c)	The dry-bulker “Konkar Asteri” was delivered on February 15, 2024 and commenced her initial charter on February 29, 2024.
	d)	The dry-bulker “Konkar Venture” was delivered on June 28, 2024 and is continuing its employment under the existing time charter through mid-August.

 

 

Results of Operations

 

Six months ended June 30, 2023 and 2024

 

Amounts relating to variations in period–on–period comparisons shown in this section are derived from the interim Condensed Consolidated Financials presented below (amounts are presented in million U.S. dollars, rounded to the nearest one hundred thousand, except as otherwise noted).

 

Revenues, net: Revenues, net of $25.7 million for the six months ended June 30, 2024, represented an increase of $4.6 million, or 21.8%, from $21.1 million in the comparable period of 2023. In the first half of 2024, our MR daily TCE rate for our three MRs was $32,337, a $8,130 per day increase from the same 2023 period as a result of higher demurrage income due to MR spot chartering activity and better market conditions. For the 2024 period, our new acquired bulkers contributed 252 operating days with a daily TCE rate of $20,111.

 

Voyage related costs and commissions: Voyage related costs and commissions of $3.3 million for the six months ended June 30, 2024, remained at the same level compared to the 2023 period. For the six months ended June 30, 2024, our MRs were on spot charters for 182 days in total (including the unfixed days), compared to 169 days in 2023. This higher spot chartering activity for our MRs contribute higher voyage costs which are typically borne by us rather than the charterer, thus an increase in spot employment results in increased voyage related costs and commissions. In the first six-months of 2024 these higher expenses were offset by lower bunker fuel costs.

 

Vessel operating expenses: Vessel operating expenses of $6.1 million for the six months ended June 30, 2024, represented a $0.3 million or 5.6% increase compared to $5.8 million for the same period in 2023. This increase was mainly attributed to the 61-day increase in ownership days from 806 for the six months ended June 30, 2023 to 867 for the 2024 period.

 

General and administrative expenses: General and administrative expenses of $1.5 million for the six months ended June 30, 2024, represented a decrease of $0.5 million or 22.7%, from $2.0 million in the comparable period in 2023, mainly due to the performance bonus of $0.6 million that paid in the first quarter of 2023 to Maritime, partially offset by increased administration fees which were adjusted by 3.50% to reflect the 2024 inflation rate in Greece.

 

Management fees: For the six months ended June 30, 2024, management fees remained at the same level with the comparable period of 2023. Management fees represent the charges by Maritime, Konkar Agencies and ITM.

 

Amortization of special survey costs: Amortization of special survey costs of $0.2 million for the six months ended June 30, 2024, remained stable compared to the same period in 2023.

 

Depreciation: Depreciation of $3.1 million for the six months ended June 30, 2024, increased by $0.5 million or 17.5% compared to $2.6 million in the comparable period of 2023. The increase was attributed to the additions of newly acquired dry-bulk vessels partially counterbalanced by the elimination of depreciation from the sales of tankers “Pyxis Malou” during the first quarter of 2023 and “Pyxis Epsilon” in late 2023.

 

Gain from the sale of vessels, net: During the six months ended June 30, 2023, we recorded a gain from the sale of the “Pyxis Malou” of $8.0 million, which occurred in the first quarter of 2023.

 

Loss from debt extinguishment: During the six months ended June 30, 2023, we recorded a loss from debt extinguishment of $0.3 million reflecting the write-off of the remaining unamortized balance of deferred financing costs, which were associated with the first quarter loan repayments from the sale of the “Pyxis Malou” and debt refinancing of the “Pyxis Karteria”.

 

Interest and finance costs: Interest and finance costs for the six months ended June 30, 2024, were $3.1 million, compared to $2.8 million in the comparable period in 2023, an increase of $0.3 million, or 9.4%. Despite lower LIBOR/SOFR indexed rates paid on all the floating rate bank debt, this increase was primarily attributable to higher average debt levels. On February 15, 2024, we completed the bank financing of the newly acquired dry-bulk carrier, “Konkar Asteri” with a five year secured loan of $14.5 million. On June 27, 2024, the Company completed the debt financing of the newly acquired dry-bulk carrier “Konkar Venture” with a $16.5 million five year secured loan from an existing lender. Also, on June 28, 2024, we agreed with an existing lender to refinance the Seventhone Corp. (“Pyxis Theta”) debt. The amended agreement will provide a five year amortizing bank loan with similar quarterly repayment and reduced pricing at SOFR plus 2.40%. In addition, the same bank agreed to reduce the interest rate margin from 3.15% to 2.40% on the outstanding $16.5 million loan to the Eleventhone Corp. (“Pyxis Lamda”).

 

Interest income: Interest income of $1.3 million was received during the six-month period ended June 30, 2024 from the Company’s short term time deposits compared to $0.4 million for the same period in 2023. The increase was a result of higher available cash balances during the most recent period.

 

 

Cash Flows

 

Our principal sources of funds for the six months ended June 30, 2024, have been cash from our operating and financing activities. Our principal uses of funds have been the working capital requirements, the debt service payments on our loan agreements, and vessel acquisitions. Cash and cash equivalents and restricted cash as of June 30, 2024, amounted to $27.6 million, compared to $36.3 million as of December 31, 2023. As of June 30, 2024, we had a working capital surplus of $38.2 million compared to working capital surplus of $50.8 million as of December 31, 2023. We define working capital as current assets minus current liabilities.

 

Operating Activities

 

Net cash provided by operating activities was $10.7 million for the six months ended June 30, 2024, compared to net cash provided by operating activities of $12.3 million for the same period in 2023. The net income for the period was $8.9 million compared to net income of $11.9 million for the six month period ended June 30, 2023, contributing $3.0 million less operating cash. Aggregate movements in working capital accounts, current assets and current liabilities, decreased cash by $1.6 million. This decrease was mainly attributable to the $1.2 million decrease from inventories, $1.1 million decrease from prepayments and other assets partially offset by $0.8 million increase from accrued and other liabilities. Other accounts aggregate decrease by a net $0.1 million.

 

Investing Activities

 

Net cash used in investing activities during the six months ended June 30, 2024 was $42.0 million, a result of the “Konkar Asteri” and “Konkar Venture” vessel acquisitions which were delivered in February 2024 and June 2024, respectively. The “Konkar Asteri” had a purchased price of $26.6 million of which $24.0 million paid during the period, and the “Konkar Venture” had a purchase price of $30.0 million which settled with a $28.5 million cash payment and the issuance of 267,857 restricted common shares to the related party seller. The $21.0 million are included in the investing activities and the remaining amount of $7.5 million is presented as deemed dividend in financing activities described below. The above outflows were partially offset by $3.0 million cash inflow from short-term investment in cash time deposits with maturity over three months. The same period in 2023 we received $24.3 million proceeds, net of commissions and related expenses, of the sale of the “Pyxis Malou”.

 

Financing Activities

 

Net cash provided by financing activities was $22.5 million for the six month period ended June 30, 2024, mainly reflected new long-term debt of $14.5 million and $16.5 million for Drytwo, secured by the “Konkar Asteri”, and for Drythree, secured by the “Konkar Venture”, respectively, partially counterbalanced by repayment of the financing fees payments of $0.3 million related to the new loan facilities and on aggregate of $3.3 million of debt principal payments. In addition, during the first half of 2024 we paid $2.5 million for the redemption of 100,000 shares of our Series A Cumulative Convertible Preferred Stock (the “Series A Preferred Shares”). Also, we paid $0.4 million dividends related to the Series A Preferred Shares. Additionally, we repurchased 83,780 common shares at an average price of $4.53 per share, including brokerage commissions, for an aggregate $0.4 million under the amended $3.0 million share re-purchase program. Further, we received a $5.9 million contribution from the non-controlling interest of our Joint Venture. Upon acquisition of the “Konkar Venture”, the purchase price in excess of the seller’s vessel book valued at the date of the transaction, at $7.5 million, which was considered a deemed dividend by the Company and was allocated to Pyxis Tankers equity and Non-controlling interest’s equity in accordance with their ownership percentages.

 

For the six month period ended June 30, 2023 net cash used in financing activities was $12.3 million mainly reflected new long-term debt of $15.5 million for Tenthone, secured by the “Pyxis Karteria”, counterbalanced by repayment of the financing fees payments of $0.1 million related to the new loan facilities and aggregate of $21.7 million of debt principal payments, including the prepayments of the Fourthone’s for “Pyxis Malou” sale and Tenthone’s loan facilities of an aggregate $17.94 million to Alpha Bank and Vista Bank, respectively. In addition, during the first quarter of 2023 we repaid in full the $6 million Promissory Note. Also, we received $0.6 million from the financial derivative instrument – cap rate sale and we paid $0.4 million dividends related to the 7.75% Series A Preferred Shares. Additionally, we repurchased 23,431 common shares at an average price of $3.87 per share, including brokerage commissions, for an aggregate $0.1 million under the authorized $2.0 million re-purchase program.

 

Debt Agreements

 

For information relating to our debt agreements, please see Note 8 to our financial statements included in our 2023 Annual Report for the year ended December 31, 2023 and Note 7 to our Unaudited Interim Condensed Consolidated Financial Statements for the six month periods ended June 30, 2023 and 2024 included elsewhere herein.

 

Liquidity and Capital Resources

 

Our principal sources of liquidity have been cash flows from operations, borrowings from bank debt and our related parties, private placement of common stock and issuance of convertible preferred shares and we expect in the future, cash flow from operations, proceeds from further issuances of equity and debt as well as re-financings of debt. Recognizing the uncertainty caused by the potential impact of the Russian-Ukrainian war, the Red Sea and Israel-Hamas armed conflict, we expect that our future liquidity requirements should relate primarily to:

 

●

our vessel operating expenses, including dry-docking and special survey costs;

 

 

	●	payments of interest and other debt-related expenses and the repayment of principal on our loans;
	●	payment of technical and commercial management fees for our daily vessel operations;
	●	maintenance of cash reserves to provide for contingencies and to adhere to minimum liquidity for loan covenants including potential dry-docking reserves; and
	●	potential vessel acquisitions and joint ventures.

 

We expect to rely upon operating cash flows from the employment of our vessels on spot and time charters and, upon occasion, amounts due to related parties, long-term borrowings and the proceeds from future equity and debt offerings to fund our liquidity and capital needs and implement our growth plan. We perform on a regular basis cash flow projection to evaluate whether we will be in a position to cover our liquidity needs for the next 12-month period and be in compliance with the financial and security collateral cover ratio covenants under the existing debt agreements. In developing estimates of future cash flows, we make assumptions about the vessels’ future performance, with significant assumptions relating to time charter equivalent rates by vessel type, vessels’ operating expenses, vessels’ capital expenditures, fleet utilization, our management fees, general and administrative expenses and debt servicing requirements. The assumptions used to develop estimates of future cash flows are based on historical trends as well as future expectations. As of June 30, 2024, we had a working capital surplus of $38.2 million, defined as current assets minus current liabilities. As of the filing date of the first half of 2024 Unaudited Interim Condensed Consolidated Financial Statements, we expect that we will be in a position to cover our liquidity needs for the next 12-month period, through cash generated from operations and by managing our working capital requirements. In addition, the Company may consider the raising of capital including debt, equity securities, joint ventures and/or sale of assets for corporate and strategic reasons.

 

Our business is capital intensive and our future success will depend on our ability to maintain a high-quality fleet through the acquisition of modern tanker vessels, the selective sale of older tanker vessels and investments in joint ventures, including other shipping sectors.

 

While we pay cash dividends on our outstanding Series A Preferred Stock, we do not intend to pay dividends to the holders of our common shares in the near future and expect to retain our cash flows primarily for the payment of vessel operating costs, dry-docking costs, debt servicing and other obligations, general corporate and administrative expenses and reinvestment in our business (such as to fund vessel or fleet acquisitions), in each case, as determined by our Board.

 

On January 25, 2023 we sold our $9.6 million interest cap rate on LIBOR of 2% with termination date of July 8, 2025 and we realized a net cash gain of $0.5 million. In the future, we may consider the use of additional financial hedging products to further limit our interest rate exposure.

 

On February 10, 2023 we repaid $3 million of the $6 million 7.5% promissory note due to MIC. The remaining balance of this obligation was repaid on March 14, 2023.

 

On March 13, 2023, the Company completed the debt refinancing of the “Pyxis Karteria”, our 2013 built vessel with a $15.5 million five year secured loan from a new lender, Piraeus Bank, S.A. Loan principal is repayable over 5 years with quarterly amortization. The loan is priced at SOFR plus 2.7% with standard terms and conditions.

 

On March 23, 2023, pursuant to the sale agreement that we entered into on March 1, 2023, the “Pyxis Malou” was delivered to her buyer. The aggregate gross sale price was $24.8 million from which $6.4 million was used for the prepayment of the respective loan facility and $0.75 million to prepay the outstanding loan for the “Pyxis Lamda”.

 

On May 11, 2023, our Board authorized a common stock re-purchase program of up to $2 million for a period of six months through open market transactions. During the quarter ended June 30, 2023, we repurchased 23,431 common shares at an average price of $3.87 per share, including brokerage commissions, under the authorized $2.0 million re-purchase program.

 

During the months of January through June, 2023 the Company paid monthly cash dividends of $0.1615 for each outstanding Series A Preferred Share, which aggregated to $0.4 million for the six months ended as of June 30, 2023.

 

On February 15, 2024, the Company completed the acquisition of an 82,013 dwt dry-bulk vessel built in 2015 at Jiangsu New Yangzi Shipbuilding. The $26.625 million purchase price of the eco-efficient Kamsarmax was funded by a combination of secured bank debt of $14.5 million and cash on hand. The five year amortizing bank loan is priced at SOFR plus 2.35% and is secured by, among other things, the vessel. The vessel has been named the “Konkar Asteri” and commenced its commercial operations on February 29, 2024.

 

On June 20, 2024, the Company paid $2.5 million for the redemption of 100,000 shares of our Series A Cumulative Convertible Preferred Stock (NASDAQ Cap Mkts: PXSAP). Upon this redemption, 100,000 PXSAP shares were cancelled by the Company and the Company’s ceased obligation to pay dividends in respect of these shares ceased. After this partial redemption, which resulted in a reduction of 446,429 in fully-diluted common shares, there are 303,631 PXSAP shares outstanding, which are convertible into 1,355,496 common shares, if fully converted.

 

 

On June 28, 2024, we closed our dry-bulk joint venture with an entity related to our Chairman and Chief Executive Officer for the acquisition of an 82,099 dwt eco-efficient Kamsarmax built in 2015 at Jiangsu New Yangzi Shipbuilding. The $30.0 million purchase price for the “Konkar Venture”, which is fitted with a ballast water treatment system, was funded by a combination of secured bank debt of $16.5 million, $12.0 million cash, of which the Company contributed $7.3 million in cash, and the issuance of 267,857 restricted common shares (the “Restricted Shares”) to the related party seller. Pyxis owns a 60% controlling ownership interest in the joint venture. The five year amortizing bank loan is priced at Term SOFR +2.15% and is secured by, among other things, the vessel. The “Konkar Venture”, is a sister ship to the Company’s eco-efficient “Konkar Asteri”, and is continuing its employment under the existing time charter through mid-August, 2024 at a contracted gross daily rate of $18,000.

 

On June 30, 2024, we had a total of 10,458,767 common shares issued and outstanding of which 54.8% were beneficially owned by Mr. Valentis, 303,631 Preferred Shares (NASDAQ Cap Mkts: PXSAP), which have conversion price of $5.60, and 1,591,062 warrants (NASDAQ Cap Mkts: PXSAW), which have an exercise price of $5.60 (excluding non-tradeable underwriter’s common stock purchase warrants of which 107,143 and 3,460 have exercise prices of $8.75 and $5.60, respectively, and 2,000 and 2,683 Preferred Shares purchase warrants which have an exercise price of $24.92 and $25.00 per share, respectively).

 

During the six months ended June 30, 2024, we repurchased 83,780 common shares at an average price of $4.53 per share, including brokerage commissions, or $380,000. We have repurchased a total of 415,371 common shares at an aggregate purchase price (including brokerage commissions) of $1.6 million under the amended $3.0 million common share re-purchase program which is scheduled to expire on May 16, 2025.

 

Results of Annual Meeting of Shareholders of May 16, 2024

 

At the scheduled annual 2024 shareholder meeting, the Company’s shareholders re-elected Mr. Valentios Valentis as Class I Director to serve for a term of three years until the 2027 annual meeting.

 

Subsequent Events

 

On July 30, 2024, we agreed with an existing lender to refinance the Seventhone Corp (“Pyxis Theta”) outstanding debt of $10.75 million. The amended agreement provides a five year amortizing bank loan with a similar quarterly repayment schedule, a maturity of July 2029 and and interest rate of SOFR plus 2.40% (which was reduced from SOFR plus 3.35%). In addition, the same bank agreed to reduce the interest rate margin from 3.15% to 2.40% on the outstanding debt of $16.5 million relating to the Eleventhone Corp. (“Pyxis Lamda”).

 

After the quarter ended June 30, 2024, and as of August 8, 2024 we repurchased an additional 25,537 common shares at an average price of $4.94 per share, including brokerage commissions, or $126,000, under the share buy-back program. After these additional open market purchases and the issuance of the Restricted Common Shares, as of August 8, 2024, we had 10,701,087 common shares issued and outstanding, of which 56.0% are beneficially owned by Mr. Valentis. There are not any other subsequent events which might affect the financial statements.

 

Recent Developments

 

For information relating to our recent developments, please refer to section “Liquidity and Capital Resources” above and to Note 16 to our Unaudited Interim Condensed Consolidated Financial Statements as of June 30, 2024 and for the six month periods ended June 30, 2023 and 2024 included elsewhere herein.

 

 

Fleet Information (as of August 9, 2024)

 

Vessel Name

Shipyard

Vessel type

Carrying Capacity (dwt)

Year Built

Type of charter

Charter(1) Rate (per day)

Anticipated Earliest Redelivery Date

Tanker fleet

Pyxis Lamda

SPP / S. Korea

MR2

50,145

2017

Spot

n/a

n/a

Pyxis Theta (2)

SPP / S. Korea

MR2

51,795

2013

Time

29,000

Aug 2024

Pyxis Karteria (3)

Hyundai / S. Korea

MR2

46,652

2013

Time

34,500

Sep 2024

148,592

Dry-bulk fleet

Konkar Ormi (4)

SKD / Japan

Ultramax

63,520

2016

Time

18,250

Sep 2024

Konkar Asteri (5)

JNYS / China

Kamsarmax

82,013

2015

Time

16,250

Oct 2024

Konkar Venture (6)

JNYS / China

Kamsarmax

82,099

2015

Time

18,000

Aug 2024

227,632

 

	1)	These tables present gross rates in U.S.$ and do not reflect any commissions payable.
	2)	“Pyxis Theta” is fixed on a time charter for a minimum of 11 maximum of 15 months, at $29,000 per day.
	3)	“Pyxis Karteria” was fixed on a time charter for a minimum of 6 maximum of 9 months, at $34,500 per day.
	4)	“Konkar Ormi” was fixed on a time charter for 55 – 65 days, at $18,250 per day.
	5)	“Konkar Asteri” was fixed on time charter for 90 – 105 days, at $16,250 per day, plus scrubber premium of $168,828.
	6)	“Konkar Venture” was fixed on time charter for 95 – 105 days, at $18,000 per day.

 

 

pYXIS TANKERS INC.

 

INDEX TO Unaudited Interim Condensed Consolidated Financial Statements

 

	Page
Consolidated Balance Sheets as of December 31, 2023 and June 30, 2024 (unaudited)	F-1
Unaudited Interim Consolidated Statements of Comprehensive Income for the six month periods ended June 30, 2023 and 2024	F-2
Unaudited Interim Consolidated Statements of Stockholders’ Equity for the six month periods ended June 30, 2023 and 2024	F-3
Unaudited Interim Consolidated Statements of Cash Flows for the six month periods ended June 30, 2023 and 2024	F-4
Notes to the Unaudited Interim Condensed Consolidated Financial Statements	F-5

 

 

PYXIS TANKERS INC.

 

Consolidated Balance Sheets

As of December 31, 2023 and June 30, 2024 (unaudited)

(Expressed in thousands of U.S. dollars, except for share and per share data)

 

				December 31,				June 30,
		Note		2023				2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents		1		$	34,539			$	25,411
Short-term investment in time deposits					20,000				17,000
Inventories		4			957				2,111
Trade accounts receivable, net		1			4,964				5,216
Due from related parties		3			194				—
Prepayments and other current assets					226				1,359
Total current assets					60,880				51,097
FIXED ASSETS, NET:
Vessels, net		5			99,273				143,833
Advance for vessel acquisition		5			2,663				—
Total fixed assets, net					101,936				143,833
OTHER NON-CURRENT ASSETS:
Restricted cash, net of current portion		1, 7			1,800				2,150
Deferred dry-dock and special survey costs, net		6			1,622				1,432
Prepayments and other non-current assets					75				75
Total other non-current assets					3,497				3,657
Total assets				$	166,313			$	198,587
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt, net of deferred financing costs		7		$	5,580			$	7,637
Trade accounts payable					1,695				1,936
Due to related parties		3			990				975
Hire collected in advance					1,173				877
Accrued and other liabilities					646				1,429
Total current liabilities					10,084				12,854
NON-CURRENT LIABILITIES:
Long-term debt, net of current portion and deferred financing costs		7			55,370				80,846
Total non-current liabilities					55,370				80,846
COMMITMENTS AND CONTINGENCIES		12			—				—
STOCKHOLDERS’ EQUITY:
Preferred stock ($0.001 par value; 50,000,000 shares authorized; of which 1,000,000 authorized Series A Convertible Preferred Shares; 403,631 Series A Convertible Preferred Shares issued and outstanding as at December 31, 2023 and 303,631 at June 30, 2024)		8			—				—
Common stock ($0.001 par value; 450,000,000 shares authorized; 10,542,547 shares issued and outstanding as at December 31, 2023 and 10,458,767 at June 30, 2024, respectively)		8			11				11
Additional paid-in capital		8			110,799				103,993
Accumulated deficit					(14,270	)			(5,819	)
Total equity attributable to Pyxis Tankers Inc. and subsidiaries					96,540				98,185
Non-controlling interest		9			4,319				6,702
Total stockholders’ equity					100,859				104,887
Total liabilities and stockholders’ equity				$	166,313			$	198,587

 

The accompanying notes are an integral part of these Unaudited Interim Condensed Consolidated Financial Statements

 

 

PYXIS TANKERS INC.

