Pyxis Tankers Announces Completion of Common Share Repurchase Program & Update on Chartering Activity
Pyxis Tankers Inc., an international shipping company, announced today key shareholder and chartering updates.
The Company has completed its authorized expanded $3.0 million common share repurchase program. Since summer 2023, we have acquired 730,683 common shares in the open market at an average cost of $4.03 per share, excluding commissions. As of January 29, 2025, there were 10,485,865 common shares of the Company outstanding, with a public float of approximately 4.37 million PXS shares.
In 2024, the Company also redeemed all of its outstanding 7.75% Series A Cumulative Convertible Preferred Stock, which eliminated potential shareholder dilution of 1,799,871 common shares. Thus, the Company has spent approximately $13.1 million, in total, for equity re-purchases in order to save potential shareholder dilution of 2.53 million common shares in aggregate or 19.4% of diluted common shares.
As of January 29, 2025, 72% of available days in the first quarter, 2025 for our three eco-MR product tankers were booked at an average estimated daily time charter equivalent rate (“TCE”) of $24,750 per vessel. As of the same date, 68% of available days in the first quarter of 2025, for our three dry-bulk vessels were booked at an average estimated daily TCE of $15,400.
The Company currently owns a modern fleet of six mid-sized eco-vessels, which are engaged in the seaborne transportation of a broad range of refined petroleum products and dry bulk commodities and consists of three MR product tankers, one Kamsarmax bulk carrier and controlling interests in two dry bulk joint ventures of a sister-ship Kamsarmax and an Ultramax. 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.
Source: Pyxis Tankers
