Pyxis Tankers Secures $31,000/Day Charter for Pyxis Lamda | Mariner News
Pyxis Tankers Inc. has secured a new two-year time charter for its 2017-built MR product tanker Pyxis Lamda with CITGO Petroleum Corporation at a gross rate of $31,000 per day. This significant rate, $8,000 per day higher than the vessel’s current charter, underscores the robust demand and firming rates within the MR product tanker segment.
The new charter is expected to commence immediately following the vessel’s scheduled special survey and drydocking, which will occur after its current charter expires around November 20, 2026. The strategic timing ensures the vessel re-enters the market in prime condition for a high-paying, long-term commitment.
Financially, the new charter is projected to generate approximately $21.8 million in net charter revenue over its 24-month term, assuming 720 revenue earning days and after 2.5% commissions. Pyxis anticipates the Pyxis Lamda will contribute approximately $7.7 million in annualized EBITDA and $5.2 million in annualized net income, equating to $0.51 per common share.
The decision by CITGO Petroleum Corporation to lock in an MR product tanker for a two-year period at a premium rate suggests a strategic imperative to secure tonnage and ensure supply chain stability for refined products, potentially anticipating sustained strong market conditions or specific operational needs. For Pyxis Tankers, this agreement provides substantial revenue visibility and enhanced financial predictability from a single asset, bolstering its earnings outlook through late 2028.