 

Unaudited Interim Consolidated Statements of Comprehensive Income

For the six month periods ended June 30, 2023 and 2024

(Expressed in thousands of U.S. dollars, except for share and per share data)

 

		Note		2023				2024
				Six months ended June 30,
		Note		2023				2024
Revenues, net		14		$	21,121			$	25,715
Expenses:
Voyage related costs and commissions		3			(3,273	)			(3,315	)
Vessel operating expenses					(5,790	)			(6,116	)
General and administrative expenses		3			(2,002	)			(1,546	)
Management fees, related parties		3			(330	)			(498	)
Management fees, other					(397	)			(244	)
Amortization of special survey costs		6			(176	)			(194	)
Depreciation		5			(2,634	)			(3,095	)
Allowance for credit losses					75				—
Gain from the sale of vessels, net					8,017				—
Operating income					14,611				10,707
Other expenses, net:
Loss from debt extinguishment					(287	)			—
Loss from financial derivative instruments		11			(59	)			—
Interest and finance costs		13			(2,808	)			(3,073	)
Interest income					413				1,261
Total other expenses, net					(2,741	)			(1,812	)
Net income				$	11,870			$	8,895
Gain attributable to non-controlling interest					—				(53	)
Net income attributable to Pyxis Tankers Inc.				$	11,870			$	8,842
Dividend Series A Convertible Preferred Stock					(418	)			(383	)
Net income attributable to common shareholders				$	11,452			$	8,459
Income per common share, basic		10		$	1.06			$	0.81
Income per common share, diluted		10		$	0.94			$	0.73
Weighted average number of common shares, basic		10			10,754,405				10,479,962
Weighted average number of common shares, diluted		10			12,577,390				12,124,208

 

The accompanying notes are an integral part of these Unaudited Interim Condensed Consolidated Financial Statements

 

 

PYXIS TANKERS INC.

 

Unaudited Interim Consolidated Statements of Stockholders’ Equity

For the six month periods ended June 30, 2023 and 2024

(Expressed in thousands of U.S. dollars, except for share and per share data)

 

		# of shares				Par Value				# of shares				Par Value				Capital				Deficit				Equity				interest				Equity
		Series A Convertible Preferred Shares								Common Stock								Additional								Pyxis Tankers Inc				Non-
		# of shares				Par Value				# of shares				Par Value				Paid-in Capital				Accumulated Deficit				Total Equity				controlling interest				Total Equity
Balance January 1, 2023			449,473				—				10,614,319			$	11			$	111,869			$	(50,509	)		$	61,371				—			$	61,371
Conversion of Series A Convertible Preferred Shares to common stock			(45,642	)			—				203,924				—				—				—				—				—				—
Preferred stock dividends paid			—				—				—				—				—				(405	)			(405	)			—				(405	)
Common stock re-purchase program			—				—				(23,431	)			—				(91	)			—				(91	)							(91	)
Restricted common stock grants			—				—				—				—				48				—				48				—				48
Net income			—				—				—				—				—				11,870				11,870				—				11,870
Balance June 30, 2023			403,831				—				10,794,812			$	11			$	111,826			$	(39,044	)		$	72,793				—			$	72,793

 

		Series A Convertible Preferred Shares								Common Stock								Additional								Pyxis Tankers Inc				Non-
		# of shares				Par Value				# of shares				Par Value				Paid-in Capital				Accumulated Deficit				Total Equity				controlling interest				Total Equity
Balance January 1, 2024			403,631				—				10,542,547			$	11			$	110,799			$	(14,270	)		$	96,540			$	4,319			$	100,859
Preferred stock dividends paid			—				—				—				—				—				(391	)			(391	)			—				(391	)
Common stock re-purchase program			—				—				(83,780	)			—				(380	)			—				(380	)			—				(380	)
Restricted common stock grants			—				—				—				—				17				—				17				—				17
Net income			—				—				—				—				—				8,842				8,842				53				8,895
Common stock issued for vessel acquisition			—				—				—				—				1,382				—				1,382				—				1,382
Deemed dividend			—				—				—				—				(5,325	)			—				(5,325	)			(3,550	)			(8,875	)
Contributions from non-controlling interest			—				—				—				—				—				—				—				5,880				5,880
Partial redemption of Series A Convertible Preferred shares			(100,000	)			—				—				—				(2,500	)			—				(2,500	)			—				(2,500	)
Balance June 30, 2024			303,631				—				10,458,767			$	11			$	103,993			$	(5,819	)		$	98,185			$	6,702			$	104,887

 

The accompanying notes are an integral part of these Unaudited Interim Condensed Consolidated Financial Statements

 

 

PYXIS TANKERS INC.

 

Unaudited Interim Consolidated Statements of Cash Flows

For the six month periods ended June 30, 2023 and 2024

(Expressed in thousands of U.S. dollars, except for share and per share data)

 

		Note		2023				2024
				Six months ended June 30,
		Note		2023				2024
Cash flows from operating activities:
Net income				$	11,870			$	8,895
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		5			2,634				3,095
Amortization and write-off of special survey costs		6			176				194
Allowance for credit losses					(75	)			—
Amortization and write-off of financing costs		13			126				114
Amortization of restricted common stock grants		8			47				17
Loss from debt extinguishment					287				—
Loss from financial derivative instrument		11			59				—
Gain on sale of vessels, net					(8,017	)			—
Changes in assets and liabilities:
Inventories					1,053				(1,154	)
Due from related parties					50				178
Trade accounts receivable, net					6,398				(253	)
Prepayments and other assets					(339	)			(1,133	)
Insurance claim receivable					608				—
Special survey cost					(814	)			(4	)
Trade accounts payable					(491	)			241
Hire collected in advance					(1,215	)			(296	)
Accrued and other liabilities					(88	)			785
Net cash provided by operating activities				$	12,269			$	10,679
Cash flow from investing activities:
Proceeds from the sale of vessel, net					24,291				—
Vessel acquisitions		5			—				(44,969	)
Vessel additions					(21	)			(24	)
Short-term investment in time deposits					—				3,000
Net cash (used in)/provided by investing activities				$	24,270			$	(41,993	)
Cash flows from financing activities:
Proceeds from long-term debt					15,500				31,000
Repayment of long-term debt					(21,697	)			(3,313	)
Contributions from non-controlling interests to Joint Venture					—				5,880
Partial redemption of Series A Convertible Preferred shares		8			—				(2,500	)
Repayment of promissory note					(6,000	)			—
Financial derivative instrument		11			561				—
Payment of financing costs					(148	)			(267	)
Preferred stock dividends paid		8			(405	)			(391	)
Common stock re-purchase program		8			(91	)			(380	)
Deemed dividend		5			—				(7,493	)
Net cash provided by/(used in) financing activities				$	(12,280	)		$	22,536
Net (decrease)/increase in cash and cash equivalents and restricted cash					24,259				(8,778	)
Cash and cash equivalents and restricted cash at the beginning of the period					10,189				36,339
Cash and cash equivalents and restricted cash at the end of the period				$	34,448			$	27,561
SUPPLEMENTAL INFORMATION:
Cash paid for interest				$	2,598			$	2,815
Non-cash financing activities – issuance of common stock financing acquisition of vessel “Konkar Venture”					—				1,382

 

The accompanying notes are an integral part of these Unaudited Interim Condensed Consolidated Financial Statements.

 

 

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. dollars, except for share and per share data)

 

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. As of June 30, 2024, Pyxis owns 100% ownership interest in the following four vessel-owning companies:

 

●	SEVENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Seventhone”);
●	TENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Tenthone”);
●	ELEVENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Eleventhone”);
●	DRYTWO CORP., established under the laws of the Republic of the Marshall Islands (“Drytwo”)

 

As of June 30, 2024, we also own 60% ownership or a $6,780 equity investment in DRYKON MARITIME Corp. (“Drykon”), an entity that owns through its wholly owned subsidiary, DRYONE CORP. (“Dryone”), a 2016 Japanese built Ultramax dry-bulk carrier the “Konkar Ormi”. The remaining 40% is owned by an entity related to our Chief Executive Officer and Chairman. The delivery of the vessel occurred on September 14, 2023 and her initial charter commenced on October 5, 2023.

 

As of June 30, 2024, we also own 60% ownership or a $8,700 equity investment in ACCUSHIP MARITIME Ltd. (“Accuship”), an entity that owns through its wholly owned subsidiary, DRYTHREE CORP. (“Drythree”), a 2015 Japanese built Kamsarmax dry-bulk carrier the “Konkar Venture”. The remaining 40% is owned by an entity related to our Chief Executive Officer and Chairman. The “Konkar Venture”, is a sister ship to the our eco-efficient “Konkar Asteri” delivered on June 28, 2024, and is continuing its employment under the existing time charter through mid-August, 2024 at a contracted gross daily rate of $18,000.

 

We consolidate in our financial statements the aforementioned dry-bulk joint ventures for the “Konkar Ormi” and “Konkar Venture” under the relevant ASC 810 guidelines as a result of our control over Drykon and Accuship. As a result of the transactions the Company reports non-controlling interest in its accompanying unaudited interim Condensed Consolidated Financial Statements. Dryone and Drythree are established under the laws of the Marshall Islands, collectively with Eleventhone, Seventhone, Tenthone and Drytwo are the “Vessel-owning companies”.

 

Pyxis also currently owns 100% ownership interest in the following non-vessel owning companies:

 

●	SECONDONE CORPORATION LTD, established under the laws of the Republic of the Marshal Islands (“Secondone”) that owned the vessel “Northsea Alpha” that was sold to an unaffiliated third party on January 28, 2022;
●	THIRDONE CORPORATION LTD, established under the laws of the Republic of the Marshal Islands (“Thirdone”) that owned the vessel “Northsea Beta” that was sold to an unaffiliated third party on March 1, 2022;
●	FOURTHONE CORPORATION LTD, established under the laws of the Republic of Malta (“Fourthone”) that owned the vessel “Pyxis Malou” that was sold to an unaffiliated third party on March 23, 2023;
●	SIXTHONE CORP., established under the laws of the Republic of the Marshal Islands (“Sixthone”) that owned the vessel “Pyxis Delta” that was sold to an unaffiliated third party on January 13, 2020;
●	EIGHTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Eighthone”) that owned the vessel “Pyxis Epsilon” that was sold to an unaffiliated third party on December 15, 2023 and
●	MARITIME TECHNOLOGIES CORP, established under the laws of Delaware.

 

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

 

Schedule of Ownership and Operation of Tanker Vessels

Vessel-owning Company

Incorporation date

Vessel

DWT

Year built

Acquisition date

Tanker fleet

Seventhone

31-May-2011

Pyxis Theta

51,795

2013

16-Sep-2013

Tenthone

22-Apr-2021

Pyxis Karteria

46,652

2013

15-Jul-2021

Eleventhone

11-Sep-2021

Pyxis Lamda

50,145

2017

20-Dec-2021

Dry-bulk fleet

Dryone

04-Jul-2023

Konkar Ormi

63,520

2016

14-Sep-2023

Drytwo

24-Nov-2023

Konkar Asteri

82,013

2015

15-Feb-2024

Drythree

29-May-2024

Konkar Venture

82,099

2015

28-Jun-2024

 

F-5

 

 

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. dollars, except for share and per share data)

 

1.	Basis of Presentation and General Information: -Continued:

 

The accompanying unaudited interim Condensed 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 Condensed Consolidated Financial Statements. Interim results are not necessarily indicative of results that may be expected for the year ending December 31, 2024. These Unaudited Interim Condensed Consolidated Financial Statements should be read in conjunction with the Condensed Consolidated Financial Statements and footnotes for the year ended December 31, 2023, included in the Company’s Annual Report on Form 20-F filed with the SEC on April 17, 2024 (the “2023 Annual Report”).

 

Revenues for the six month periods ended June 30, 2023 and 2024, deriving from significant charterers individually accounting for 10% or more of revenues (in percentages of total revenues), were as follows:

 

Summary of Revenue From Significant Charterers for 10% or More of Revenue

		2023				2024
Charterer		Six months ended June 30,
		2023				2024
A			13	%			30	%
B			50	%			27	%
C			—				20	%
D			31	%			—
Total			94	%			77	%

 

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying unaudited interim Consolidated Balance Sheets and the accompanying unaudited interim Consolidated Statement of Cash Flows for the six month period ended June 30, 2024 and the Consolidated Statement of Cash Flows for the year ended December 31, 2023.

 

Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash 

		December 31,				June 30,
		2023				2024
Cash and cash equivalents		$	34,539			$	25,411
Restricted cash, current portion			—				—
Restricted cash, net of current portion			1,800				2,150
Total cash and cash equivalents and restricted cash		$	36,339			$	27,561

 

PYXIS MARITIME CORP. (“Maritime”), a corporation established under the laws of the Republic of the Marshall Islands, which is beneficially owned by Mr. Valentis, the Company’s Chairman, Chief Executive Officer and Class I Director, provides certain ship management services to the tanker Vessel-owning companies, as discussed in Note 3.

 

KONKAR SHIPPING AGENCIES S.A. (“Konkar Agencies”), was formed in June 1973, under the laws of the Republic of Panama and has an office established in Greece under Law 89/1967 as amended. The Company, which is beneficially owned by our Chief Executive Officer and Chairman, provides a wide range of shipping services to the dry-bulk carrier Vessel-owning companies, as discussed in Note 3.

 

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 or ITM for any reason at any time upon three months’ advance notice.

 

As of June 30, 2024, the Company had a working capital surplus of $38.2 million, defined as current assets minus current liabilities. As of the filing date of the Unaudited Interim Condensed Consolidated Financial Statements, the Company believes that it will be in a position to cover its liquidity needs for the next 12-month period through operating cash flows, management of working capital, sale of assets, refinancing indebtedness or raising additional equity capital, or a combination thereof.

 

As of June 30, 2024, Mr. Valentis beneficially owned 54.8% of the Company’s common stock.

 

F-6

 

 

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. dollars, except for share and per share data)

 

2. Significant Accounting Policies:

 

The accounting policies followed in the preparation of these Unaudited Interim Condensed Consolidated Financial Statements are the same with those applied in the preparation of the Company’s Condensed Consolidated Financial Statements for the year ended December 31, 2023. See Note 2 to the Company’s Condensed Consolidated Financial Statements for the year ended December 31, 2023, included in the 2023 Annual Report. There have been no material changes to these policies in the six month period ended June 30, 2024.

 

3. Transactions with Related Parties:

 

On June 28, 2024, the Company completed the acquisition of an 82,099 dwt eco-efficient Kamsarmax dry-bulk built in 2015 at Jiangsu New Yangzi Shipbuilding. The $30,000 purchase price for the “Konkar Venture”, which is fitted with a ballast water treatment system, was funded by a combination of secured bank debt of $16,500, $12,000 cash, of which the Company contributed $7,300 in cash, and the issuance of 267,857 restricted common shares to the seller related to our Chief Executive Officer and Chairman. Upon acquisition of the “Konkar Venture”, the purchase price in excess of the seller’s vessel book valued at the date of the transaction, at $8,875, which was considered a deemed dividend by the Company (of which, $7,493 presented in financing cash flow activities and $1,382 is non cash supplemental cash flow information for the common share issuance) and was allocated to Pyxis Tankers equity and Non-controlling interest’s equity in accordance with their ownership percentages. Pyxis owns a 60% controlling ownership interest in the joint venture.

 

The following transactions with related parties occurred during the six month periods ended June 30, 2023 and 2024.

 

(a)

Ship management services:

 

The following amounts were charged by Maritime pursuant to the head management and ship-management agreements with the Company and Konkar Agencies pursuant to the ship-management agreements, and are included in the accompanying unaudited interim Consolidated Statements of Comprehensive Income:

 Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Loss

		2023				2024
		Six months ended June 30,
		2023				2024
Included in Voyage related costs and commissions
Charter hire commissions		$	267			$	323
Included in Management fees, related parties
Ship-management Fees			330				498
Included in General and administrative expenses
Administration Fees			898				961
Total		$	1,495			$	1,782

 

During the first quarter of 2023, we also paid a one-time performance bonus of $600 to Maritime.

 

As of December 31, 2023 and June 30, 2024, the balances with Maritime was a due to of $990 and $957, respectively. Further as of the same periods, the balances with Konkar Agencies was due from of $194 and due to $18, respectively. Relevant balances are reflected in Due from/due to related parties, respectively, in the accompanying unaudited interim Consolidated Balance Sheets. The balances with Maritime and Konkar Agencies are interest free and with no specific repayment terms.

 

The Company uses the services of Maritime, to provide a wide range of shipping services, including but not limited to, chartering, sale and purchase, insurance, operations and dry-docking and construction supervision, all provided at a fixed daily fee per vessel (the “Head Management Agreement”). For the ship management services, Maritime charges a fee payable by each subsidiary of $0.325 per day per vessel while the vessel is in operation including any pool arrangements and $0.450 per day per vessel while the vessel is under construction, as well as an additional daily fee (which is dependent on the seniority of the personnel) to cover the cost of engineers employed to conduct the supervision of the newbuilding (collectively the “Ship-management Fees”). In addition, Maritime charges the Company a commission rate of 1.25% on all charter hire agreements arranged by Maritime. For the administrative management services, the Company pays Maritime a fixed fee of $1,600 annually (the “Administration Fees”) under the Head Management Agreement. In the event of a change of control of the Company during the management period or within 12 months after the early termination of the Head Management Agreement, then the Company will pay to Maritime an amount equal to 2.5 times then annual Administration Fees. Pursuant to the amendment of this agreement on March 18, 2020, in the event of such change of control and termination, the Company shall also pay to Maritime an amount equal to 12 months of then daily Ship-management Fees.

 

F-7

 

 

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. dollars, except for share and per share data)

 

3.	Transactions with Related Parties: – Continued:

 

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, 2024 the Ship-Management Fees and the Administration Fees for 2024 were increased by 3.50% in line with the average inflation rate in Greece in 2023 and were $381 per day per ship and $1,875 annually, respectively.

 

The Company uses the services of Konkar Agencies, a dry-bulk ship management company with its principal office in Greece. Konkar Agencies is engaged under separate management agreement directly by the Company’s respective ship owning companies to provide a wide range of shipping services, including but not limited to, chartering, technical, sale and purchase, insurance, operations and dry-docking and construction supervision, all provided at a fixed daily fee per vessel. For the ship management services, Konkar Agencies charges a fee payable by each subsidiary of $0.850 per day per vessel while the vessel is in operation including any pool arrangements, as well as an additional daily fee (which is dependent on the seniority of the personnel) to cover the cost of engineers employed to conduct the supervision of the newbuilding (collectively the “Ship-management Fees”). In addition, Konkar Agencies charges the Company a commission rate of 1.25% on all charter hire agreements arranged by Konkar Agencies. The managements for each dry-bulk vessel have an initial term of five years. The management agreement will automatically be renewed for consecutive five year periods, or until terminated by either party on three months’ notice. Fees are adjusted annually according to the official inflation rate in Greece effective January 1, 2025.

 

(b)	Maritime Investors Corp.:

 

On February 10, 2023 the Company repaid $3,000 of the $6,000 of the Amended & Restated Promissory Note due to Maritime Investors Corp. The remaining balance of this obligation was repaid on March 14, 2023.

 

Interest charged on the Amended & Restated Promissory Note for the six months ended June 30, 2023 and 2024, amounted to $69 and nill, respectively, and is included in Interest and finance costs in the accompanying unaudited interim Consolidated Statements of Comprehensive Income.

 

On May 11, 2023, Maritime Investors Corp was granted with 4,000 restricted common shares under the active Equity Incentive Plan (“EIP”). The restricted shares grant has vesting periods up to November 2024 (see note 8).

 

4. Inventories:

 

The amounts in the accompanying unaudited interim Consolidated Balance Sheets are analyzed as follows:

 Schedule of Inventories

		December 31,				June 30,
		2023				2024
Lubricants		$	414			$	516
Bunkers			543				1,595
Total		$	957			$	2,111

 

F-8

 

 

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. dollars, except for share and per share data)

 

5. Vessels, net:

 

The amounts in the accompanying unaudited interim Consolidated Balance Sheets are analyzed as follows:

 Schedule of Vessels

		Vessel				Accumulated				Net Book
		Cost				Depreciation				Value
Balance January 1, 2024		$	119,303			$	(20,030	)		$	99,273
Vessel acquisition - “Konkar Asteri”			26,625				—				26,625
Vessel acquisition - “Konkar Venture”			21,007				—				21,007
Vessel additions			23				—				23
Depreciation			—				(3,095	)			(3,095	)
Balance June 30, 2024		$	166,958			$	(23,125	)		$	143,833

 

On February 15, 2024, the Company completed the acquisition of an 82,013 dwt dry-bulk vessel built in 2015 at Jiangsu New Yangzi Shipbuilding. This scrubber-fitted eco-vessel is geared with four cargo cranes and a ballast water treatment system. The $26,625 purchase price of the eco-efficient Kamsarmax was funded by a combination of secured bank debt of $14.5 million and cash on hand. The five year amortizing bank loan is priced at SOFR plus 2.35% and is secured by, among other things, the vessel. The vessel has been named the “Konkar Asteri” and commenced its commercial operations on February 29, 2024.

 

On June 28, 2024, the Company completed the acquisition of an 82,099 dwt eco-efficient Kamsarmax dry-bulk built in 2015 at Jiangsu New Yangzi Shipbuilding. The $30,000 purchase price for the “Konkar Venture”, which is fitted with a ballast water treatment system, was funded by a combination of secured bank debt of $16,500, $12,000 cash, of which the Company contributed $7,300 in cash, and the issuance of 267,857 restricted common shares to the related party seller. Upon acquisition of the “Konkar Venture”, the purchase price in excess of the seller’s vessel book valued at the date of the transaction, at $8,875, which was considered a deemed dividend by the Company (of which, $7,493 presented in financing cash flow activities and $1,382 is non cash supplemental cash flow information for the common share issuance) and was allocated to Pyxis Tankers equity and Non-controlling interest’s equity in accordance with their ownership percentages. The five year amortizing bank loan is priced at Term SOFR +2.15% and is secured by, among other things, the vessel.

