Pyxis Tankers Announces Updates on Loan Agreements, Common Share Repurchase Program & Chartering Activity
January 26 2026 - 4:10PM
Maroussi, Greece – January 26, 2026 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), (“we”, “our”, “us”, the “Company” or “Pyxis Tankers”), an international shipping company, announced today key loan, shareholder and chartering updates.
On December 17, 2025, we closed the refinancings of the existing secured loans with Alpha Bank S.A. for the Eleventhone Corp. (the “Pyxis Lamda”) and the Seventhone Corp. (the “Pyxis Theta”) in amounts of $18.6 million and $14.75 million, respectively. Each of the amended loan agreements have a maturity in 5 years with quarterly principal repayments of $375,000 and $450,000, respectively. Both existing loans were refinanced at a reduced interest rate of Term SOFR plus a margin of 1.90%. After repayment of existing principal, the Alpha Bank refinancings generated an incremental $9.9 million in net proceeds which we expect to deploy for fleet expansion.
On January 26, 2026, we completed amendments to the existing secured loans with Piraeus Bank S.A. for the Tenthone Corp. (the “Pyxis Karteria”), the Dryone Corp. (the “Konkar Ormi”) and the Drythree Corp. (the “Konkar Venture”) relating to outstanding principal borrowings of $42.1 million in the aggregate. The maturity of each loan was extended by six months, with an interest rate reduction to Term SOFR + 1.80%, representing a weighted average margin savings of 58 basis points in margin from the prior loan agreements. All other terms and conditions remain in full force and effect.
As of January 23, 2026, we have acquired 115,873 shares under our authorized common share repurchase program of up to $3.0 million which commenced in December, 2025. We have spent approximately $0.3 million to acquire these PXS shares in the open market at an average price of $2.94 per share, exclusive of commissions. There is $2.7 million of authorization remaining under the program which expires in November, 2026. The common share repurchase program does not require the Company to purchase a specific number or amount of common shares, and may be suspended or re-instated at any time at the Company’s discretion and without notice. As of January 23, 2026, there were 10,368,990 common shares of the Company outstanding.
As of January 26, 2026, 73% of available days in the first quarter of 2026 for our MR product tankers were booked at an average estimated daily time charter equivalent rate (“TCE”) of $23,100 per vessel. As of the same date, 27% of available days in the first quarter for our dry bulkers were booked at an average estimated daily TCE of $12,000.
Pyxis Tankers Fleet (as of January 26, 2026)
Vessel Name Shipyard Vessel type Carrying Capacity
(dwt) Year Built Type of charter Charter(1) Rate ($ per day) Anticipated Earliest Redelivery Date
Tanker fleet
Pyxis Lamda (2) SPP / S. Korea MR2 50,145 2017 Time 23,000 Sep 2026 Pyxis Theta SPP / S. Korea MR2 51,795 2013 Spot n/a n/a Pyxis Karteria (3) Hyundai / S. Korea MR2 46,652 2013 Time 19,500 Aug 2026 148,592
Dry-bulk fleet
Konkar Ormi SKD / Japan Ultramax 63,520 2016 Spot n/a n/a Konkar Asteri (4) JNYS / China Kamsarmax 82,013 2015 Time 12,250 Feb 2026 Konkar Venture (5) JNYS / China Kamsarmax 82,099 2015 Time 15,000 Jan 2026 227,632
1) These tables present gross rates in U.S.$ and do not reflect any commissions payable. 2) “Pyxis Lamda” is fixed on a time charter for 12 months -40/+60 days, at $23,000 per day. 3) “Pyxis Karteria” is fixed on a time charter for 12 months -30/+60 days, at $19,500 per day. 4) “Konkar Asteri” is fixed on a time charter for 55–65 days, at $12,250 per day. 5) “Konkar Venture” is fixed on a time charter for 11–16 days, at $15,000 per day.
Mr. Eddie Valentis, Chairman and Chief Executive Officer of the Company, commented:
“Our recent operating and financing activities have strengthened our financial position and enhanced our ability to pursue further growth. Our existing lenders have been highly supportive of our strategic plan to expand our fleet in a disciplined way. The recent loan refinancings have extended maturities, and our next loan maturity is not scheduled until September, 2028. Moreover, our cash position has increased by an incremental $10.0 million. These refinancings are also expected to result in a material reduction in interest expense as the overall weighted average interest margin above SOFR is now less than 2%. Currently, we have approximately $52.0 million in unrestricted cash, which combined with our hunting licensed loan commitment of up to $45.0 million, provides us the capital to potentially expand our fleet. At the same time, we will continue to repurchase our common shares in the open market under the remaining $2.7 million authorized program.
As reflected in our updated bookings for the first quarter of 2026, market conditions remain reasonably healthy for both the product tanker and dry bulk sectors, despite some seasonal softness. Geopolitical developments continue to influence industry conditions, effecting market sentiment and contributing to volatility. Accordingly, we will continue to manage employment -related risks by maintaining diversification across vessel classes, customers, cargoes and charter durations.”
About Pyxis Tankers Inc.
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. 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.
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