 

As of June 30, 2024, the Company reviewed the carrying amount in connection with the estimated recoverable amount for each of its vessels held and used. This review indicated that such carrying amounts were fully recoverable for the Company’s vessels held and used and, consequently, no impairment charge was deemed necessary for the period ended June 30, 2024.

 

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

 

6. Deferred dry dock and special survey costs, net:

 

The movement in deferred charges, net, in the accompanying unaudited interim Consolidated Balance Sheets are as follows:

 Schedule of Deferred Charges

		2024
Balance January 1,		$	1,622
Additions			4
Amortization of special survey costs			(194	)
Balance June 30,		$	1,432

 

The amortization of the special survey costs is separately reflected in the accompanying unaudited interim consolidated statement of comprehensive income.

 

7. Long-term Debt:

 

The amounts shown in the accompanying unaudited interim Consolidated Balance Sheets as at December 31, 2023 and June 30, 2024, are analyzed as follows:

 Schedule of Long-Term Debt

		December 31,				June 30,
Vessel (Borrower)		2023				2024
(a) “Pyxis Theta” (Seventhone)		$	11,350			$	10,750
(b) “Pyxis Karteria” (Tenthone)			14,150				13,400
(c) “Pyxis Lamda” (Eleventhone)			17,390				16,527
(d) “Konkar Ormi” (Dryone Corp.)			18,600				17,800
(e) “Konkar Asteri” (Drytwo Corp.)			—				14,200
(f) “Konkar Venture” (Drythree Corp.)			—				16,500
Total		$	61,490			$	89,177

 

F-9

 

 

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. dollars, except for share and per share data)

 

7.	Long-term Debt: - Continued:

 

		December 31,				June 30,
		2023				2024
Current portion		$	5,777			$	7,887
Less: Current portion of deferred financing costs			(197	)			(250	)
Current portion of long-term debt, net of deferred financing costs, current		$	5,580			$	7,637
Long-term portion		$	55,713			$	81,290
Less: Non-current portion of deferred financing costs			(343	)			(444	)
Long-term debt, net of current portion and deferred financing costs, non-current		$	55,370			$	80,846

 

(a) On July 8, 2020, Seventhone entered into a $15,250 secured loan agreement with Alpha Bank, for the purpose of refinancing the outstanding indebtedness of $11,293 under the previous loan facility, which was fully settled on the same day. As of June 30, 2024, the outstanding balance of the Seventhone loan of $10,750 is repayable in five consecutive quarterly installments of $300 each, the first falling due in July 2024, and the last installment accompanied by a balloon payment of $9,250 falling due in July 2025. On June 28, 2024, we agreed with the same lender to refinance the facility providing a five year amortizing bank loan with similar quarterly repayment and reduced pricing at SOFR plus 2.40% (from 3.35%).

 

Standard loan covenants include, among others, a minimum liquidity and a minimum security cover ratio (“MSC”). The facility imposes certain customary covenants and restrictions with respect to, among other things, the borrower’s ability to distribute dividends, incur additional indebtedness, create liens, change its share capital, engage in mergers, or sell the vessel and a minimum collateral value to outstanding loan principal. Certain major covenants include, as defined in such agreement:

 

Covenants:

 

	●	The borrower undertakes to maintain minimum deposit with the bank of $500 at all times.
	●	The ratio of the corporate guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is not to exceed 75%. This requirement is only applicable in order to assess whether the borrower is entitled to distribute dividends to Pyxis.
	●	MSC is to be at least 125% of the respective outstanding loan balance.
	●	No change shall be made directly or indirectly in the ownership, beneficial ownership, control or management of Seventhone or of the Company or any share therein or the “Pyxis Theta”, as a result of which less than 100% of the shares and voting rights in Seventhone or less than 20% of the shares and voting rights in the corporate guarantor remain in the ultimate legal and beneficial ownership of the beneficial shareholders.

 

(b) On March 13, 2023 Tenthone concluded a loan agreement with Piraeus Bank in order to refinance the existing facility of the “Pyxis Karteria”. On the same date, Tenthone drew down an amount of $15,500 and fully settled the previous loan facility outstanding balance of $11,500. As of June 30, 2024, the outstanding balance of the Tenthone loan of $13,400 is repayable in 15 quarterly installments of $300,000 each, the first falling due in September 2024, and the last installment accompanied by a balloon payment of $8,900 falling due in March 2028.

 

Standard loan covenants of the Tenthone loan include, among others, a minimum liquidity and a MSC. Certain major covenants include, as defined in such agreement:

 

	●	The borrower undertakes to maintain minimum deposit with the bank on average of $ $900 reduced to $500 after 6 months.
	●	The ratio of the corporate guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is not to exceed 75%. This requirement is only applicable in order to assess whether the borrower is entitled to distribute dividends to Pyxis.
	●	MSC is to be at least 130% of the respective outstanding loan balance.
	●	Minimum cash and cash equivalent shall not be less than the greater of (i) $2,000 and (ii) 3% of the total debt excluding any promissory note.

 

F-10

 

 

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. dollars, except for share and per share data)

 

7.	Long-term Debt: - Continued:

 

(c) On December 20, 2021, Eleventhone and Fourthone concluded as joint and several borrowers a loan agreement with Alpha Bank in order to refinance the existing facility of the “Pyxis Malou” and to partly finance the acquisition of the “Pyxis Lamda”.

 

On the same date, Fourthone drew down an amount of $7,320 and fully settled the previous loan facility outstanding balance of $7,320. On March 23, 2023, pursuant to the sale agreement with an unaffiliated third party we delivered “Pyxis Malou” to her buyer and we fully repaid the respective loan balance. On the same date, Eleventhone prepaid $750 of the outstanding loan for the “Pyxis Lamda”.

 

Upon delivery of “Pyxis Lamda”, on December 20, 2021, Eleventhone drew down an amount of $21,680. As of June 30, 2024, the outstanding balance of the Eleventhone loan of $16,527 is repayable in 10 consecutive quarterly installments of $431.67 each, the first falling due in September 2024, and the last installment accompanied by a balloon payment of $12,210 falling due in December 2026. On July 30, 2024, we agreed with Alpha Bank to reduce the interest rate margin from SOFR plus 3.15% to SOFR plus 2.40% on the outstanding debt relating to the Eleventhone Corp.

 

Standard loan covenants include, among others, a minimum liquidity and a MSC. The facility imposes certain customary covenants and restrictions with respect to, among other things, the borrower’s ability to distribute dividends, incur additional indebtedness, create liens, change its share capital, engage in mergers, or sell the vessel and a minimum collateral value to outstanding loan principal. Certain major covenants include, as defined in such agreements:

 

Covenants:

 

	●	The borrower undertakes to maintain minimum deposit with the bank of $750 at all times, (which shall be reduced to the amount of $500, upon receipt of time charter employment for a period of at least six months).
	●	The ratio of the corporate guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is not to exceed 75%. This requirement is only applicable in order to assess whether the borrowers are entitled to distribute dividends to Pyxis.
	●	MSC is to be at least 125% of the respective outstanding loan balance.
	●	No change of control shall be made directly or indirectly in the ownership, beneficial ownership, control or management of any of the borrower and the corporate guarantor or any share therein or the vessels, as a result of which less than 100% of the shares and voting rights in each borrower are owned by the corporate guarantor or less than 25% of the shares and voting rights in the corporate guarantor will remain in the ultimate legal and beneficial ownership of the beneficial shareholders.

 

(d) In Mid-September 2023, Pyxis acquired the 2016 Japanese built Ultramax dry-bulk carrier “Konkar Ormi”. The purchase of “Konkar Ormi” for $28,500, was funded by a $19,000 secured five-year bank loan with Piraeus Bank and cash in hand. The delivery of the vessel occurred on September 14, 2023. As of June 30, 2024, the outstanding loan balance amounting to $17,800 is repayable in 17 quarterly installments the first amounting to $400 and the rest $300 each, with the last installment accompanied by a balloon payment of $12,600 falling due in September 2028. The loan bears interest at SOFR plus a margin of 2.35% per annum. Standard loan covenants of the loan include, among others, a minimum liquidity and a MSC. Certain major covenants include, as defined in such agreement:

 

	●	The borrower undertakes to maintain minimum deposit with the bank of $800 for the first year and nil thereafter assuming that the outstanding amount of the loan at that time expressed as a percentage of the valuation amount (LTV) does not exceed 65%.
	●	The ratio of the corporate guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is not to exceed 75%. This requirement is only applicable in order to assess whether the borrower is entitled to distribute dividends to Pyxis.
	●	MSC is to be at least 130% of the respective outstanding loan balance.

 

(e) In Mid-February 2024, Pyxis completed the acquisition of the “Konkar Asteri” an 82,013 dwt dry-bulk vessel built in 2015 at Jiangsu New Yangzi Shipbuilding. The $26,625 purchase price of the eco-efficient Kamsarmax was funded by a combination of secured bank debt of $14,500 with Alpha Bank and cash on hand. The delivery of the vessel occurred on February 15, 2024. As of June 30, 2024, the outstanding loan balance amounting to $14,200 is repayable in 19 quarterly installments of $300 each, with the last installment accompanied by a balloon payment of $8,500 falling due in February 2029. The loan bears interest at SOFR plus a margin of 2.35% per annum. Standard loan covenants of the loan include, among others, a minimum liquidity and a MSC. Certain major covenants include, as defined in such agreement:

 

F-11

 

 

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. dollars, except for share and per share data)

 

7.	Long-term Debt: - Continued:

 

Covenants:

 

	●	The borrower undertakes to maintain minimum deposit with the bank of $350 at all times,
	●	The ratio of the corporate guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is not to exceed 75%. This requirement is only applicable in order to assess whether the borrowers are entitled to distribute dividends to Pyxis.
	●	MSC is to be at least 125% of the respective outstanding loan balance.
	●	No change of control shall be made directly or indirectly in the ownership, beneficial ownership, control or management of any of the borrower and the corporate guarantor or any share therein or the vessels, as a result of which less than 100% of the shares and voting rights in each borrower are owned by the corporate guarantor or less than 25% of the shares and voting rights in the corporate guarantor will remain in the ultimate legal and beneficial ownership of the beneficial shareholders.

 

(f) In end of June 2024, we acquired the 2015 Chinese built Kamsarmax dry-bulk carrier “Konkar Venture”. Upon delivery of the dry-bulk carrier, on June 28, 2024, Drythree drew down an amount of $16,500. As of June 30, 2024, the outstanding loan balance amounting to $16,500 is repayable in 20 quarterly installments of $315 each, with the last installment accompanied by a balloon payment of $10,200 falling due in June 2029. The loan bears interest at SOFR plus a margin of 2.15% per annum. Standard loan covenants of the loan include, among others, a minimum liquidity and a MSC. Certain major covenants include, as defined in such agreement:

 

	●	The borrower undertakes to maintain minimum deposit with the bank on average of $300 for the preceding six-month period first to be tested on 31.12.2024 and semi-annually thereafter.
	●	The ratio of the corporate guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is not to exceed 75%. This requirement is only applicable in order to assess whether the borrower is entitled to distribute dividends to Pyxis.
	●	MSC is to be at least 130% of the respective outstanding loan balance.
	●	Minimum cash and cash equivalent shall not be less than the greater of (i) $2,000 and (ii) 3% of the total debt excluding any promissory note.

 

Amounts presented in Restricted cash, current and non-current, in the Consolidated Balance Sheets are related to minimum cash and the retention account requirements imposed by the Company’s debt agreements. The annual principal payments required to be made after June 30, 2024, giving effect to the debt refinancing discussed in Note 7 and Note 16, are as follows:

 Schedule of Principal Payments

To June 30,		Amount
2025		$	7,887
2026			7,787
2027			19,133
2028			14,660
2029 and thereafter			39,710
Total		$	89,177

 

Total interest expense on long-term debt and the Promissory Note for the six months ended June 30, 2023, and 2024, amounted to $2,661, and $2,935, respectively, and is included in Interest and finance costs (Note 13) in the accompanying unaudited interim Consolidated Statements of Comprehensive Income. The Company’s weighted average interest rate (including the margin) for the six months ended June 30, 2023 and 2024, was 8.17% and 8.11% per annum, including the Promissory Note discussed in Note 3, respectively.

 

As of June 30, 2024, the Company was in compliance with all of the loan covenants in its loan agreements and there was no amount available to be drawn down under the existing loan agreements.

 

8. Equity 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 of which 1,000,000 are authorized as Series A Preferred Shares.

 

On June 20, 2024, the Company paid $2,500 for the redemption of 100,000 shares of our Series A Cumulative Convertible Preferred Stock (NASDAQ Cap Mkts: PXSAP). Upon this redemption, 100,000 PXSAP shares were cancelled by the Company and the Company’s obligation to pay dividends in respect of these shares ceased. After this partial redemption, which resulted in a reduction of 446,429 in fully-diluted common shares, there are 303,631 PXSAP shares outstanding, which are convertible into 1,355,496 common shares, if fully converted.

 

F-12

 

 

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. dollars, except for share and per share data)

 

8.	Equity Capital Structure and Equity Incentive Plan: - Continued:

 

As of December 31, 2023 and June 30, 2024, the Company had a total of 10,542,547 and 10,458,767 common shares issued and outstanding, respectively, and 403,631and 303,631 Series A Convertible Preferred Shares (NASDAQ Cap Mkts: PXSAP), which have a conversion price of $5.60, issued and outstanding, respectively, each with a par value of USD 0.001 per share.

 

Furthermore, as of December 31, 2023 and June 30, 2024, the Company had outstanding warrants which amounted to 1,591,062 (PXSAW), which have an exercise price of $5.60, (exclusive of 4,683 underwriter’s warrants to purchase 4,683 Series A Convertible Preferred Shares at an average exercise price of $24.97 and 3,460 underwriter’s warrant to purchase 3,460 common shares with exercise price $5.60). The Company has also issued to the placement agent 107,143 non-tradeable warrants for the purchase of common shares, which can be exercised commencing one hundred eighty (180) days after the closing date, or on August 23, 2021 and expire on the five-year anniversary of the closing date, or on February 24, 2026. The initial exercise price per common share was $8.75, or 125% of the offering price of the shares. As of December 31, 2023 and June 30, 2024 all the respective non-tradeable underwriter’s warrants remain outstanding.

 

During the first half of 2024, no Series A Convertible Preferred Shares were converted to registered common shares of the Company and no Warrants were exercised. After June 30, 2024 and up to the date of these Unaudited Interim Condensed Consolidated Financial Statements, no further Series A Convertible Preferred Shares had been converted. At June 30, 2024, the Company had 303,631 outstanding Series A Convertible Preferred Shares and 1,591,062 Warrants (exclusive of 4,683 underwriter’s Warrants to purchase 4,683 Series A Convertible Preferred Shares and 3,460 underwriter’s warrant to purchase 3,460 common shares warrants which remained outstanding as of June 30, 2024).

 

In October, 2015, our Board approved, and the Company adopted the Pyxis Tankers Inc. 2015 EIP for common shares. The maximum aggregate number of shares of common stock that may be delivered pursuant to awards granted under the Plan during the ten-year term of the Plan will be 15% of the then-issued and outstanding number of shares of our common stock under the EIP, the Company’s employees, officers, directors and service providers are entitled to receive options to acquire the Company’s common stock. The EIP is administered by the nominating and corporate governance committee of our Board or such other committee of the Board as may be designated by the Board. Under the terms of the EIP, the Company’s Board is able to grant, (a) non-qualified stock options, (b) stock appreciation rights, (c) restricted stock, (d) restricted stock units, (e) unrestricted stock grants, (f) other equity-based or equity-related awards and (g) dividend equivalents. No award may be granted under the EIP after the tenth anniversary of the date the EIP was adopted by our Board.

 

On May 11, 2023 our Nominating & Corporate Governance Committee signed the resolution to grant the issuance of a total of 55,000 restricted common shares to 24 employees, board members and Company affiliates under the active EIP. The restricted shares have vesting periods up to November 2024. A non–cash charge of $17 was recognized in General and administrative expenses of the accompanying unaudited interim Consolidated Statement of Comprehensive Income for the six month period ended June 30, 2024.

 

Restricted stock during the period ended June 30, 2024 is analyzed as follows:

 Summary of Restricted Stock

		Number of Shares				Weighted Average Grant Date Price
Outstanding at December 31, 2023			20,000			$	3.68
Granted			—				—
Vested			—				—
Forfeited or expired			—				—
Outstanding at June 30, 2024			20,000			$	3.68

 

The fair value of the restricted shares has been determined with reference to the closing price of the Company’s stock on the date the agreements were signed. The aggregate compensation cost is being recognized ratably in the consolidated statement of comprehensive income over the respective vesting periods.

 

At June 30, 2024 the total unrecognized cost relating to restricted share awards was $12. At June 30, 2024, the weighted-average period over which the total compensation cost related to non-vested awards not yet recognized is expected to be recognized is 0.5 years.

 

F-13

 

 

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. dollars, except for share and per share data)

 

8.	Equity Capital Structure and Equity Incentive Plan: - Continued:

 

During the months of January through June, 2024 the Company paid monthly cash dividends of $0.1615 for each outstanding Series A Preferred Share, which aggregated to $391. As of that date, Mr. Valentis beneficially owned 5,729,730 or 54.8% of our outstanding shares.

 

9. Non-controlling Interest (NCI)

 

On July 5, 2023, the Company acquired an 60% equity interest in the newly incorporated entity Drykon for a consideration of $6,780 in cash. The remaining 40% acquired by an entity related to our Chief Executive Officer and Chairman for a consideration of $4,520 in cash. An agreement has been signed, between the shareholders of Drykon where all matters about Drykon’s, structure, operations and governance are determined and agreed in writing. Management assessed the terms of the agreement and concludes that there is disproportionality in between the financial interest and voting rights of the Company. More specifically, Pyxis owns 60% of the equity interest in Drykon, however, there are matters in the agreement requiring unanimous vote of all directors resulting in Pyxis only having a 50% share of the voting rights for these specific matters. A number of these matters that require a unanimous vote have been determined by the management to relate to activities that significantly affect the economic performance of Drykon and are considered by the management to be participating rights rather than protective in nature.

 

On May 9, 2024, the Company acquired an 60% equity interest in the newly incorporated entity Accuship for a consideration of $7,320 in cash and issuance of 267,857 restricted common shares. The remaining 40% acquired by an entity related to our Chief Executive Officer and Chairman for a consideration of $5,880 in cash. An agreement has been signed, between the shareholders of Accuship where all matters about Accuship’s, structure, operations and governance are determined and agreed in writing. Management assessed the terms of the agreement and concludes that there is disproportionality in between the financial interest and voting rights of the Company. More specifically, Pyxis owns 60% of the equity interest in Accuship, however, there are matters in the agreement requiring unanimous vote of all directors resulting in Pyxis only having a 50% share of the voting rights for these specific matters. A number of these matters that require a unanimous vote have been determined by the management to relate to activities that significantly affect the economic performance of Accuship and are considered by the management to be participating rights rather than protective in nature.

 

Based on the above and the relevant guidance under ASC 810 “Consolidation”, management has assessed that Drykon and Accuship are considered as VIEs (Variable Interest Entity). Further, management assessed that Pyxis has a controlling variable interest in these VIEs thus, Pyxis should consolidate Drykon and Accuship.

 

For the six months ended June 30, 2024, joint ventures recorded a net income of $132 of which $53 is attributable to NCI.

 Schedule of Non controlling Interest

		Amount
Balance, January 1, 2024		$	4,319
Non-controlling interest contribution in Accuship			5,880
Deemed dividend			(3,550	)
Net income attributable to non-controlling interest (40%) - six months ended June 30, 2024			53
Balance, June 30, 2024		$	6,702

 

10. Income per Common Share:

Schedule of Income Per Common Share 

		2023				2024
		Six months ended June 30,
		2023				2024
Net income attributable to Pyxis Tankers Inc.		$	11,870			$	8,842
Dividend Series A Convertible Preferred Stock			(418	)			(383	)
Net income attributable to common shareholders		$	11,452			$	8,459
Weighted average number of common shares, basic			10,754,405				10,479,962
Net income per common share, basic		$	1.06			$	0.81
Net income attributable to common shareholders, diluted			11,870				8,842
Weighted average number of common shares, diluted			12,577,390				12,124,208
Net income per common share, diluted		$	0.94			$	0.73

 

F-14

 

 

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

 

10.	Net income per common share: - Continued:

 

As of June 30, 2023, securities that could potentially dilute basic income per share in the future that were not included in the computation of diluted income per share, because to do so would have anti-dilutive effect, were 1,591,062 warrants, which have an exercise price of $5.60, (exclusive of 4,683 underwriter’s warrants to purchase 4,683 Series A Convertible Preferred Shares at an average exercise price of $24.97 and 4,000 underwriter’s warrant to purchase 4,000 common shares with exercise price $5.60), calculated with the treasury stock method. The diluted income per common share includes 55,000 unvested restricted stocks units, which have vesting period up to November 2024 as well as shares assumed to be converted with respect to the 403,831 Series A Preferred Shares, which have a conversion price of $5.60, calculated with the if-converted method.

 

As of June 30, 2024, securities that could potentially dilute basic income per share in the future that were not included in the computation of diluted income per share, because to do so would have anti-dilutive effect, were 1,591,062 warrants, which have an exercise price of $5.60, (exclusive of 4,683 underwriter’s warrants to purchase 4,683 Series A Convertible Preferred Shares at an average exercise price of $24.97 and 3,460 underwriter’s warrant to purchase 3,460 common shares with exercise price $5.60), calculated with the treasury stock method. The diluted income per common share includes 20,000 unvested restricted stocks units, which have vesting period up to November 2024 and the 267,857 restricted common shares to be issued for the “Konkar Venture” acquisition as well as shares assumed to be converted with respect to the 303,631 Series A Preferred Shares, which have a conversion price of $5.60, calculated with the if-converted method.

 

11. Risk Management and Fair Value Measurements:

 

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

 

Interest rate risk: The Company’s loan interest rates are currently calculated at SOFR plus a margin, as described in Note 7 above, hence, the Company is exposed to movements in SOFR. SOFR is the successor index to LIBOR for our bank loans. In order to hedge its variable interest rate exposure, on July 16, 2021, the Company, via one of its vessel-owning subsidiaries, purchased an interest rate cap for the amount of $9,600 at a cap rate on LIBOR of 2% with a termination date of July 8, 2025. This cap was sold on January 25, 2023 and we realized a net cash gain of $600. In the future, we may consider the use of additional financial hedging products to further limit our interest rate exposure.

 

Credit risk: Credit risk is minimized since trade accounts receivable from charterers are presented net of the expected credit losses. The Company places its cash and cash equivalents, primarily with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. On the balance sheet date there were no significant concentrations on credit risk. The maximum exposure to credit risk is represented by the carrying amount of each financial asset on the Consolidated Balance Sheets.

 

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, 2024, are as follows:

 

F-15

 

 

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

 

11.	Risk Management and Fair Value Measurements: - Continued:

Schedule of Fair Value of Assets and Liabilities 

		Carrying				Fair
		Value				Value
Cash and cash equivalents (including restricted cash)		$	27,561			$	27,561
Short-term investment in time deposits		$	17,000			$	17,000
Trade accounts receivable		$	5,216			$	5,216
Due from related parties		$	—			$	—
Trade accounts payable		$	1,936			$	1,936
Long-term debt with variable interest rates, net		$	89,177			$	89,177
Due to related parties		$	975			$	975

 

The Company performs an impairment exercise whenever there are indicators of impairment. No impairment loss was recognized for the six months ended June 30, 2024. As of December 31, 2023 and June 30, 2024, the Company did not have any other assets or liabilities measured at fair value on a non- recurring basis.

 

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 or loss during the period in the Consolidated Statements of Comprehensive Income. Information on the classification, the derivative fair value and the gain/(loss) from financial derivative instruments included in the Condensed Consolidated Financial Statements is shown below:

Schedule of Financial Derivative Instrument Location 

		December 31,				June 30,
Consolidated Balance Sheets – Location		2023				2024
Financial derivative instrument – Other non-current assets		$	—			$	—

 

Schedule of Gains Losses on Derivative Instruments

		2023				2024
Consolidated Statements of Comprehensive Income – Location		Six months ended June 30,
		2023				2024
Financial derivative instrument – Fair value at the beginning of the period		$	619			$	—
Financial derivative instrument – Amounts received			(560	)			—
Financial derivative instrument – Fair value as at period end			—				—
Loss from financial derivative instrument		$	(59	)		$	—

 

The derivative instrument – interest rate cap was sold on January 25, 2023 and we realized a net cash gain of $600. In the future, we may consider the use of additional financial hedging products to further limit our interest rate exposure.

 

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

 

As of December 31, 2023 and June 30, 2024, the Company reviewed the carrying amount in connection with the estimated recoverable amount for each of its vessels held and used. This review indicated that such carrying amount was fully recoverable for the Company’s vessels held and used. No impairment loss was recognized for the six months ended June 30, 2023 and 2024.

 

As of December 31, 2023 and June 30, 2024, the Company did not have any other assets or liabilities measured at fair value on a non-recurring basis.

 

12. Commitments and Contingencies:

 

Minimum contractual charter revenues: The Company employs certain of its vessels under lease agreements. Time charters typically may provide for variable lease payments, charterers’ options to extend the lease terms at higher rates and termination clauses. The Company’s contracted time charters as of June 30, 2024, range from one to six months, with varying extension periods at the charterers’ option and do not provide for variable lease payments. Our time charters contain customary termination clauses which protect either the Company or the charterers from material adverse situations.

 

Future minimum contractual charter revenues, gross of 1.25% address commission and 1.25% brokerage commissions to Maritime and of any other brokerage commissions to third parties, based on the vessels’ committed, non-cancelable, short-term time charter contracts as of June 30, 2024, are $5,145.

 

F-16

 

 

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

 

12.	Commitments and Contingencies: - Continued:

 

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 Condensed 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. As of June 30, 2024 and as of the date of the issuance of the Unaudited Interim Condensed Consolidated Financial Statements, 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 Condensed 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.

 

13. Interest and Finance Costs:

 

The amounts in the accompanying Unaudited Interim Condensed Consolidated Statements of Comprehensive Income are analyzed as follows:

Schedule of Interest and Finance Costs 

		2023				2024
		Six months ended June 30,
		2023				2024
Interest on long-term debt (Note 7)		$	2,592			$	2,935
Interest on Promissory Note (Note 3)			69				—
Amortization of financing costs			126				114
Financing fees and charges			21				24
Total		$	2,808			$	3,073

 

14. 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, 2023 and 2024:

Schedule of Revenue Disaggregated by Revenue Source 

		2023				2024
		Six months ended June 30,
		2023				2024
Revenues derived from spot charters, net		$	3,962			$	8,740
Revenues derived from time charters, net			17,159				16,975
Revenues, net		$	21,121			$	25,715

 

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 December 31, 2023 and June 30, 2024:

Schedule of Accounts Receivable Disaggregated Revenue 

		December 31, 2023				June 30, 2024
Accounts receivable trade from spot charters		$	4,790			$	3,827
Accounts receivable trade from time charters			260				1,475
Less: Bad debt provisions			(26	)			(26	)
Less: Allowance for credit losses			(60	)			(60	)
Total		$	4,964			$	5,216

 

15. Segmental information:

 

The Company has two reportable segments from which it derives its revenues, the MR tankers and the dry-bulk carriers. The table below presents information about the Company’s reportable segments for 2024. Prior to September, 2023, the Company was operating only tanker vessels thus, had identified only one reportable segment. The accounting policies followed in the preparation of the reportable segments are the same with those followed in the preparation of the Company’s Condensed Consolidated Financial Statements. Segment results are evaluated based on income from operations.

 

F-17

 

 

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

 

15.	Segmental information: - Continued:

Schedule of Segment Information 

		Tanker vessels				Dry-bulk vessels				Total
		Six months ended June 30, 2024
		Tanker vessels				Dry-bulk vessels				Total
Revenues, net		$	19,824			$	5,891			$	25,715
Voyage related costs and commissions			(2,492	)			(823	)			(3,315	)
Vessel operating expenses			(3,936	)			(2,180	)			(6,116	)
General and administrative expenses			(28	)			(125	)			(153	)
Management fees			(452	)			(290	)			(742	)
Depreciation and amortization of special survey costs			(2,099	)			(1,190	)			(3,289	)
Interest and finance costs			(1,863	)			(1,204	)			(3,067	)
Segment profit		$	8,954			$	79			$	9,033
General and administrative expenses										$	(1,393	)
Interest and finance costs											(6	)
Interest income											1,261
Net income										$	8,895

 

A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets of June 30, 2024, is as follows:

 

		Tanker vessels				Dry-bulk vessels				Total
		June 30, 2024
		Tanker vessels				Dry-bulk vessels				Total
Cash and cash equivalents & restricted cash		$	3,005			$	1,769			$	4,774
Inventories			847				1,264				2,111
Trade accounts receivable			3,742				1,474				5,216
Prepayments and other assets			296				802				1,098
Vessels, net			69,299				74,534				143,833
Due from related parties			—				—				—
Prepayments for vessel acquisition			—				—				—
Special survey cost, net			1,432				—				1,432
Segment assets		$	78,621			$	79,843			$	158,464
Cash and cash equivalents										$	22,787
Short-term investment in time deposits											17,000
Prepayments and other current assets											336
Total assets										$	198,587

 

A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets of December 31, 2023, is as follows:

 

		Tanker vessels				Dry-bulk vessels				Total
		December 31, 2023
		Tanker vessels				Dry-bulk vessels				Total
Cash and cash equivalents & restricted cash		$	4,237			$	1,041			$	5,278
Inventories			904				53				957
Trade accounts receivable			4,704				260				4,964
Prepayments and other assets			180				24				202
Due from related parties			—				194				194
Vessels, net			71,179				28,094				99,273
Prepayments for vessel acquisition			—				2,663				2,663
Special survey cost, net			1,622				—				1,622
Segment assets		$	82,826			$	32,329			$	115,153
Cash and cash equivalents										$	31,061
Short-term investment in time deposits											20,000
Prepayments and other current assets											99
Total assets										$	166,313

 

16. Subsequent Events:

 

Dividend payment: During July 2024, the Company paid monthly cash dividends of $0.1615 per share on its outstanding Series A Preferred Shares, amounting to $49. Similarly, on July 30, 2024, the Board of Pyxis declared a monthly dividend of $0.1615 per share, for the month of August 2024. The cash dividend of $49 will be payable on August 20, 2024, to holders of record as of August 13, 2024.

 

Debt refinance: On July 30, 2024, we agreed with an existing lender to refinance the Seventhone Corp (“Pyxis Theta”) outstanding debt of $10,750. The amended agreement provides a five year amortizing bank loan with a similar quarterly repayment schedule, a maturity of July 2029 and interest rate of SOFR plus 2.40% (which was reduced from SOFR plus 3.35%). In addition, the same bank agreed to reduce the interest rate margin from 3.15% to 2.40% on the outstanding debt of $16,500 relating to the Eleventhone Corp. (“Pyxis Lamda”).

 

Common share buy-back program: After the quarter ended June 30, 2024, and as of August 8, 2024 we repurchased an additional 25,537 common shares at an average price of $4.94 per share, including brokerage commissions, or $126,000, under the share buy-back program.

 

v3.24.2.u1

Cover	6 Months Ended
	Jun. 30, 2024
Cover [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	001-37611
Entity Registrant Name	Pyxis Tankers Inc
Entity Central Index Key	0001640043
Entity Address, Address Line One	59 K. Karamanli Street
Entity Address, City or Town	Maroussi
Entity Address, Country	GR
Entity Address, Postal Zip Code	15125
City Area Code	30
Local Phone Number	210 638 0200

v3.24.2.u1

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 25,411	$ 34,539
Short-term investment in time deposits	17,000	20,000
Inventories	2,111	957
Trade accounts receivable, net	5,216	4,964
Prepayments and other current assets	1,359	226
Total current assets	51,097	60,880
FIXED ASSETS, NET:
Vessels, net	143,833	99,273
Advance for vessel acquisition		2,663
Total fixed assets, net	143,833	101,936
OTHER NON-CURRENT ASSETS:
Restricted cash, net of current portion	2,150	1,800
Deferred dry-dock and special survey costs, net	1,432	1,622
Prepayments and other non-current assets	75	75
Total other non-current assets	3,657	3,497
Total assets	198,587	166,313
CURRENT LIABILITIES:
Current portion of long-term debt, net of deferred financing costs	7,637	5,580
Trade accounts payable	1,936	1,695
Hire collected in advance	877	1,173
Accrued and other liabilities	1,429	646
Total current liabilities	12,854	10,084
NON-CURRENT LIABILITIES:
Long-term debt, net of current portion and deferred financing costs	80,846	55,370
Total non-current liabilities	80,846	55,370
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Preferred stock ($0.001 par value; 50,000,000 shares authorized; of which 1,000,000 authorized Series A Convertible Preferred Shares; 403,631 Series A Convertible Preferred Shares issued and outstanding as at December 31, 2023 and 303,631 at June 30, 2024)
Common stock ($0.001 par value; 450,000,000 shares authorized; 10,542,547 shares issued and outstanding as at December 31, 2023 and 10,458,767 at June 30, 2024, respectively)	11	11
Additional paid-in capital	103,993	110,799
Accumulated deficit	(5,819)	(14,270)
Total equity attributable to Pyxis Tankers Inc. and subsidiaries	98,185	96,540
Non-controlling interest	6,702	4,319
Total stockholders’ equity	104,887	100,859
Total liabilities and stockholders’ equity	198,587	166,313
Related Party [Member]
CURRENT ASSETS:
Due from related parties		194
CURRENT LIABILITIES:
Due to related parties	$ 975	$ 990

v3.24.2.u1

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	50,000,000	50,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	450,000,000	450,000,000
Common stock, shares issued	10,458,767	10,542,547
Common stock, shares outstanding	10,458,767	10,542,547
Series A Convertible Preferred Shares [Member]
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	303,631	403,631
Preferred stock, shares outstanding	303,631	403,631

v3.24.2.u1

Interim Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenues, net	$ 25,715	$ 21,121
Expenses:
Voyage related costs and commissions	(3,315)	(3,273)
Vessel operating expenses	(6,116)	(5,790)
General and administrative expenses	(1,546)	(2,002)
Management fees, related parties	(498)	(330)
Management fees, other	(244)	(397)
Amortization of special survey costs	(194)	(176)
Depreciation	(3,095)	(2,634)
Allowance for credit losses		75
Gain from the sale of vessels, net		8,017
Operating income	10,707	14,611
Other expenses, net:
Loss from debt extinguishment		(287)
Loss from financial derivative instruments		(59)
Interest and finance costs	(3,073)	(2,808)
Interest income	1,261	413
Total other expenses, net	(1,812)	(2,741)
Net income	8,895	11,870
Gain attributable to non-controlling interest	(53)
Net income attributable to Pyxis Tankers Inc.	8,842	11,870
Dividend Series A Convertible Preferred Stock	(383)	(418)
Net income attributable to common shareholders	$ 8,459	$ 11,452
Income per common share, basic	$ 0.81	$ 1.06
Income per common share, diluted	$ 0.73	$ 0.94
Weighted average number of common shares, basic	10,479,962	10,754,405
Weighted average number of common shares, diluted	12,124,208	12,577,390

v3.24.2.u1

Interim Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Series A Convertible Preferred Stock [Member] Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Parent [Member]	Noncontrolling Interest [Member]	Total
Beginning balance, value at Dec. 31, 2022		$ 11	$ 111,869	$ (50,509)	$ 61,371		$ 61,371
Beginning balance, shares at Dec. 31, 2022	449,473	10,614,319
Conversion of Series A Convertible Preferred Shares to common stock
Conversion of Series A Convertible Preferred Shares to common stock, shares	(45,642)	203,924
Preferred stock dividends paid				(405)	(405)		(405)
Common stock re-purchase program			(91)		(91)		(91)
Common stock re-purchase program, shares		(23,431)
Restricted common stock grants			48		48		48
Net income				11,870	11,870		11,870
Ending balance, value at Jun. 30, 2023		$ 11	111,826	(39,044)	72,793		72,793
Ending balance, shares at Jun. 30, 2023	403,831	10,794,812
Beginning balance, value at Dec. 31, 2023		$ 11	110,799	(14,270)	96,540	4,319	100,859
Beginning balance, shares at Dec. 31, 2023	403,631	10,542,547
Preferred stock dividends paid				(391)	(391)		(391)
Common stock re-purchase program			(380)		(380)		(380)
Common stock re-purchase program, shares		(83,780)
Restricted common stock grants			17		17		17
Net income				8,842	8,842	53	8,895
Common stock issued for vessel acquisition			1,382		1,382		1,382
Deemed dividend			(5,325)		(5,325)	(3,550)	(8,875)
Contributions from non-controlling interest						5,880	5,880
Partial redemption of Series A Convertible Preferred shares			(2,500)		(2,500)		(2,500)
Partial redemption of Series A Convertible Preferred shares, shares	(100,000)
Ending balance, value at Jun. 30, 2024		$ 11	$ 103,993	$ (5,819)	$ 98,185	$ 6,702	$ 104,887
Ending balance, shares at Jun. 30, 2024	303,631	10,458,767

v3.24.2.u1

Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 8,895	$ 11,870
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	3,095	2,634
Amortization and write-off of special survey costs	194	176
Allowance for credit losses		(75)
Amortization and write-off of financing costs	114	126
Amortization of restricted common stock grants	17	47
Loss from debt extinguishment		287
Loss from financial derivative instrument		59
Gain on sale of vessels, net		(8,017)
Changes in assets and liabilities:
Inventories	(1,154)	1,053
Due from related parties	178	50
Trade accounts receivable, net	(253)	6,398
Prepayments and other assets	(1,133)	(339)
Insurance claim receivable		608
Special survey cost	(4)	(814)
Trade accounts payable	241	(491)
Hire collected in advance	(296)	(1,215)
Accrued and other liabilities	785	(88)
Net cash provided by operating activities	10,679	12,269
Cash flow from investing activities:
Proceeds from the sale of vessel, net		24,291
Vessel acquisitions	(44,969)
Vessel additions	(24)	(21)
Short-term investment in time deposits	3,000
Net cash (used in)/provided by investing activities	(41,993)	24,270
Cash flows from financing activities:
Proceeds from long-term debt	31,000	15,500
Repayment of long-term debt	(3,313)	(21,697)
Contributions from non-controlling interests to Joint Venture	5,880
Partial redemption of Series A Convertible Preferred shares	(2,500)
Repayment of promissory note		(6,000)
Financial derivative instrument		561
Payment of financing costs	(267)	(148)
Preferred stock dividends paid	(391)	(405)
Common stock re-purchase program	(380)	(91)
Deemed dividend	(7,493)
Net cash provided by/(used in) financing activities	22,536	(12,280)
Net (decrease)/increase in cash and cash equivalents and restricted cash	(8,778)	24,259
Cash and cash equivalents and restricted cash at the beginning of the period	36,339	10,189
Cash and cash equivalents and restricted cash at the end of the period	27,561	34,448
SUPPLEMENTAL INFORMATION:
Cash paid for interest	2,815	2,598
Non-cash financing activities – issuance of common stock financing acquisition of vessel “Konkar Venture”	$ 1,382

v3.24.2.u1

Basis of Presentation and General Information	6 Months Ended
	Jun. 30, 2024
Accounting Policies [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. As of June 30, 2024, Pyxis owns 100% ownership interest in the following four vessel-owning companies:   ● SEVENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Seventhone”); ● TENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Tenthone”); ● ELEVENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Eleventhone”); ● DRYTWO CORP., established under the laws of the Republic of the Marshall Islands (“Drytwo”)   As of June 30, 2024, we also own 60% ownership or a $6,780 equity investment in DRYKON MARITIME Corp. (“Drykon”), an entity that owns through its wholly owned subsidiary, DRYONE CORP. (“Dryone”), a 2016 Japanese built Ultramax dry-bulk carrier the “Konkar Ormi”. The remaining 40% is owned by an entity related to our Chief Executive Officer and Chairman. The delivery of the vessel occurred on September 14, 2023 and her initial charter commenced on October 5, 2023.   As of June 30, 2024, we also own 60% ownership or a $8,700 equity investment in ACCUSHIP MARITIME Ltd. (“Accuship”), an entity that owns through its wholly owned subsidiary, DRYTHREE CORP. (“Drythree”), a 2015 Japanese built Kamsarmax dry-bulk carrier the “Konkar Venture”. The remaining 40% is owned by an entity related to our Chief Executive Officer and Chairman. The “Konkar Venture”, is a sister ship to the our eco-efficient “Konkar Asteri” delivered on June 28, 2024, and is continuing its employment under the existing time charter through mid-August, 2024 at a contracted gross daily rate of $18,000.   We consolidate in our financial statements the aforementioned dry-bulk joint ventures for the “Konkar Ormi” and “Konkar Venture” under the relevant ASC 810 guidelines as a result of our control over Drykon and Accuship. As a result of the transactions the Company reports non-controlling interest in its accompanying unaudited interim Condensed Consolidated Financial Statements. Dryone and Drythree are established under the laws of the Marshall Islands, collectively with Eleventhone, Seventhone, Tenthone and Drytwo are the “Vessel-owning companies”.   Pyxis also currently owns 100% ownership interest in the following non-vessel owning companies:   ● SECONDONE CORPORATION LTD, established under the laws of the Republic of the Marshal Islands (“Secondone”) that owned the vessel “Northsea Alpha” that was sold to an unaffiliated third party on January 28, 2022; ● THIRDONE CORPORATION LTD, established under the laws of the Republic of the Marshal Islands (“Thirdone”) that owned the vessel “Northsea Beta” that was sold to an unaffiliated third party on March 1, 2022; ● FOURTHONE CORPORATION LTD, established under the laws of the Republic of Malta (“Fourthone”) that owned the vessel “Pyxis Malou” that was sold to an unaffiliated third party on March 23, 2023; ● SIXTHONE CORP., established under the laws of the Republic of the Marshal Islands (“Sixthone”) that owned the vessel “Pyxis Delta” that was sold to an unaffiliated third party on January 13, 2020; ● EIGHTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Eighthone”) that owned the vessel “Pyxis Epsilon” that was sold to an unaffiliated third party on December 15, 2023 and ● MARITIME TECHNOLOGIES CORP, established under the laws of Delaware.   All of the Vessel-owning companies are engaged in the marine transportation of liquid cargoes through the ownership and operation of tanker vessels and dry commodities through the ownership and operation of dry-bulk carriers, as listed below:   Schedule of Ownership and Operation of Tanker Vessels Vessel-owning Company   Incorporation date   Vessel   DWT     Year built   Acquisition date Tanker fleet                         Seventhone   31-May-2011   Pyxis Theta     51,795     2013   16-Sep-2013 Tenthone   22-Apr-2021   Pyxis Karteria     46,652     2013   15-Jul-2021 Eleventhone   11-Sep-2021   Pyxis Lamda     50,145     2017   20-Dec-2021 Dry-bulk fleet                         Dryone   04-Jul-2023   Konkar Ormi     63,520     2016   14-Sep-2023 Drytwo   24-Nov-2023   Konkar Asteri     82,013     2015   15-Feb-2024 Drythree   29-May-2024   Konkar Venture     82,099     2015   28-Jun-2024     PYXIS TANKERS INC. Notes to the Unaudited Interim Condensed Consolidated Financial Statements (Expressed in thousands of U.S. dollars, except for share and per share data)   1. Basis of Presentation and General Information: -Continued:   The accompanying unaudited interim Condensed 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 Condensed Consolidated Financial Statements. Interim results are not necessarily indicative of results that may be expected for the year ending December 31, 2024. These Unaudited Interim Condensed Consolidated Financial Statements should be read in conjunction with the Condensed Consolidated Financial Statements and footnotes for the year ended December 31, 2023, included in the Company’s Annual Report on Form 20-F filed with the SEC on April 17, 2024 (the “2023 Annual Report”).   Revenues for the six month periods ended June 30, 2023 and 2024, deriving from significant charterers individually accounting for 10% or more of revenues (in percentages of total revenues), were as follows:   Summary of Revenue From Significant Charterers for 10% or More of Revenue     2023     2024   Charterer   Six months ended June 30,       2023     2024   A     13 %     30 % B     50 %     27 % C     —       20 % D     31 %     —   Total     94 %     77 %   The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying unaudited interim Consolidated Balance Sheets and the accompanying unaudited interim Consolidated Statement of Cash Flows for the six month period ended June 30, 2024 and the Consolidated Statement of Cash Flows for the year ended December 31, 2023.   Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash      December 31,     June 30,       2023     2024   Cash and cash equivalents   $ 34,539     $ 25,411   Restricted cash, current portion     —       —   Restricted cash, net of current portion     1,800       2,150   Total cash and cash equivalents and restricted cash   $ 36,339     $ 27,561     PYXIS MARITIME CORP. (“Maritime”), a corporation established under the laws of the Republic of the Marshall Islands, which is beneficially owned by Mr. Valentis, the Company’s Chairman, Chief Executive Officer and Class I Director, provides certain ship management services to the tanker Vessel-owning companies, as discussed in Note 3.   KONKAR SHIPPING AGENCIES S.A. (“Konkar Agencies”), was formed in June 1973, under the laws of the Republic of Panama and has an office established in Greece under Law 89/1967 as amended. The Company, which is beneficially owned by our Chief Executive Officer and Chairman, provides a wide range of shipping services to the dry-bulk carrier Vessel-owning companies, as discussed in Note 3.   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 or ITM for any reason at any time upon three months’ advance notice.   As of June 30, 2024, the Company had a working capital surplus of $38.2 million, defined as current assets minus current liabilities. As of the filing date of the Unaudited Interim Condensed Consolidated Financial Statements, the Company believes that it will be in a position to cover its liquidity needs for the next 12-month period through operating cash flows, management of working capital, sale of assets, refinancing indebtedness or raising additional equity capital, or a combination thereof.   As of June 30, 2024, Mr. Valentis beneficially owned 54.8% of the Company’s common stock.     PYXIS TANKERS INC. Notes to the Unaudited Interim Condensed Consolidated Financial Statements (Expressed in thousands of U.S. dollars, except for share and per share data)

v3.24.2.u1

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies:   The accounting policies followed in the preparation of these Unaudited Interim Condensed Consolidated Financial Statements are the same with those applied in the preparation of the Company’s Condensed Consolidated Financial Statements for the year ended December 31, 2023. See Note 2 to the Company’s Condensed Consolidated Financial Statements for the year ended December 31, 2023, included in the 2023 Annual Report. There have been no material changes to these policies in the six month period ended June 30, 2024.

v3.24.2.u1

Transactions with Related Parties	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Transactions with Related Parties	3. Transactions with Related Parties:   On June 28, 2024, the Company completed the acquisition of an 82,099 dwt eco-efficient Kamsarmax dry-bulk built in 2015 at Jiangsu New Yangzi Shipbuilding. The $30,000 purchase price for the “Konkar Venture”, which is fitted with a ballast water treatment system, was funded by a combination of secured bank debt of $16,500, $12,000 cash, of which the Company contributed $7,300 in cash, and the issuance of 267,857 restricted common shares to the seller related to our Chief Executive Officer and Chairman. Upon acquisition of the “Konkar Venture”, the purchase price in excess of the seller’s vessel book valued at the date of the transaction, at $8,875, which was considered a deemed dividend by the Company (of which, $7,493 presented in financing cash flow activities and $1,382 is non cash supplemental cash flow information for the common share issuance) and was allocated to Pyxis Tankers equity and Non-controlling interest’s equity in accordance with their ownership percentages. Pyxis owns a 60% controlling ownership interest in the joint venture.   The following transactions with related parties occurred during the six month periods ended June 30, 2023 and 2024.   (a) Ship management services:   The following amounts were charged by Maritime pursuant to the head management and ship-management agreements with the Company and Konkar Agencies pursuant to the ship-management agreements, and are included in the accompanying unaudited interim Consolidated Statements of Comprehensive Income:  Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Loss     2023     2024       Six months ended June 30,       2023     2024   Included in Voyage related costs and commissions                 Charter hire commissions   $ 267     $ 323                     Included in Management fees, related parties                 Ship-management Fees     330       498                     Included in General and administrative expenses                 Administration Fees     898       961                     Total   $ 1,495     $ 1,782     During the first quarter of 2023, we also paid a one-time performance bonus of $600 to Maritime.   As of December 31, 2023 and June 30, 2024, the balances with Maritime was a due to of $990 and $957, respectively. Further as of the same periods, the balances with Konkar Agencies was due from of $194 and due to $18, respectively. Relevant balances are reflected in Due from/due to related parties, respectively, in the accompanying unaudited interim Consolidated Balance Sheets. The balances with Maritime and Konkar Agencies are interest free and with no specific repayment terms.   The Company uses the services of Maritime, to provide a wide range of shipping services, including but not limited to, chartering, sale and purchase, insurance, operations and dry-docking and construction supervision, all provided at a fixed daily fee per vessel (the “Head Management Agreement”). For the ship management services, Maritime charges a fee payable by each subsidiary of $0.325 per day per vessel while the vessel is in operation including any pool arrangements and $0.450 per day per vessel while the vessel is under construction, as well as an additional daily fee (which is dependent on the seniority of the personnel) to cover the cost of engineers employed to conduct the supervision of the newbuilding (collectively the “Ship-management Fees”). In addition, Maritime charges the Company a commission rate of 1.25% on all charter hire agreements arranged by Maritime. For the administrative management services, the Company pays Maritime a fixed fee of $1,600 annually (the “Administration Fees”) under the Head Management Agreement. In the event of a change of control of the Company during the management period or within 12 months after the early termination of the Head Management Agreement, then the Company will pay to Maritime an amount equal to 2.5 times then annual Administration Fees. Pursuant to the amendment of this agreement on March 18, 2020, in the event of such change of control and termination, the Company shall also pay to Maritime an amount equal to 12 months of then daily Ship-management Fees.     PYXIS TANKERS INC. Notes to the Unaudited Interim Condensed Consolidated Financial Statements (Expressed in thousands of U.S. dollars, except for share and per share data)   3. Transactions with Related Parties: – Continued:   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, 2024 the Ship-Management Fees and the Administration Fees for 2024 were increased by 3.50% in line with the average inflation rate in Greece in 2023 and were $381 per day per ship and $1,875 annually, respectively.   The Company uses the services of Konkar Agencies, a dry-bulk ship management company with its principal office in Greece. Konkar Agencies is engaged under separate management agreement directly by the Company’s respective ship owning companies to provide a wide range of shipping services, including but not limited to, chartering, technical, sale and purchase, insurance, operations and dry-docking and construction supervision, all provided at a fixed daily fee per vessel. For the ship management services, Konkar Agencies charges a fee payable by each subsidiary of $0.850 per day per vessel while the vessel is in operation including any pool arrangements, as well as an additional daily fee (which is dependent on the seniority of the personnel) to cover the cost of engineers employed to conduct the supervision of the newbuilding (collectively the “Ship-management Fees”). In addition, Konkar Agencies charges the Company a commission rate of 1.25% on all charter hire agreements arranged by Konkar Agencies. The managements for each dry-bulk vessel have an initial term of five years. The management agreement will automatically be renewed for consecutive five year periods, or until terminated by either party on three months’ notice. Fees are adjusted annually according to the official inflation rate in Greece effective January 1, 2025.   (b) Maritime Investors Corp.:   On February 10, 2023 the Company repaid $3,000 of the $6,000 of the Amended & Restated Promissory Note due to Maritime Investors Corp. The remaining balance of this obligation was repaid on March 14, 2023.   Interest charged on the Amended & Restated Promissory Note for the six months ended June 30, 2023 and 2024, amounted to $69 and nill, respectively, and is included in Interest and finance costs in the accompanying unaudited interim Consolidated Statements of Comprehensive Income.   On May 11, 2023, Maritime Investors Corp was granted with 4,000 restricted common shares under the active Equity Incentive Plan (“EIP”). The restricted shares grant has vesting periods up to November 2024 (see note 8).

v3.24.2.u1

Inventories	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventories	4. Inventories:   The amounts in the accompanying unaudited interim Consolidated Balance Sheets are analyzed as follows:  Schedule of Inventories     December 31,     June 30,       2023     2024   Lubricants   $      414     $ 516   Bunkers     543       1,595   Total   $ 957     $ 2,111       PYXIS TANKERS INC. Notes to the Unaudited Interim Condensed Consolidated Financial Statements (Expressed in thousands of U.S. dollars, except for share and per share data)

v3.24.2.u1

Vessels, net	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Vessels, net	5. Vessels, net:   The amounts in the accompanying unaudited interim Consolidated Balance Sheets are analyzed as follows:  Schedule of Vessels     Vessel     Accumulated     Net Book       Cost     Depreciation     Value                       Balance January 1, 2024   $ 119,303     $ (20,030 )   $ 99,273                             Vessel acquisition - “Konkar Asteri”     26,625       —       26,625   Vessel acquisition - “Konkar Venture”     21,007       —       21,007   Vessel additions     23       —       23   Depreciation     —       (3,095 )     (3,095 ) Balance June 30, 2024   $ 166,958     $ (23,125 )   $ 143,833     On February 15, 2024, the Company completed the acquisition of an 82,013 dwt dry-bulk vessel built in 2015 at Jiangsu New Yangzi Shipbuilding. This scrubber-fitted eco-vessel is geared with four cargo cranes and a ballast water treatment system. The $26,625 purchase price of the eco-efficient Kamsarmax was funded by a combination of secured bank debt of $14.5 million and cash on hand. The five year amortizing bank loan is priced at SOFR plus 2.35% and is secured by, among other things, the vessel. The vessel has been named the “Konkar Asteri” and commenced its commercial operations on February 29, 2024.   On June 28, 2024, the Company completed the acquisition of an 82,099 dwt eco-efficient Kamsarmax dry-bulk built in 2015 at Jiangsu New Yangzi Shipbuilding. The $30,000 purchase price for the “Konkar Venture”, which is fitted with a ballast water treatment system, was funded by a combination of secured bank debt of $16,500, $12,000 cash, of which the Company contributed $7,300 in cash, and the issuance of 267,857 restricted common shares to the related party seller. Upon acquisition of the “Konkar Venture”, the purchase price in excess of the seller’s vessel book valued at the date of the transaction, at $8,875, which was considered a deemed dividend by the Company (of which, $7,493 presented in financing cash flow activities and $1,382 is non cash supplemental cash flow information for the common share issuance) and was allocated to Pyxis Tankers equity and Non-controlling interest’s equity in accordance with their ownership percentages. The five year amortizing bank loan is priced at Term SOFR +2.15% and is secured by, among other things, the vessel.   As of June 30, 2024, the Company reviewed the carrying amount in connection with the estimated recoverable amount for each of its vessels held and used. This review indicated that such carrying amounts were fully recoverable for the Company’s vessels held and used and, consequently, no impairment charge was deemed necessary for the period ended June 30, 2024.   All of the Company’s vessels have been pledged as collateral to secure the bank loans discussed in Note 7.

v3.24.2.u1

Deferred dry dock and special survey costs, net	6 Months Ended
	Jun. 30, 2024
Deferred Dry Dock And Special Survey Costs Net
Deferred dry dock and special survey costs, net	6. Deferred dry dock and special survey costs, net:   The movement in deferred charges, net, in the accompanying unaudited interim Consolidated Balance Sheets are as follows:  Schedule of Deferred Charges     2024           Balance January 1,   $ 1,622   Additions     4   Amortization of special survey costs     (194 ) Balance June 30,   $ 1,432     The amortization of the special survey costs is separately reflected in the accompanying unaudited interim consolidated statement of comprehensive income.

v3.24.2.u1

Long-term Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Long-term Debt	7. Long-term Debt:   The amounts shown in the accompanying unaudited interim Consolidated Balance Sheets as at December 31, 2023 and June 30, 2024, are analyzed as follows:  Schedule of Long-Term Debt     December 31,     June 30,   Vessel (Borrower)   2023     2024   (a) “Pyxis Theta” (Seventhone)   $ 11,350     $ 10,750   (b) “Pyxis Karteria” (Tenthone)     14,150       13,400   (c) “Pyxis Lamda” (Eleventhone)     17,390       16,527   (d) “Konkar Ormi” (Dryone Corp.)     18,600       17,800   (e) “Konkar Asteri” (Drytwo Corp.)     —       14,200   (f) “Konkar Venture” (Drythree Corp.)     —       16,500   Total   $ 61,490     $ 89,177       PYXIS TANKERS INC. Notes to the Unaudited Interim Condensed Consolidated Financial Statements (Expressed in thousands of U.S. dollars, except for share and per share data)   7. Long-term Debt: - Continued:       December 31,     June 30,       2023     2024   Current portion   $ 5,777     $ 7,887   Less: Current portion of deferred financing costs     (197 )     (250 ) Current portion of long-term debt, net of deferred financing costs, current   $ 5,580     $ 7,637                     Long-term portion   $ 55,713     $ 81,290   Less: Non-current portion of deferred financing costs     (343 )     (444 ) Long-term debt, net of current portion and deferred financing costs, non-current   $ 55,370     $ 80,846     (a) On July 8, 2020, Seventhone entered into a $15,250 secured loan agreement with Alpha Bank, for the purpose of refinancing the outstanding indebtedness of $11,293 under the previous loan facility, which was fully settled on the same day. As of June 30, 2024, the outstanding balance of the Seventhone loan of $10,750 is repayable in five consecutive quarterly installments of $300 each, the first falling due in July 2024, and the last installment accompanied by a balloon payment of $9,250 falling due in July 2025. On June 28, 2024, we agreed with the same lender to refinance the facility providing a five year amortizing bank loan with similar quarterly repayment and reduced pricing at SOFR plus 2.40% (from 3.35%).   Standard loan covenants include, among others, a minimum liquidity and a minimum security cover ratio (“MSC”). The facility imposes certain customary covenants and restrictions with respect to, among other things, the borrower’s ability to distribute dividends, incur additional indebtedness, create liens, change its share capital, engage in mergers, or sell the vessel and a minimum collateral value to outstanding loan principal. Certain major covenants include, as defined in such agreement:   Covenants:   ● The borrower undertakes to maintain minimum deposit with the bank of $500 at all times. ● The ratio of the corporate guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is not to exceed 75%. This requirement is only applicable in order to assess whether the borrower is entitled to distribute dividends to Pyxis. ● MSC is to be at least 125% of the respective outstanding loan balance. ● No change shall be made directly or indirectly in the ownership, beneficial ownership, control or management of Seventhone or of the Company or any share therein or the “Pyxis Theta”, as a result of which less than 100% of the shares and voting rights in Seventhone or less than 20% of the shares and voting rights in the corporate guarantor remain in the ultimate legal and beneficial ownership of the beneficial shareholders.   (b) On March 13, 2023 Tenthone concluded a loan agreement with Piraeus Bank in order to refinance the existing facility of the “Pyxis Karteria”. On the same date, Tenthone drew down an amount of $15,500 and fully settled the previous loan facility outstanding balance of $11,500. As of June 30, 2024, the outstanding balance of the Tenthone loan of $13,400 is repayable in 15 quarterly installments of $300,000 each, the first falling due in September 2024, and the last installment accompanied by a balloon payment of $8,900 falling due in March 2028.   Standard loan covenants of the Tenthone loan include, among others, a minimum liquidity and a MSC. Certain major covenants include, as defined in such agreement:   ● The borrower undertakes to maintain minimum deposit with the bank on average of $ $900 reduced to $500 after 6 months. ● The ratio of the corporate guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is not to exceed 75%. This requirement is only applicable in order to assess whether the borrower is entitled to distribute dividends to Pyxis. ● MSC is to be at least 130% of the respective outstanding loan balance. ● Minimum cash and cash equivalent shall not be less than the greater of (i) $2,000 and (ii) 3% of the total debt excluding any promissory note.     PYXIS TANKERS INC. Notes to the Unaudited Interim Condensed Consolidated Financial Statements (Expressed in thousands of U.S. dollars, except for share and per share data)   7. Long-term Debt: - Continued:   (c) On December 20, 2021, Eleventhone and Fourthone concluded as joint and several borrowers a loan agreement with Alpha Bank in order to refinance the existing facility of the “Pyxis Malou” and to partly finance the acquisition of the “Pyxis Lamda”.   On the same date, Fourthone drew down an amount of $7,320 and fully settled the previous loan facility outstanding balance of $7,320. On March 23, 2023, pursuant to the sale agreement with an unaffiliated third party we delivered “Pyxis Malou” to her buyer and we fully repaid the respective loan balance. On the same date, Eleventhone prepaid $750 of the outstanding loan for the “Pyxis Lamda”.   Upon delivery of “Pyxis Lamda”, on December 20, 2021, Eleventhone drew down an amount of $21,680. As of June 30, 2024, the outstanding balance of the Eleventhone loan of $16,527 is repayable in 10 consecutive quarterly installments of $431.67 each, the first falling due in September 2024, and the last installment accompanied by a balloon payment of $12,210 falling due in December 2026. On July 30, 2024, we agreed with Alpha Bank to reduce the interest rate margin from SOFR plus 3.15% to SOFR plus 2.40% on the outstanding debt relating to the Eleventhone Corp.   Standard loan covenants include, among others, a minimum liquidity and a MSC. The facility imposes certain customary covenants and restrictions with respect to, among other things, the borrower’s ability to distribute dividends, incur additional indebtedness, create liens, change its share capital, engage in mergers, or sell the vessel and a minimum collateral value to outstanding loan principal. Certain major covenants include, as defined in such agreements:   Covenants:   ● The borrower undertakes to maintain minimum deposit with the bank of $750 at all times, (which shall be reduced to the amount of $500, upon receipt of time charter employment for a period of at least six months). ● The ratio of the corporate guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is not to exceed 75%. This requirement is only applicable in order to assess whether the borrowers are entitled to distribute dividends to Pyxis. ● MSC is to be at least 125% of the respective outstanding loan balance. ● No change of control shall be made directly or indirectly in the ownership, beneficial ownership, control or management of any of the borrower and the corporate guarantor or any share therein or the vessels, as a result of which less than 100% of the shares and voting rights in each borrower are owned by the corporate guarantor or less than 25% of the shares and voting rights in the corporate guarantor will remain in the ultimate legal and beneficial ownership of the beneficial shareholders.   (d) In Mid-September 2023, Pyxis acquired the 2016 Japanese built Ultramax dry-bulk carrier “Konkar Ormi”. The purchase of “Konkar Ormi” for $28,500, was funded by a $19,000 secured five-year bank loan with Piraeus Bank and cash in hand. The delivery of the vessel occurred on September 14, 2023. As of June 30, 2024, the outstanding loan balance amounting to $17,800 is repayable in 17 quarterly installments the first amounting to $400 and the rest $300 each, with the last installment accompanied by a balloon payment of $12,600 falling due in September 2028. The loan bears interest at SOFR plus a margin of 2.35% per annum. Standard loan covenants of the loan include, among others, a minimum liquidity and a MSC. Certain major covenants include, as defined in such agreement:     ● The borrower undertakes to maintain minimum deposit with the bank of $800 for the first year and nil thereafter assuming that the outstanding amount of the loan at that time expressed as a percentage of the valuation amount (LTV) does not exceed 65%.   ● The ratio of the corporate guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is not to exceed 75%. This requirement is only applicable in order to assess whether the borrower is entitled to distribute dividends to Pyxis.   ● MSC is to be at least 130% of the respective outstanding loan balance.   (e) In Mid-February 2024, Pyxis completed the acquisition of the “Konkar Asteri” an 82,013 dwt dry-bulk vessel built in 2015 at Jiangsu New Yangzi Shipbuilding. The $26,625 purchase price of the eco-efficient Kamsarmax was funded by a combination of secured bank debt of $14,500 with Alpha Bank and cash on hand. The delivery of the vessel occurred on February 15, 2024. As of June 30, 2024, the outstanding loan balance amounting to $14,200 is repayable in 19 quarterly installments of $300 each, with the last installment accompanied by a balloon payment of $8,500 falling due in February 2029. The loan bears interest at SOFR plus a margin of 2.35% per annum. Standard loan covenants of the loan include, among others, a minimum liquidity and a MSC. Certain major covenants include, as defined in such agreement:     PYXIS TANKERS INC. Notes to the Unaudited Interim Condensed Consolidated Financial Statements (Expressed in thousands of U.S. dollars, except for share and per share data)   7. Long-term Debt: - Continued:   Covenants:     ● The borrower undertakes to maintain minimum deposit with the bank of $350 at all times,   ● The ratio of the corporate guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is not to exceed 75%. This requirement is only applicable in order to assess whether the borrowers are entitled to distribute dividends to Pyxis.   ● MSC is to be at least 125% of the respective outstanding loan balance.   ● No change of control shall be made directly or indirectly in the ownership, beneficial ownership, control or management of any of the borrower and the corporate guarantor or any share therein or the vessels, as a result of which less than 100% of the shares and voting rights in each borrower are owned by the corporate guarantor or less than 25% of the shares and voting rights in the corporate guarantor will remain in the ultimate legal and beneficial ownership of the beneficial shareholders.   (f) In end of June 2024, we acquired the 2015 Chinese built Kamsarmax dry-bulk carrier “Konkar Venture”. Upon delivery of the dry-bulk carrier, on June 28, 2024, Drythree drew down an amount of $16,500. As of June 30, 2024, the outstanding loan balance amounting to $16,500 is repayable in 20 quarterly installments of $315 each, with the last installment accompanied by a balloon payment of $10,200 falling due in June 2029. The loan bears interest at SOFR plus a margin of 2.15% per annum. Standard loan covenants of the loan include, among others, a minimum liquidity and a MSC. Certain major covenants include, as defined in such agreement:     ● The borrower undertakes to maintain minimum deposit with the bank on average of $300 for the preceding six-month period first to be tested on 31.12.2024 and semi-annually thereafter.   ● The ratio of the corporate guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is not to exceed 75%. This requirement is only applicable in order to assess whether the borrower is entitled to distribute dividends to Pyxis.   ● MSC is to be at least 130% of the respective outstanding loan balance.   ● Minimum cash and cash equivalent shall not be less than the greater of (i) $2,000 and (ii) 3% of the total debt excluding any promissory note.   Amounts presented in Restricted cash, current and non-current, in the Consolidated Balance Sheets are related to minimum cash and the retention account requirements imposed by the Company’s debt agreements. The annual principal payments required to be made after June 30, 2024, giving effect to the debt refinancing discussed in Note 7 and Note 16, are as follows:  Schedule of Principal Payments To June 30,   Amount   2025   $ 7,887   2026     7,787   2027     19,133   2028     14,660   2029 and thereafter     39,710   Total   $ 89,177     Total interest expense on long-term debt and the Promissory Note for the six months ended June 30, 2023, and 2024, amounted to $2,661, and $2,935, respectively, and is included in Interest and finance costs (Note 13) in the accompanying unaudited interim Consolidated Statements of Comprehensive Income. The Company’s weighted average interest rate (including the margin) for the six months ended June 30, 2023 and 2024, was 8.17% and 8.11% per annum, including the Promissory Note discussed in Note 3, respectively.   As of June 30, 2024, the Company was in compliance with all of the loan covenants in its loan agreements and there was no amount available to be drawn down under the existing loan agreements.

v3.24.2.u1

Equity Capital Structure and Equity Incentive Plan	6 Months Ended
	Jun. 30, 2024
Retirement Benefits [Abstract]
Equity Capital Structure and Equity Incentive Plan	8. Equity 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 of which 1,000,000 are authorized as Series A Preferred Shares.   On June 20, 2024, the Company paid $2,500 for the redemption of 100,000 shares of our Series A Cumulative Convertible Preferred Stock (NASDAQ Cap Mkts: PXSAP). Upon this redemption, 100,000 PXSAP shares were cancelled by the Company and the Company’s obligation to pay dividends in respect of these shares ceased. After this partial redemption, which resulted in a reduction of 446,429 in fully-diluted common shares, there are 303,631 PXSAP shares outstanding, which are convertible into 1,355,496 common shares, if fully converted.     PYXIS TANKERS INC. Notes to the Unaudited Interim Condensed Consolidated Financial Statements (Expressed in thousands of U.S. dollars, except for share and per share data)   8. Equity Capital Structure and Equity Incentive Plan: - Continued:   As of December 31, 2023 and June 30, 2024, the Company had a total of 10,542,547 and 10,458,767 common shares issued and outstanding, respectively, and 403,631and 303,631 Series A Convertible Preferred Shares (NASDAQ Cap Mkts: PXSAP), which have a conversion price of $5.60, issued and outstanding, respectively, each with a par value of USD 0.001 per share.   Furthermore, as of December 31, 2023 and June 30, 2024, the Company had outstanding warrants which amounted to 1,591,062 (PXSAW), which have an exercise price of $5.60, (exclusive of 4,683 underwriter’s warrants to purchase 4,683 Series A Convertible Preferred Shares at an average exercise price of $24.97 and 3,460 underwriter’s warrant to purchase 3,460 common shares with exercise price $5.60). The Company has also issued to the placement agent 107,143 non-tradeable warrants for the purchase of common shares, which can be exercised commencing one hundred eighty (180) days after the closing date, or on August 23, 2021 and expire on the five-year anniversary of the closing date, or on February 24, 2026. The initial exercise price per common share was $8.75, or 125% of the offering price of the shares. As of December 31, 2023 and June 30, 2024 all the respective non-tradeable underwriter’s warrants remain outstanding.   During the first half of 2024, no Series A Convertible Preferred Shares were converted to registered common shares of the Company and no Warrants were exercised. After June 30, 2024 and up to the date of these Unaudited Interim Condensed Consolidated Financial Statements, no further Series A Convertible Preferred Shares had been converted. At June 30, 2024, the Company had 303,631 outstanding Series A Convertible Preferred Shares and 1,591,062 Warrants (exclusive of 4,683 underwriter’s Warrants to purchase 4,683 Series A Convertible Preferred Shares and 3,460 underwriter’s warrant to purchase 3,460 common shares warrants which remained outstanding as of June 30, 2024).   In October, 2015, our Board approved, and the Company adopted the Pyxis Tankers Inc. 2015 EIP for common shares. The maximum aggregate number of shares of common stock that may be delivered pursuant to awards granted under the Plan during the ten-year term of the Plan will be 15% of the then-issued and outstanding number of shares of our common stock under the EIP, the Company’s employees, officers, directors and service providers are entitled to receive options to acquire the Company’s common stock. The EIP is administered by the nominating and corporate governance committee of our Board or such other committee of the Board as may be designated by the Board. Under the terms of the EIP, the Company’s Board is able to grant, (a) non-qualified stock options, (b) stock appreciation rights, (c) restricted stock, (d) restricted stock units, (e) unrestricted stock grants, (f) other equity-based or equity-related awards and (g) dividend equivalents. No award may be granted under the EIP after the tenth anniversary of the date the EIP was adopted by our Board.   On May 11, 2023 our Nominating & Corporate Governance Committee signed the resolution to grant the issuance of a total of 55,000 restricted common shares to 24 employees, board members and Company affiliates under the active EIP. The restricted shares have vesting periods up to November 2024. A non–cash charge of $17 was recognized in General and administrative expenses of the accompanying unaudited interim Consolidated Statement of Comprehensive Income for the six month period ended June 30, 2024.   Restricted stock during the period ended June 30, 2024 is analyzed as follows:  Summary of Restricted Stock     Number of Shares     Weighted Average Grant Date Price   Outstanding at December 31, 2023     20,000     $ 3.68   Granted     —       —   Vested     —       —   Forfeited or expired     —       —   Outstanding at June 30, 2024     20,000     $ 3.68     The fair value of the restricted shares has been determined with reference to the closing price of the Company’s stock on the date the agreements were signed. The aggregate compensation cost is being recognized ratably in the consolidated statement of comprehensive income over the respective vesting periods.   At June 30, 2024 the total unrecognized cost relating to restricted share awards was $12. At June 30, 2024, the weighted-average period over which the total compensation cost related to non-vested awards not yet recognized is expected to be recognized is 0.5 years.     PYXIS TANKERS INC. Notes to the Unaudited Interim Condensed Consolidated Financial Statements (Expressed in thousands of U.S. dollars, except for share and per share data)   8. Equity Capital Structure and Equity Incentive Plan: - Continued:   During the months of January through June, 2024 the Company paid monthly cash dividends of $0.1615 for each outstanding Series A Preferred Share, which aggregated to $391. As of that date, Mr. Valentis beneficially owned 5,729,730 or 54.8% of our outstanding shares.

v3.24.2.u1

Non-controlling Interest (NCI)	6 Months Ended
	Jun. 30, 2024
Noncontrolling Interest [Abstract]
Non-controlling Interest (NCI)	9. Non-controlling Interest (NCI)   On July 5, 2023, the Company acquired an 60% equity interest in the newly incorporated entity Drykon for a consideration of $6,780 in cash. The remaining 40% acquired by an entity related to our Chief Executive Officer and Chairman for a consideration of $4,520 in cash. An agreement has been signed, between the shareholders of Drykon where all matters about Drykon’s, structure, operations and governance are determined and agreed in writing. Management assessed the terms of the agreement and concludes that there is disproportionality in between the financial interest and voting rights of the Company. More specifically, Pyxis owns 60% of the equity interest in Drykon, however, there are matters in the agreement requiring unanimous vote of all directors resulting in Pyxis only having a 50% share of the voting rights for these specific matters. A number of these matters that require a unanimous vote have been determined by the management to relate to activities that significantly affect the economic performance of Drykon and are considered by the management to be participating rights rather than protective in nature.   On May 9, 2024, the Company acquired an 60% equity interest in the newly incorporated entity Accuship for a consideration of $7,320 in cash and issuance of 267,857 restricted common shares. The remaining 40% acquired by an entity related to our Chief Executive Officer and Chairman for a consideration of $5,880 in cash. An agreement has been signed, between the shareholders of Accuship where all matters about Accuship’s, structure, operations and governance are determined and agreed in writing. Management assessed the terms of the agreement and concludes that there is disproportionality in between the financial interest and voting rights of the Company. More specifically, Pyxis owns 60% of the equity interest in Accuship, however, there are matters in the agreement requiring unanimous vote of all directors resulting in Pyxis only having a 50% share of the voting rights for these specific matters. A number of these matters that require a unanimous vote have been determined by the management to relate to activities that significantly affect the economic performance of Accuship and are considered by the management to be participating rights rather than protective in nature.   Based on the above and the relevant guidance under ASC 810 “Consolidation”, management has assessed that Drykon and Accuship are considered as VIEs (Variable Interest Entity). Further, management assessed that Pyxis has a controlling variable interest in these VIEs thus, Pyxis should consolidate Drykon and Accuship.   For the six months ended June 30, 2024, joint ventures recorded a net income of $132 of which $53 is attributable to NCI.  Schedule of Non controlling Interest     Amount   Balance, January 1, 2024   $ 4,319   Non-controlling interest contribution in Accuship     5,880   Deemed dividend     (3,550 ) Net income attributable to non-controlling interest (40%) - six months ended June 30, 2024     53   Balance, June 30, 2024   $ 6,702

v3.24.2.u1

Income per Common Share:	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Income per Common Share:	10. Income per Common Share: Schedule of Income Per Common Share      2023     2024       Six months ended June 30,       2023     2024                 Net income attributable to Pyxis Tankers Inc.   $ 11,870     $ 8,842                     Dividend Series A Convertible Preferred Stock     (418 )     (383 ) Net income attributable to common shareholders   $ 11,452     $ 8,459                     Weighted average number of common shares, basic     10,754,405       10,479,962   Net income per common share, basic   $ 1.06     $ 0.81                     Net income attributable to common shareholders, diluted     11,870       8,842   Weighted average number of common shares, diluted     12,577,390       12,124,208   Net income per common share, diluted   $ 0.94     $ 0.73       PYXIS TANKERS INC. Notes to the Unaudited Interim Condensed Consolidated Financial Statements (Expressed in thousands of U.S. Dollars, except for share and per share data)   10. Net income per common share: - Continued:   As of June 30, 2023, securities that could potentially dilute basic income per share in the future that were not included in the computation of diluted income per share, because to do so would have anti-dilutive effect, were 1,591,062 warrants, which have an exercise price of $5.60, (exclusive of 4,683 underwriter’s warrants to purchase 4,683 Series A Convertible Preferred Shares at an average exercise price of $24.97 and 4,000 underwriter’s warrant to purchase 4,000 common shares with exercise price $5.60), calculated with the treasury stock method. The diluted income per common share includes 55,000 unvested restricted stocks units, which have vesting period up to November 2024 as well as shares assumed to be converted with respect to the 403,831 Series A Preferred Shares, which have a conversion price of $5.60, calculated with the if-converted method.   As of June 30, 2024, securities that could potentially dilute basic income per share in the future that were not included in the computation of diluted income per share, because to do so would have anti-dilutive effect, were 1,591,062 warrants, which have an exercise price of $5.60, (exclusive of 4,683 underwriter’s warrants to purchase 4,683 Series A Convertible Preferred Shares at an average exercise price of $24.97 and 3,460 underwriter’s warrant to purchase 3,460 common shares with exercise price $5.60), calculated with the treasury stock method. The diluted income per common share includes 20,000 unvested restricted stocks units, which have vesting period up to November 2024 and the 267,857 restricted common shares to be issued for the “Konkar Venture” acquisition as well as shares assumed to be converted with respect to the 303,631 Series A Preferred Shares, which have a conversion price of $5.60, calculated with the if-converted method.

v3.24.2.u1

Risk Management and Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Risk Management And Fair Value Measurements
Risk Management and Fair Value Measurements	11. Risk Management and Fair Value Measurements:   The principal financial assets of the Company consist of cash and cash equivalents, trade accounts receivable due from charterers and amounts due from related parties. The principal financial liabilities of the Company consist of long-term bank loans and trade accounts payable.   Interest rate risk: The Company’s loan interest rates are currently calculated at SOFR plus a margin, as described in Note 7 above, hence, the Company is exposed to movements in SOFR. SOFR is the successor index to LIBOR for our bank loans. In order to hedge its variable interest rate exposure, on July 16, 2021, the Company, via one of its vessel-owning subsidiaries, purchased an interest rate cap for the amount of $9,600 at a cap rate on LIBOR of 2% with a termination date of July 8, 2025. This cap was sold on January 25, 2023 and we realized a net cash gain of $600. In the future, we may consider the use of additional financial hedging products to further limit our interest rate exposure.   Credit risk: Credit risk is minimized since trade accounts receivable from charterers are presented net of the expected credit losses. The Company places its cash and cash equivalents, primarily with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. On the balance sheet date there were no significant concentrations on credit risk. The maximum exposure to credit risk is represented by the carrying amount of each financial asset on the Consolidated Balance Sheets.   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, 2024, are as follows:     PYXIS TANKERS INC. Notes to the Unaudited Interim Condensed Consolidated Financial Statements (Expressed in thousands of U.S. Dollars, except for share and per share data)   11. Risk Management and Fair Value Measurements: - Continued: Schedule of Fair Value of Assets and Liabilities      Carrying     Fair       Value     Value   Cash and cash equivalents (including restricted cash)   $ 27,561     $ 27,561   Short-term investment in time deposits   $ 17,000     $ 17,000   Trade accounts receivable   $ 5,216     $ 5,216   Due from related parties   $ —     $ —   Trade accounts payable   $ 1,936     $ 1,936   Long-term debt with variable interest rates, net   $ 89,177     $ 89,177   Due to related parties   $ 975     $ 975     The Company performs an impairment exercise whenever there are indicators of impairment. No impairment loss was recognized for the six months ended June 30, 2024. As of December 31, 2023 and June 30, 2024, the Company did not have any other assets or liabilities measured at fair value on a non- recurring basis.   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 or loss during the period in the Consolidated Statements of Comprehensive Income. Information on the classification, the derivative fair value and the gain/(loss) from financial derivative instruments included in the Condensed Consolidated Financial Statements is shown below: Schedule of Financial Derivative Instrument Location      December 31,     June 30,   Consolidated Balance Sheets – Location   2023     2024   Financial derivative instrument – Other non-current assets   $ —     $ —     Schedule of Gains Losses on Derivative Instruments     2023     2024   Consolidated Statements of Comprehensive Income – Location   Six months ended June 30,       2023     2024   Financial derivative instrument – Fair value at the beginning of the period   $ 619     $ —   Financial derivative instrument – Amounts received     (560 )     —   Financial derivative instrument – Fair value as at period end     —       —   Loss from financial derivative instrument   $ (59 )   $ —     The derivative instrument – interest rate cap was sold on January 25, 2023 and we realized a net cash gain of $600. In the future, we may consider the use of additional financial hedging products to further limit our interest rate exposure.   Assets measured at fair value on a non-recurring basis: Long lived assets held and used and held for sale   As of December 31, 2023 and June 30, 2024, the Company reviewed the carrying amount in connection with the estimated recoverable amount for each of its vessels held and used. This review indicated that such carrying amount was fully recoverable for the Company’s vessels held and used. No impairment loss was recognized for the six months ended June 30, 2023 and 2024.   As of December 31, 2023 and June 30, 2024, the Company did not have any other assets or liabilities measured at fair value on a non-recurring basis.

v3.24.2.u1

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies:   Minimum contractual charter revenues: The Company employs certain of its vessels under lease agreements. Time charters typically may provide for variable lease payments, charterers’ options to extend the lease terms at higher rates and termination clauses. The Company’s contracted time charters as of June 30, 2024, range from one to six months, with varying extension periods at the charterers’ option and do not provide for variable lease payments. Our time charters contain customary termination clauses which protect either the Company or the charterers from material adverse situations.   Future minimum contractual charter revenues, gross of 1.25% address commission and 1.25% brokerage commissions to Maritime and of any other brokerage commissions to third parties, based on the vessels’ committed, non-cancelable, short-term time charter contracts as of June 30, 2024, are $5,145.     PYXIS TANKERS INC. Notes to the Unaudited Interim Condensed Consolidated Financial Statements (Expressed in thousands of U.S. Dollars, except for share and per share data)   12. Commitments and Contingencies: - Continued:   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 Condensed 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. As of June 30, 2024 and as of the date of the issuance of the Unaudited Interim Condensed Consolidated Financial Statements, 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 Condensed 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.

v3.24.2.u1

Interest and Finance Costs	6 Months Ended
	Jun. 30, 2024
Interest And Finance Costs
Interest and Finance Costs	13. Interest and Finance Costs:   The amounts in the accompanying Unaudited Interim Condensed Consolidated Statements of Comprehensive Income are analyzed as follows: Schedule of Interest and Finance Costs      2023     2024       Six months ended June 30,       2023     2024   Interest on long-term debt (Note 7)   $ 2,592     $ 2,935   Interest on Promissory Note (Note 3)     69       —   Amortization of financing costs     126       114   Financing fees and charges     21       24   Total   $ 2,808     $ 3,073

v3.24.2.u1

Revenues, net	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenues, net	14. 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, 2023 and 2024: Schedule of Revenue Disaggregated by Revenue Source      2023     2024       Six months ended June 30,       2023     2024   Revenues derived from spot charters, net   $ 3,962     $ 8,740   Revenues derived from time charters, net     17,159       16,975   Revenues, net   $ 21,121     $ 25,715     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 December 31, 2023 and June 30, 2024: Schedule of Accounts Receivable Disaggregated Revenue      December 31, 2023     June 30, 2024   Accounts receivable trade from spot charters   $ 4,790     $ 3,827   Accounts receivable trade from time charters     260       1,475   Less: Bad debt provisions     (26 )     (26 ) Less: Allowance for credit losses     (60 )     (60 ) Total   $ 4,964     $ 5,216

v3.24.2.u1

Segmental information	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segmental information	15. Segmental information:   The Company has two reportable segments from which it derives its revenues, the MR tankers and the dry-bulk carriers. The table below presents information about the Company’s reportable segments for 2024. Prior to September, 2023, the Company was operating only tanker vessels thus, had identified only one reportable segment. The accounting policies followed in the preparation of the reportable segments are the same with those followed in the preparation of the Company’s Condensed Consolidated Financial Statements. Segment results are evaluated based on income from operations.     PYXIS TANKERS INC. Notes to the Unaudited Interim Condensed Consolidated Financial Statements (Expressed in thousands of U.S. Dollars, except for share and per share data)   15. Segmental information: - Continued: Schedule of Segment Information      Tanker vessels     Dry-bulk vessels     Total       Six months ended June 30, 2024       Tanker vessels     Dry-bulk vessels     Total   Revenues, net   $ 19,824     $ 5,891     $ 25,715   Voyage related costs and commissions     (2,492 )     (823 )     (3,315 ) Vessel operating expenses     (3,936 )     (2,180 )     (6,116 ) General and administrative expenses     (28 )     (125 )     (153 ) Management fees     (452 )     (290 )     (742 ) Depreciation and amortization of special survey costs     (2,099 )     (1,190 )     (3,289 ) Interest and finance costs     (1,863 )     (1,204 )     (3,067 ) Segment profit   $ 8,954     $ 79     $ 9,033                             General and administrative expenses                   $ (1,393 ) Interest and finance costs                     (6 ) Interest income                     1,261   Net income                   $ 8,895     A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets of June 30, 2024, is as follows:       Tanker vessels     Dry-bulk vessels     Total       June 30, 2024       Tanker vessels     Dry-bulk vessels     Total   Cash and cash equivalents & restricted cash   $ 3,005     $ 1,769     $ 4,774   Inventories     847       1,264       2,111   Trade accounts receivable     3,742       1,474       5,216   Prepayments and other assets     296       802       1,098   Vessels, net     69,299       74,534       143,833   Due from related parties     —       —       —   Prepayments for vessel acquisition     —       —       —   Special survey cost, net     1,432       —       1,432   Segment assets   $ 78,621     $ 79,843     $ 158,464                             Cash and cash equivalents                   $ 22,787   Short-term investment in time deposits                     17,000   Prepayments and other current assets                     336   Total assets                   $ 198,587     A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets of December 31, 2023, is as follows:       Tanker vessels     Dry-bulk vessels     Total       December 31, 2023       Tanker vessels     Dry-bulk vessels     Total   Cash and cash equivalents & restricted cash   $ 4,237     $ 1,041     $ 5,278   Inventories     904       53       957   Trade accounts receivable     4,704       260       4,964   Prepayments and other assets     180       24       202   Due from related parties     —       194       194   Vessels, net     71,179       28,094       99,273   Prepayments for vessel acquisition     —       2,663       2,663   Special survey cost, net     1,622       —       1,622   Segment assets   $ 82,826     $ 32,329     $ 115,153                             Cash and cash equivalents                   $ 31,061   Short-term investment in time deposits                     20,000   Prepayments and other current assets                     99   Total assets                   $ 166,313

v3.24.2.u1

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	16. Subsequent Events:   Dividend payment: During July 2024, the Company paid monthly cash dividends of $0.1615 per share on its outstanding Series A Preferred Shares, amounting to $49. Similarly, on July 30, 2024, the Board of Pyxis declared a monthly dividend of $0.1615 per share, for the month of August 2024. The cash dividend of $49 will be payable on August 20, 2024, to holders of record as of August 13, 2024.   Debt refinance: On July 30, 2024, we agreed with an existing lender to refinance the Seventhone Corp (“Pyxis Theta”) outstanding debt of $10,750. The amended agreement provides a five year amortizing bank loan with a similar quarterly repayment schedule, a maturity of July 2029 and interest rate of SOFR plus 2.40% (which was reduced from SOFR plus 3.35%). In addition, the same bank agreed to reduce the interest rate margin from 3.15% to 2.40% on the outstanding debt of $16,500 relating to the Eleventhone Corp. (“Pyxis Lamda”).   Common share buy-back program: After the quarter ended June 30, 2024, and as of August 8, 2024 we repurchased an additional 25,537 common shares at an average price of $4.94 per share, including brokerage commissions, or $126,000, under the share buy-back program.

v3.24.2.u1

Basis of Presentation and General Information (Tables)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [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 and dry commodities through the ownership and operation of dry-bulk carriers, as listed below:   Schedule of Ownership and Operation of Tanker Vessels Vessel-owning Company   Incorporation date   Vessel   DWT     Year built   Acquisition date Tanker fleet                         Seventhone   31-May-2011   Pyxis Theta     51,795     2013   16-Sep-2013 Tenthone   22-Apr-2021   Pyxis Karteria     46,652     2013   15-Jul-2021 Eleventhone   11-Sep-2021   Pyxis Lamda     50,145     2017   20-Dec-2021 Dry-bulk fleet                         Dryone   04-Jul-2023   Konkar Ormi     63,520     2016   14-Sep-2023 Drytwo   24-Nov-2023   Konkar Asteri     82,013     2015   15-Feb-2024 Drythree   29-May-2024   Konkar Venture     82,099     2015   28-Jun-2024
Summary of Revenue From Significant Charterers for 10% or More of Revenue	Revenues for the six month periods ended June 30, 2023 and 2024, deriving from significant charterers individually accounting for 10% or more of revenues (in percentages of total revenues), were as follows:   Summary of Revenue From Significant Charterers for 10% or More of Revenue     2023     2024   Charterer   Six months ended June 30,       2023     2024   A     13 %     30 % B     50 %     27 % C     —       20 % D     31 %     —   Total     94 %     77 %
Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash	Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash      December 31,     June 30,       2023     2024   Cash and cash equivalents   $ 34,539     $ 25,411   Restricted cash, current portion     —       —   Restricted cash, net of current portion     1,800       2,150   Total cash and cash equivalents and restricted cash   $ 36,339     $ 27,561

v3.24.2.u1

Transactions with Related Parties (Tables)	6 Months Ended
	Jun. 30, 2024
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 Konkar Agencies pursuant to the ship-management agreements, and are included in the accompanying unaudited interim Consolidated Statements of Comprehensive Income:  Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Loss     2023     2024       Six months ended June 30,       2023     2024   Included in Voyage related costs and commissions                 Charter hire commissions   $ 267     $ 323                     Included in Management fees, related parties                 Ship-management Fees     330       498                     Included in General and administrative expenses                 Administration Fees     898       961                     Total   $ 1,495     $ 1,782

v3.24.2.u1

Inventories (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	The amounts in the accompanying unaudited interim Consolidated Balance Sheets are analyzed as follows:  Schedule of Inventories     December 31,     June 30,       2023     2024   Lubricants   $      414     $ 516   Bunkers     543       1,595   Total   $ 957     $ 2,111

v3.24.2.u1

Vessels, net (Tables)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Vessels	The amounts in the accompanying unaudited interim Consolidated Balance Sheets are analyzed as follows:  Schedule of Vessels     Vessel     Accumulated     Net Book       Cost     Depreciation     Value                       Balance January 1, 2024   $ 119,303     $ (20,030 )   $ 99,273                             Vessel acquisition - “Konkar Asteri”     26,625       —       26,625   Vessel acquisition - “Konkar Venture”     21,007       —       21,007   Vessel additions     23       —       23   Depreciation     —       (3,095 )     (3,095 ) Balance June 30, 2024   $ 166,958     $ (23,125 )   $ 143,833

v3.24.2.u1

Deferred dry dock and special survey costs, net (Tables)	6 Months Ended
	Jun. 30, 2024
Deferred Dry Dock And Special Survey Costs Net
Schedule of Deferred Charges	The movement in deferred charges, net, in the accompanying unaudited interim Consolidated Balance Sheets are as follows:  Schedule of Deferred Charges     2024           Balance January 1,   $ 1,622   Additions     4   Amortization of special survey costs     (194 ) Balance June 30,   $ 1,432

v3.24.2.u1

Long-term Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	The amounts shown in the accompanying unaudited interim Consolidated Balance Sheets as at December 31, 2023 and June 30, 2024, are analyzed as follows:  Schedule of Long-Term Debt     December 31,     June 30,   Vessel (Borrower)   2023     2024   (a) “Pyxis Theta” (Seventhone)   $ 11,350     $ 10,750   (b) “Pyxis Karteria” (Tenthone)     14,150       13,400   (c) “Pyxis Lamda” (Eleventhone)     17,390       16,527   (d) “Konkar Ormi” (Dryone Corp.)     18,600       17,800   (e) “Konkar Asteri” (Drytwo Corp.)     —       14,200   (f) “Konkar Venture” (Drythree Corp.)     —       16,500   Total   $ 61,490     $ 89,177       PYXIS TANKERS INC. Notes to the Unaudited Interim Condensed Consolidated Financial Statements (Expressed in thousands of U.S. dollars, except for share and per share data)   7. Long-term Debt: - Continued:       December 31,     June 30,       2023     2024   Current portion   $ 5,777     $ 7,887   Less: Current portion of deferred financing costs     (197 )     (250 ) Current portion of long-term debt, net of deferred financing costs, current   $ 5,580     $ 7,637                     Long-term portion   $ 55,713     $ 81,290   Less: Non-current portion of deferred financing costs     (343 )     (444 ) Long-term debt, net of current portion and deferred financing costs, non-current   $ 55,370     $ 80,846
Schedule of Principal Payments	Amounts presented in Restricted cash, current and non-current, in the Consolidated Balance Sheets are related to minimum cash and the retention account requirements imposed by the Company’s debt agreements. The annual principal payments required to be made after June 30, 2024, giving effect to the debt refinancing discussed in Note 7 and Note 16, are as follows:  Schedule of Principal Payments To June 30,   Amount   2025   $ 7,887   2026     7,787   2027     19,133   2028     14,660   2029 and thereafter     39,710   Total   $ 89,177

v3.24.2.u1

Equity Capital Structure and Equity Incentive Plan (Tables)	6 Months Ended
	Jun. 30, 2024
Retirement Benefits [Abstract]
Summary of Restricted Stock	Restricted stock during the period ended June 30, 2024 is analyzed as follows:  Summary of Restricted Stock     Number of Shares     Weighted Average Grant Date Price   Outstanding at December 31, 2023     20,000     $ 3.68   Granted     —       —   Vested     —       —   Forfeited or expired     —       —   Outstanding at June 30, 2024     20,000     $ 3.68

v3.24.2.u1

Non-controlling Interest (NCI) (Tables)	6 Months Ended
	Jun. 30, 2024
Noncontrolling Interest [Abstract]
Schedule of Non controlling Interest	Schedule of Non controlling Interest     Amount   Balance, January 1, 2024   $ 4,319   Non-controlling interest contribution in Accuship     5,880   Deemed dividend     (3,550 ) Net income attributable to non-controlling interest (40%) - six months ended June 30, 2024     53   Balance, June 30, 2024   $ 6,702

v3.24.2.u1

Income per Common Share: (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Income Per Common Share	Schedule of Income Per Common Share      2023     2024       Six months ended June 30,       2023     2024                 Net income attributable to Pyxis Tankers Inc.   $ 11,870     $ 8,842                     Dividend Series A Convertible Preferred Stock     (418 )     (383 ) Net income attributable to common shareholders   $ 11,452     $ 8,459                     Weighted average number of common shares, basic     10,754,405       10,479,962   Net income per common share, basic   $ 1.06     $ 0.81                     Net income attributable to common shareholders, diluted     11,870       8,842   Weighted average number of common shares, diluted     12,577,390       12,124,208   Net income per common share, diluted   $ 0.94     $ 0.73

v3.24.2.u1

Risk Management and Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Risk Management And Fair Value Measurements
Schedule of Fair Value of Assets and Liabilities	Schedule of Fair Value of Assets and Liabilities      Carrying     Fair       Value     Value   Cash and cash equivalents (including restricted cash)   $ 27,561     $ 27,561   Short-term investment in time deposits   $ 17,000     $ 17,000   Trade accounts receivable   $ 5,216     $ 5,216   Due from related parties   $ —     $ —   Trade accounts payable   $ 1,936     $ 1,936   Long-term debt with variable interest rates, net   $ 89,177     $ 89,177   Due to related parties   $ 975     $ 975
Schedule of Financial Derivative Instrument Location	Schedule of Financial Derivative Instrument Location      December 31,     June 30,   Consolidated Balance Sheets – Location   2023     2024   Financial derivative instrument – Other non-current assets   $ —     $ —
Schedule of Gains Losses on Derivative Instruments	Schedule of Gains Losses on Derivative Instruments     2023     2024   Consolidated Statements of Comprehensive Income – Location   Six months ended June 30,       2023     2024   Financial derivative instrument – Fair value at the beginning of the period   $ 619     $ —   Financial derivative instrument – Amounts received     (560 )     —   Financial derivative instrument – Fair value as at period end     —       —   Loss from financial derivative instrument   $ (59 )   $ —

v3.24.2.u1

Interest and Finance Costs (Tables)	6 Months Ended
	Jun. 30, 2024
Interest And Finance Costs
Schedule of Interest and Finance Costs	The amounts in the accompanying Unaudited Interim Condensed Consolidated Statements of Comprehensive Income are analyzed as follows: Schedule of Interest and Finance Costs      2023     2024       Six months ended June 30,       2023     2024   Interest on long-term debt (Note 7)   $ 2,592     $ 2,935   Interest on Promissory Note (Note 3)     69       —   Amortization of financing costs     126       114   Financing fees and charges     21       24   Total   $ 2,808     $ 3,073

v3.24.2.u1

Revenues, net (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Revenue Disaggregated by Revenue Source	Schedule of Revenue Disaggregated by Revenue Source      2023     2024       Six months ended June 30,       2023     2024   Revenues derived from spot charters, net   $ 3,962     $ 8,740   Revenues derived from time charters, net     17,159       16,975   Revenues, net   $ 21,121     $ 25,715
Schedule of Accounts Receivable Disaggregated Revenue	The following table presents the Company’s net trade accounts receivable disaggregated by revenue source as December 31, 2023 and June 30, 2024: Schedule of Accounts Receivable Disaggregated Revenue      December 31, 2023     June 30, 2024   Accounts receivable trade from spot charters   $ 4,790     $ 3,827   Accounts receivable trade from time charters     260       1,475   Less: Bad debt provisions     (26 )     (26 ) Less: Allowance for credit losses     (60 )     (60 ) Total   $ 4,964     $ 5,216

v3.24.2.u1

Segmental information (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Information	Schedule of Segment Information      Tanker vessels     Dry-bulk vessels     Total       Six months ended June 30, 2024       Tanker vessels     Dry-bulk vessels     Total   Revenues, net   $ 19,824     $ 5,891     $ 25,715   Voyage related costs and commissions     (2,492 )     (823 )     (3,315 ) Vessel operating expenses     (3,936 )     (2,180 )     (6,116 ) General and administrative expenses     (28 )     (125 )     (153 ) Management fees     (452 )     (290 )     (742 ) Depreciation and amortization of special survey costs     (2,099 )     (1,190 )     (3,289 ) Interest and finance costs     (1,863 )     (1,204 )     (3,067 ) Segment profit   $ 8,954     $ 79     $ 9,033                             General and administrative expenses                   $ (1,393 ) Interest and finance costs                     (6 ) Interest income                     1,261   Net income                   $ 8,895     A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets of June 30, 2024, is as follows:       Tanker vessels     Dry-bulk vessels     Total       June 30, 2024       Tanker vessels     Dry-bulk vessels     Total   Cash and cash equivalents & restricted cash   $ 3,005     $ 1,769     $ 4,774   Inventories     847       1,264       2,111   Trade accounts receivable     3,742       1,474       5,216   Prepayments and other assets     296       802       1,098   Vessels, net     69,299       74,534       143,833   Due from related parties     —       —       —   Prepayments for vessel acquisition     —       —       —   Special survey cost, net     1,432       —       1,432   Segment assets   $ 78,621     $ 79,843     $ 158,464                             Cash and cash equivalents                   $ 22,787   Short-term investment in time deposits                     17,000   Prepayments and other current assets                     336   Total assets                   $ 198,587     A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets of December 31, 2023, is as follows:       Tanker vessels     Dry-bulk vessels     Total       December 31, 2023       Tanker vessels     Dry-bulk vessels     Total   Cash and cash equivalents & restricted cash   $ 4,237     $ 1,041     $ 5,278   Inventories     904       53       957   Trade accounts receivable     4,704       260       4,964   Prepayments and other assets     180       24       202   Due from related parties     —       194       194   Vessels, net     71,179       28,094       99,273   Prepayments for vessel acquisition     —       2,663       2,663   Special survey cost, net     1,622       —       1,622   Segment assets   $ 82,826     $ 32,329     $ 115,153                             Cash and cash equivalents                   $ 31,061   Short-term investment in time deposits                     20,000   Prepayments and other current assets                     99   Total assets                   $ 166,313

v3.24.2.u1

Schedule of Ownership and Operation of Tanker Vessels (Details) - Vessels [Member] Integer in Thousands	6 Months Ended
	Jun. 30, 2024 Integer
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
Tenthone Corp [Member]
Property, Plant and Equipment [Line Items]
Entity incorporation date of incorporation	Apr. 22, 2021
Vessel	Pyxis Karteria
DWT	46,652
Year built	2013
Acquisition date	Jul. 15, 2021
Eleventhone Corp [Member]
Property, Plant and Equipment [Line Items]
Entity incorporation date of incorporation	Sep. 11, 2021
Vessel	Pyxis Lamda
DWT	50,145
Year built	2017
Acquisition date	Dec. 20, 2021
Dryone [Member]
Property, Plant and Equipment [Line Items]
Entity incorporation date of incorporation	Jul. 04, 2023
Vessel	Konkar Ormi
DWT	63,520
Year built	2016
Acquisition date	Sep. 14, 2023
Drytwo [Member]
Property, Plant and Equipment [Line Items]
Entity incorporation date of incorporation	Nov. 24, 2023
Vessel	Konkar Asteri
DWT	82,013
Year built	2015
Acquisition date	Feb. 15, 2024
Drythree [Member]
Property, Plant and Equipment [Line Items]
Entity incorporation date of incorporation	May 29, 2024
Vessel	Konkar Venture
DWT	82,099
Year built	2015
Acquisition date	Jun. 28, 2024

v3.24.2.u1

Summary of Revenue From Significant Charterers for 10% or More of Revenue (Details) - Customer Concentration Risk [Member] - Revenue Benchmark [Member]	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Charterer A [Member]
Product Information [Line Items]
Total	30.00%	13.00%
Charterer B [Member]
Product Information [Line Items]
Total	27.00%	50.00%
Charterer C [Member]
Product Information [Line Items]
Total	20.00%
Charterer D [Member]
Product Information [Line Items]
Total		31.00%
Charterers [Member]
Product Information [Line Items]
Total	77.00%	94.00%

v3.24.2.u1

Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Cash and cash equivalents	$ 25,411	$ 34,539
Restricted cash, current portion
Restricted cash, net of current portion	2,150	1,800
Total cash and cash equivalents and restricted cash	$ 27,561	$ 36,339

v3.24.2.u1

Basis of Presentation and General Information (Details Narrative)	6 Months Ended
	Jun. 30, 2024 USD ($) Integer
Working capital surplus	$ 38,200,000
Mr. Valentis [Member]
Percentage of beneficially owned common stock	54.80%
Vessel Ownership [Member]
Number of vessel ownership interest entities | Integer	4
DRYKON MARITIME Corp. [Member]
Business acquisition equity interest percentage	60.00%
Consideration in cash	$ 6,780,000
Accuship Maritime Ltd [Member]
Business acquisition equity interest percentage	60.00%
Consideration in cash	$ 8,700,000
Accuship Maritime Corp [Member]
Contracted gross rate	$ 18,000
Vessel Ownership [Member]
Entity ownership interest	100.00%
Non-vessels [Member]
Entity ownership interest	100.00%

v3.24.2.u1

Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Loss (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Ship-management Fees	$ 498	$ 330
Total	6,116	5,790
Related Party [Member]
Related Party Transaction [Line Items]
Charter hire commissions	323	267
Ship-management Fees	498	330
Administration Fees	961	898
Total	$ 1,782	$ 1,495

v3.24.2.u1

Transactions with Related Parties (Details Narrative) $ / shares in Units, $ in Thousands				3 Months Ended	6 Months Ended
	Jun. 28, 2024 USD ($) Integer shares	May 11, 2023 shares	Feb. 10, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2024 USD ($) $ / shares	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Deemed dividend					$ 7,493
Non cash supplemental cash flow information					1,382
Performance bonus				$ 600
Promissory Note [Member]
Related Party Transaction [Line Items]
Interest charged on promissory note						$ 69
Promissory Note [Member]
Related Party Transaction [Line Items]
Repayment amount			$ 3,000
Principal amount			$ 6,000
Maritime Investors Corp [Member]
Related Party Transaction [Line Items]
Due to related parties					957		$ 990
Konkar Agencies [Member]
Related Party Transaction [Line Items]
Due to related parties					$ 18
Due from related parties							$ 194
Ship management services per day per vessel | $ / shares					$ 0.850
Charter hire agreement commission rate					1.25%
Pyxis Maritime Corporation [Member]
Related Party Transaction [Line Items]
Ship management services per day per vessel | $ / shares					$ 0.325
Charter hire agreement commission rate					1.25%
Administration fees payable to related party					$ 1,600
Head management agreement, terms and manner of settlement					In the event of a change of control of the Company during the management period or within 12 months after the early termination of the Head Management Agreement, then the Company will pay to Maritime an amount equal to 2.5 times then annual Administration Fees. Pursuant to the amendment of this agreement on March 18, 2020, in the event of such change of control and termination, the Company shall also pay to Maritime an amount equal to 12 months of then daily Ship-management Fees.
Ship-management and administration fees percentage increase					Effective January 1, 2024 the Ship-Management Fees and the Administration Fees for 2024 were increased by 3.50% in line with the average inflation rate in Greece in 2023 and were $381 per day per ship and $1,875 annually, respectively.
Pyxis Maritime Corporation [Member] | While Vessel is Under Construction [Member]
Related Party Transaction [Line Items]
Ship management services per day per vessel | $ / shares					$ 0.450
Jiangsu New Yangzi Shipbuilding [Member]
Related Party Transaction [Line Items]
Ownership interest percentage	60.00%
Maritime Investors Corp [Member] | Equity Incentive Plan [Member]
Related Party Transaction [Line Items]
Shares issued | shares		4,000
Vessels [Member] | Jiangsu New Yangzi Shipbuilding [Member]
Related Party Transaction [Line Items]
DWT | Integer	82,099
Year built	2015
Konkar Venture [Member] | Jiangsu New Yangzi Shipbuilding [Member]
Related Party Transaction [Line Items]
Purchase price	$ 30,000
Secured bank debt	16,500
Cash	12,000
Consideration of cash	7,300
Dividends	8,875
Deemed dividend	7,493
Non cash supplemental cash flow information	$ 1,382
Konkar Venture [Member] | Jiangsu New Yangzi Shipbuilding [Member] | Restricted Stock [Member]
Related Party Transaction [Line Items]
Issuance of restricted shares | shares	267,857
Dividends	$ 8,875
Deemed dividend	7,493
Non cash supplemental cash flow information	$ 1,382

v3.24.2.u1

Schedule of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory [Line Items]
Total	$ 2,111	$ 957
Lubricants [Member]
Inventory [Line Items]
Total	516	414
Bunkers [Member]
Inventory [Line Items]
Total	$ 1,595	$ 543

v3.24.2.u1

Schedule of Vessels (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Net book value, balance	$ 101,936
Depreciation	(3,095)	$ (2,634)
Net book value, balance	143,833
Vessel Cost [Member]
Property, Plant and Equipment [Line Items]
Vessel cost, balance	119,303
Vessel acquisition - Konkar Asteri	26,625
Vessel acquisition - Konkar Venture	21,007
Vessel additions	23
Depreciation
Vessel cost, balance	166,958
Accumulated Depreciation [Member]
Property, Plant and Equipment [Line Items]
Accumulated depreciation, balance	(20,030)
Vessel acquisition - Konkar Asteri
Vessel acquisition - Konkar Venture
Vessel additions
Depreciation	(3,095)
Accumulated depreciation, balance	(23,125)
Net Book Value [Member]
Property, Plant and Equipment [Line Items]
Net book value, balance	99,273
Vessel acquisition - Konkar Asteri	26,625
Vessel acquisition - Konkar Venture	21,007
Vessel additions	23
Depreciation	(3,095)
Net book value, balance	$ 143,833

v3.24.2.u1

Vessels, net (Details Narrative) $ in Thousands			6 Months Ended
	Jun. 28, 2024 USD ($) Integer shares	Feb. 15, 2024 USD ($) Integer	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Property, Plant and Equipment [Line Items]
Deemed dividend			$ 7,493
Non cash supplemental cash flow information			$ 1,382
Konkar Asteri [Member]
Property, Plant and Equipment [Line Items]
DWT | Integer		82,013
Year built		2015
Purchase price		$ 26,625
Secured bank debt		$ 14,500
Interest rate margin			2.35
Konkar Asteri [Member] | Jiangsu New Yangzi Shipbuilding [Member]
Property, Plant and Equipment [Line Items]
DWT | Integer		82,013
Year built		2015
Purchase price		$ 26,625
Secured bank debt		$ 14,500
Interest rate margin		2.35
Vessels [Member] | Jiangsu New Yangzi Shipbuilding [Member]
Property, Plant and Equipment [Line Items]
DWT | Integer	82,099
Year built	2015
Konkar Venture [Member]
Property, Plant and Equipment [Line Items]
Interest rate margin			2.15
Konkar Venture [Member] | Jiangsu New Yangzi Shipbuilding [Member]
Property, Plant and Equipment [Line Items]
Purchase price	$ 30,000
Secured bank debt	$ 16,500
Interest rate margin	2.15
Cash	$ 12,000
Consideration in cash	7,300
Dividends	8,875
Deemed dividend	7,493
Non cash supplemental cash flow information	$ 1,382
Konkar Venture [Member] | Jiangsu New Yangzi Shipbuilding [Member] | Restricted Stock [Member]
Property, Plant and Equipment [Line Items]
Issuance of restricted shares | shares	267,857
Dividends	$ 8,875
Deemed dividend	7,493
Non cash supplemental cash flow information	$ 1,382

v3.24.2.u1

Schedule of Deferred Charges (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Deferred Dry Dock And Special Survey Costs Net
Balance January 1,	$ 1,622
Additions	4
Amortization of special survey costs	(194)	$ (176)
Balance June 30,	$ 1,432

v3.24.2.u1

Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total	$ 89,177	$ 61,490
Current portion	7,887	5,777
Less: Current portion of deferred financing costs	(250)	(197)
Current portion of long-term debt, net of deferred financing costs, current	7,637	5,580
Long-term portion	81,290	55,713
Less: Non-current portion of deferred financing costs	(444)	(343)
Long-term debt, net of current portion and deferred financing costs, non-current	80,846	55,370
Pyxis Theta Vessel [Member] | Seventhone Corp [Member]
Property, Plant and Equipment [Line Items]
Total	10,750	11,350
Pyxis Karteria Vessel [Member] | Tenthone Corp [Member]
Property, Plant and Equipment [Line Items]
Total	13,400	14,150
Pyxis Lamda Vessel [Member] | Eleventhone Corp [Member]
Property, Plant and Equipment [Line Items]
Total	16,527	17,390
Konkar Ormi [Member] | Dryone Corp [Member]
Property, Plant and Equipment [Line Items]
Total	17,800	18,600
Konkar Asteri [Member] | Drytwo Corp [Member]
Property, Plant and Equipment [Line Items]
Total	14,200
Konkar Venture [Member] | Drythree Corp [Member]
Property, Plant and Equipment [Line Items]
Total	$ 16,500

v3.24.2.u1

Schedule of Long-Term Debt (Details) (Parenthetical)					6 Months Ended
	Feb. 15, 2024 USD ($) Integer	Sep. 14, 2023 USD ($)	Mar. 13, 2023 USD ($)	Jul. 08, 2020 USD ($)	Jun. 30, 2024 USD ($)	Jul. 30, 2024	Jul. 29, 2024	Jun. 28, 2024 USD ($)	Jun. 27, 2024	Dec. 31, 2023 USD ($)	Mar. 23, 2023 USD ($)	Dec. 20, 2021 USD ($)
Debt Instrument [Line Items]
Total long-term debt outstanding					$ 89,177,000
Outstanding balance					89,177,000					$ 61,490,000
Konkar Ormi [Member]
Debt Instrument [Line Items]
Long term debt balloon payment					$ 12,600,000
Interest rate margin					2.35
Long term debt balloon payment year					2028-09
Purchase amount		$ 28,500,000
Fund payment		$ 19,000,000
Outstanding loan amount					$ 17,800,000
Installment payment (17 installments)					400,000
Last installment					300,000
Konkar Asteri [Member]
Debt Instrument [Line Items]
Long term debt balloon payment					$ 8,500,000
Interest rate margin					2.35
Long term debt balloon payment year					2029-02
Outstanding loan amount					$ 14,200,000
Vessel capacity | Integer	82,013
Year built	2015
Purchase price	$ 26,625,000
Secured debt	$ 14,500,000
Installment payment (19 installments)					300,000
Konkar Venture [Member]
Debt Instrument [Line Items]
Long term debt balloon payment					$ 10,200,000
Interest rate margin					2.15
Loan amount drew down								$ 16,500,000
Long term debt balloon payment year					2029-06
Outstanding loan amount					$ 16,500,000
Installment payment (20 installments)					315,000
Tenthone [Member]
Debt Instrument [Line Items]
Quarterly installments payable (15 installments)					300,000
Fourthone [Member]
Debt Instrument [Line Items]
Loan amount drew down												$ 7,320,000
Outstanding balance												7,320,000
Eleventhone [Member]
Debt Instrument [Line Items]
Long term debt balloon payment					12,210,000
Loan amount drew down												$ 21,680,000
Outstanding balance					16,527,000
Quarterly installments (10 installments)					$ 431,670
Eleventhone [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Interest rate margin						2.40	3.15
Eleventhone [Member] | Pyxis Lamda Vessel [Member]
Debt Instrument [Line Items]
Prepaid amount											$ 750,000
Long term debt balloon payment year					2026-12
Secured Loan - Seventhone Corp. [Member]
Debt Instrument [Line Items]
Secured loan				$ 15,250,000
Total long-term debt outstanding					$ 10,750,000
Quarterly installments payable (5 installments)				300,000
Long term debt balloon payment				$ 9,250,000
Maturity date				July 2025
Interest rate margin								2.40	3.35
Minimum cash deposits					$ 500,000
Debt to market value of adjusted assets maximum ratio					75.00%
Minimum security collateral cover required					125.00%
Previous Secured Loan - Seventhone Corp [Member]
Debt Instrument [Line Items]
Secured loan				$ 11,293,000
Secured Loan Tenthone Corp [Member]
Debt Instrument [Line Items]
Total long-term debt outstanding					$ 13,400,000
Long term debt balloon payment			$ 8,900,000
Maturity date			March 2028
Minimum cash deposits					$ 900,000
Debt to market value of adjusted assets maximum ratio					130.00%
Loan amount drew down			$ 15,500,000
Loan amount			$ 11,500,000
Minimum cash and cash equivalents					$ 2,000,000
Debt to market value of adjusted assets minimum required ratio					3.00%
Secured Loan Tenthone Corp [Member] | Minimum [Member]
Debt Instrument [Line Items]
Minimum cash deposits					$ 500,000
Secured Loan Tenthone Corp [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt to market value of adjusted assets maximum ratio					75.00%
Secured Loan Fourthone Corp [Member]
Debt Instrument [Line Items]
Minimum cash deposits					$ 750,000
Debt to market value of adjusted assets maximum ratio					75.00%
Minimum security collateral cover required					125.00%
Reduced minimum cash deposits					$ 500,000
Secured Loan Dryone Corp [Member]
Debt Instrument [Line Items]
Minimum cash deposits					$ 800,000
Debt to market value of adjusted assets maximum ratio					75.00%
Minimum security collateral cover required					130.00%
Percentage of valuation amount					65.00%
Secured Loan Drytwo Corp [Member]
Debt Instrument [Line Items]
Minimum cash deposits					$ 350,000
Debt to market value of adjusted assets maximum ratio					75.00%
Minimum security collateral cover required					125.00%
Secured Loan Drythree Corp [Member]
Debt Instrument [Line Items]
Minimum cash deposits					$ 300,000
Debt to market value of adjusted assets maximum ratio					75.00%
Minimum security collateral cover required					130.00%
Minimum cash and cash equivalents					$ 2,000,000
Debt to market value of adjusted assets minimum required ratio					3.00%

v3.24.2.u1

Schedule of Principal Payments (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Debt Disclosure [Abstract]
2025	$ 7,887
2026	7,787
2027	19,133
2028	14,660
2029 and thereafter	39,710
Total	$ 89,177

v3.24.2.u1

Long-term Debt (Details Narrative) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Short-Term Debt [Line Items]
Long-term debt, weighted average interest rate, at point in time	8.11%	8.17%
Long Term Debt and Promissory Note [Member]
Short-Term Debt [Line Items]
Interest expense on long-term debt and promissory note	$ 2,935	$ 2,661

v3.24.2.u1

Summary of Restricted Stock (Details) - Restricted Stock [Member]	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares, outstanding beginning balance | shares	20,000
Weighted average grant date price, outstanding beginning balance | $ / shares	$ 3.68
Number of shares, granted | shares
Weighted average grant date price, granted | $ / shares
Number of shares, vested | shares
Weighted average grant date price, vested | $ / shares
Number of shares, forfeited or expired | shares
Weighted average grant date price, forfeited or expired | $ / shares
Number of shares, outstanding ending balance | shares	20,000
Weighted average grant date price, outstanding ending balance | $ / shares	$ 3.68

v3.24.2.u1

Equity Capital Structure and Equity Incentive Plan (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	6 Months Ended
	Jun. 20, 2024	May 11, 2023	Oct. 31, 2015	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Aug. 23, 2021
Common stock, shares authorized				450,000,000		450,000,000
Preferred stock, shares authorized				50,000,000		50,000,000
Shares redemption, value				$ (2,500)
Common stock shares issued				10,458,767		10,542,547
Common stock shares outstanding				10,458,767		10,542,547
Preferred stock shares conversion price				$ 5.60
Preferred stock, par value				$ 0.001		$ 0.001
Warrants outstanding				1,591,062	1,591,062	1,591,062
Warrant exercise price per shares				$ 5.60	$ 5.60	$ 5.60		$ 8.75
Number of non-tradable warrant to purchase shares of common stock								107,143
Offering price of shares percent								125.00%
Mr. Valentis [Member]
Non controling ownership percentage				54.80%
Restricted Stock [Member]
Unrecognized cost related to restricted share awards				$ 12
Unrecognized compensation cost, over weighted-average period				6 months
Employee Stock [Member]
Compensation cost in general and administrative expenses		$ 17
Equity Incentive Plan [Member]
Awards granted expiration term			10 years
Description of terms of awards			Under the terms of the EIP, the Company’s Board is able to grant, (a) non-qualified stock options, (b) stock appreciation rights, (c) restricted stock, (d) restricted stock units, (e) unrestricted stock grants, (f) other equity-based or equity-related awards and (g) dividend equivalents. No award may be granted under the EIP after the tenth anniversary of the date the EIP was adopted by our Board.
Common Stock [Member]
Shares redemption, value
Shares redemption	446,429
Shares conversion	1,355,496
Warrants outstanding				3,460
Warrant exercise price per shares				$ 5.60
Second type - Warrant for the purchase of an aggregate common stock warrants				3,460
Preferred shares outstanding				10,458,767	10,794,812	10,542,547	10,614,319
Series A Convertible Preferred Shares [Member]
Preferred stock, shares outstanding				303,631		403,631
Preferred stock, shares issued				303,631		403,631
Series A Convertible Preferred Stock [Member]
Second type - Warrant for the purchase of an aggregate Series A Convertible Preferred Shares				4,683
Number of shares				0
Underwriters Warrants [Member]
Warrants outstanding				3,460
First type - Warrant for the purchase of an aggregate Series A Convertible Preferred Shares				4,683
Second type - Warrant for the purchase of an aggregate common stock warrants				3,460
Series A Convertible Preferred Shares [Member]
Preferred stock, shares authorized				1,000,000		1,000,000
Preferred stock, shares outstanding	303,631			303,631		403,631
Preferred stock, shares issued				303,631		403,631
Preferred stock shares conversion price				$ 5.60	$ 5.60
Warrants outstanding				1,591,062
Warrant exercise price per shares				$ 24.97	$ 24.97
First type - Warrant for the purchase of an aggregate Series A Convertible Preferred Shares				4,683
Number of shares				303,631	403,831
Preferred shares outstanding				303,631
Series A Convertible Preferred Stock [Member] | Preferred Stock [Member]
Shares redemption, value	$ 2,500
Shares redemption	100,000			(100,000)
Shares redemption, cancelled	100,000
Preferred shares outstanding				303,631	403,831	403,631	449,473
Series A Convertible Preferred Shares and Detachable Warrants [Member]
Preferred stock, shares issued				5,729,730
Warrant exercise price per shares				$ 24.97
Second type - Warrant for the purchase of an aggregate Series A Convertible Preferred Shares				4,683
Cash dividend per share				$ 0.1615
Dividend payable				$ 391
Restricted Common Shares [Member] | Employee Stock [Member]
Shares issued to employees		55,000

v3.24.2.u1

Schedule of Non controlling Interest (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Balance, January 1, 2024	$ 4,319
Deemed dividend	(8,875)
Net income attributable to non-controlling interest (40%) - six months ended June 30, 2024	53
Balance, June 30, 2024	6,702
Noncontrolling Interest [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Balance, January 1, 2024	4,319
Non-controlling interest contribution in Accuship	5,880
Deemed dividend	(3,550)
Net income attributable to non-controlling interest (40%) - six months ended June 30, 2024	53
Balance, June 30, 2024	$ 6,702

v3.24.2.u1

Schedule of Non controlling Interest (Details) (Parenthetical)	Jun. 30, 2024	May 09, 2024	Jul. 05, 2023
Chief Executive Officer and Chairman [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage, noncontrolling owner	40.00%	40.00%	40.00%

v3.24.2.u1

Non-controlling Interest (NCI) (Details Narrative) - USD ($) $ in Thousands			6 Months Ended
	May 09, 2024	Jul. 05, 2023	Jun. 30, 2024	Jun. 30, 2023
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Net income loss			$ 8,842	$ 11,870
Noncontrolling Interest [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Net income loss			53
Joint Ventures [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Net income loss			$ 132
DRYKON MARITIME Corp. [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage, parent		60.00%
Consideration in cash		$ 6,780
DRYKON MARITIME Corp. [Member] | Chief Executive Officer [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Consideration in cash		$ 4,520
Chief Executive Officer and Chairman [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage, noncontrolling owner	40.00%	40.00%	40.00%
Accuship Maritime Ltd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage, parent	60.00%
Consideration in cash	$ 7,320
Accuship Maritime Ltd [Member] | Restricted Stock [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Issuance of shares	267,857
Accuship Maritime Ltd [Member] | Chief Executive Officer [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Consideration in cash	$ 5,880

v3.24.2.u1

Schedule of Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income attributable to Pyxis Tankers Inc.	$ 8,842	$ 11,870
Dividend Series A Convertible Preferred Stock	(383)	(418)
Net income attributable to common shareholders	$ 8,459	$ 11,452
Weighted average number of common shares, basic	10,479,962	10,754,405
Net income per common share, basic	$ 0.81	$ 1.06
Net income attributable to common shareholders, diluted	$ 8,842	$ 11,870
Weighted average number of common shares, diluted	12,124,208	12,577,390
Net income per common share, diluted	$ 0.73	$ 0.94

v3.24.2.u1

Income per Common Share: (Details Narrative) - $ / shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Aug. 23, 2021
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Warrant outstanding	1,591,062	1,591,062	1,591,062
Warrants exercise price	$ 5.60	$ 5.60	$ 5.60	$ 8.75
Preferred stock shares conversion price	$ 5.60
Restricted Stock Units (RSUs) [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Number of unvested warrant to purchase shares of common stock	20,000	55,000
Restricted Stock Units (RSUs) [Member] | Maximum [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Number of unvested warrant to purchase shares of common stock	267,857
Common Stock [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Warrant outstanding	3,460
Warrants exercise price	$ 5.60
Warrants issued to purchase of securities	3,460	4,000
Warrant exercise price increase	$ 5.60	$ 5.60
Series A Convertible Preferred Shares [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Warrant outstanding	1,591,062
Warrants exercise price	$ 24.97	$ 24.97
Warrants issued to purchase of securities	4,683	4,683
Converted Preferred shares	303,631	403,831
Preferred stock shares conversion price	$ 5.60	$ 5.60
Underwriters Warrants [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Warrants issued to purchase of securities	3,460	4,000
Over-Allotment Option [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Warrant outstanding	4,683	4,683

v3.24.2.u1

Schedule of Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Trade accounts receivable	$ 5,216	$ 4,964
Trade accounts payable	1,936	$ 1,695
Carrying Value [Member]
Cash and cash equivalents (including restricted cash)	27,561
Short-term investment in time deposits	17,000
Trade accounts receivable	5,216
Trade accounts payable	1,936
Long-term debt with variable interest rates, net	89,177
Carrying Value [Member] | Related Party [Member]
Due from related parties
Due to related parties	975
Fair Value [Member]
Cash and cash equivalents (including restricted cash)	27,561
Short-term investment in time deposits	17,000
Trade accounts receivable	5,216
Trade accounts payable	1,936
Long-term debt with variable interest rates, net	89,177
Fair Value [Member] | Related Party [Member]
Due from related parties
Due to related parties	$ 975

v3.24.2.u1

Schedule of Financial Derivative Instrument Location (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Risk Management And Fair Value Measurements
Financial derivative instrument – Other non-current assets

v3.24.2.u1

Schedule of Gains Losses on Derivative Instruments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Risk Management And Fair Value Measurements
Financial derivative instrument – Fair value at the beginning of the period		$ 619
Financial derivative instrument – Amounts received		(560)
Financial derivative instrument – Fair value as at period end
Loss from financial derivative instrument		$ (59)

v3.24.2.u1

Risk Management and Fair Value Measurements (Details Narrative) - USD ($)				6 Months Ended
	Jan. 25, 2023	Jul. 16, 2021	Jan. 19, 2018	Jun. 30, 2024	Jun. 30, 2023
Cash gain on derivatives	$ 600,000
Impairment loss				$ 0	$ 0
Vessel Owing Company [Member]
Derivative, maturity date		Jul. 08, 2025	Jul. 16, 2021
Derivative, notional amount		$ 9,600,000
Derivative, cap interest rate		2.00%
Cash gain on derivatives	$ 600,000

v3.24.2.u1

Commitments and Contingencies (Details Narrative) $ in Thousands	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Long-term time charter contracts	$ 5,145

v3.24.2.u1

Schedule of Interest and Finance Costs (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Interest And Finance Costs
Interest on long-term debt (Note 7)	$ 2,935	$ 2,592
Interest on Promissory Note (Note 3)		69
Amortization of financing costs	114	126
Financing fees and charges	24	21
Total	$ 3,073	$ 2,808

v3.24.2.u1

Schedule of Revenue Disaggregated by Revenue Source (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues, net	$ 25,715	$ 21,121
Revenues Derived From Spot Charters [Member]
Disaggregation of Revenue [Line Items]
Revenues, net	8,740	3,962
Revenues Derived From Time Charters [Member]
Disaggregation of Revenue [Line Items]
Revenues, net	$ 16,975	$ 17,159

v3.24.2.u1

Schedule of Accounts Receivable Disaggregated Revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Accounts receivable trade from spot charters	$ 3,827	$ 4,790
Accounts receivable trade from time charters	1,475	260
Less: Bad debt provisions	(26)	(26)
Total	5,216	4,964
Revenues Derived From Spot Charters [Member]
Disaggregation of Revenue [Line Items]
Less: Allowance for credit losses	$ (60)	$ (60)

v3.24.2.u1

Schedule of Segment Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues, net	$ 25,715	$ 21,121
Voyage related costs and commissions	(3,315)	(3,273)
Vessel operating expenses	(6,116)	(5,790)
General and administrative expenses	(1,546)	(2,002)
Interest and finance costs	(3,073)	(2,808)
Net income attributable to Pyxis Tankers Inc.	8,842	11,870
Net income	8,895	11,870
Cash and cash equivalents & restricted cash	27,561		$ 36,339
Inventories	2,111		957
Trade accounts receivable	5,216		4,964
Short-term investment in time deposits	17,000		20,000
Prepayments and other current assets	1,359		226
Total assets	198,587		166,313
Related Party [Member]
Segment Reporting Information [Line Items]
Vessel operating expenses	(1,782)	$ (1,495)
Reportable Subsegments [Member]
Segment Reporting Information [Line Items]
Revenues, net	25,715
Voyage related costs and commissions	(3,315)
Vessel operating expenses	(6,116)
General and administrative expenses	(153)
Management fees	(742)
Depreciation and amortization of special survey costs	(3,289)
Interest and finance costs	(3,067)
Net income attributable to Pyxis Tankers Inc.	9,033
General and administrative expenses	(1,393)
Interest and finance costs	(6)
Interest income	1,261
Net income	8,895
Cash and cash equivalents & restricted cash	4,774		5,278
Inventories	2,111		957
Trade accounts receivable	5,216		4,964
Prepayments and other assets	1,098		202
Vessels, net	143,833		99,273
Prepayments for vessel acquisition			2,663
Special survey cost, net	1,432		1,622
Segment assets	158,464		115,153
Cash and cash equivalents	22,787		31,061
Short-term investment in time deposits	17,000		20,000
Prepayments and other current assets	336		99
Total assets	198,587		166,313
Reportable Subsegments [Member] | Related Party [Member]
Segment Reporting Information [Line Items]
Due from related parties			194
Tanker Vessels [Member] | Reportable Subsegments [Member]
Segment Reporting Information [Line Items]
Revenues, net	19,824
Voyage related costs and commissions	(2,492)
Vessel operating expenses	(3,936)
General and administrative expenses	(28)
Management fees	(452)
Depreciation and amortization of special survey costs	(2,099)
Interest and finance costs	(1,863)
Net income attributable to Pyxis Tankers Inc.	8,954
Cash and cash equivalents & restricted cash	3,005		4,237
Inventories	847		904
Trade accounts receivable	3,742		4,704
Prepayments and other assets	296		180
Vessels, net	69,299		71,179
Prepayments for vessel acquisition
Special survey cost, net	1,432		1,622
Segment assets	78,621		82,826
Tanker Vessels [Member] | Reportable Subsegments [Member] | Related Party [Member]
Segment Reporting Information [Line Items]
Due from related parties
Dry Bulk Vessels [Member] | Reportable Subsegments [Member]
Segment Reporting Information [Line Items]
Revenues, net	5,891
Voyage related costs and commissions	(823)
Vessel operating expenses	(2,180)
General and administrative expenses	(125)
Management fees	(290)
Depreciation and amortization of special survey costs	(1,190)
Interest and finance costs	(1,204)
Net income attributable to Pyxis Tankers Inc.	79
Cash and cash equivalents & restricted cash	1,769		1,041
Inventories	1,264		53
Trade accounts receivable	1,474		260
Prepayments and other assets	802		24
Vessels, net	74,534		28,094
Prepayments for vessel acquisition			2,663
Special survey cost, net
Segment assets	79,843		32,329
Dry Bulk Vessels [Member] | Reportable Subsegments [Member] | Related Party [Member]
Segment Reporting Information [Line Items]
Due from related parties			$ 194

v3.24.2.u1

Subsequent Events (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended			6 Months Ended
	Jul. 29, 2024	Aug. 31, 2024	Aug. 08, 2024	Jul. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jul. 30, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Convertible preferred stock dividends paid					$ 391	$ 405
Outstanding debt					$ 89,177			$ 61,490
Series A Preferred Stock [Member] | Forecast [Member]
Subsequent Event [Line Items]
Dividend declared		$ 0.1615
Subsequent Event [Member]
Subsequent Event [Line Items]
Number of shares repurchased			25,537
Average price			$ 4.94
Payments for commissions			$ 126,000,000
Subsequent Event [Member] | Minimum [Member]
Subsequent Event [Line Items]
Derivative, cap interest rate							2.40%
Subsequent Event [Member] | Maximum [Member]
Subsequent Event [Line Items]
Derivative, cap interest rate							3.35%
Subsequent Event [Member] | Seventhone Corp [Member]
Subsequent Event [Line Items]
Outstanding debt							$ 10,750
Subsequent Event [Member] | Eleventhone Corp [Member]
Subsequent Event [Line Items]
Outstanding debt							$ 16,500
Subsequent Event [Member] | Eleventhone Corp [Member] | Minimum [Member]
Subsequent Event [Line Items]
Derivative, cap interest rate							2.40%
Subsequent Event [Member] | Eleventhone Corp [Member] | Maximum [Member]
Subsequent Event [Line Items]
Derivative, cap interest rate							3.15%
Subsequent Event [Member] | Series A Preferred Stock [Member]
Subsequent Event [Line Items]
Dividend declared				$ 0.1615
Convertible preferred stock dividends paid	$ 49			$ 49
Subsequent Event [Member] | Series A Preferred Stock [Member] | S2024Q2 Dividends [Member]
Subsequent Event [Line Items]
Dividend payable date	Aug. 20, 2024
Dividend record of date	Aug. 13, 2024

---