Pyxis Tankers Inc., an international shipping company, has entered into an agreement with a group of sellers, including the company’s Chairman and Chief Executive Officer, Mr. Eddie Valentis, to acquire, through a joint venture, an eco-efficient Kamsarmax (82,000 dwt), dry-bulk vessel built in 2015 at Jiangsu New Yangzi Shipbuilding fitted with a ballast water treatment system, according to the company's release.
The purchase price of the vessel, the “Konkar Venture”, is $30.0 million, which, in conjunction with vessel working capital and transaction fees and expenses, is expected to be funded by $16.5 million of bank debt, $13.2 million of total cash and the new issuance of $1.5 million of restricted common shares of the company.
The company, through the vessel owning subsidiary, expects to enter into a new 5 year amortizing term loan with one of its existing lenders that will be secured by the vessel and bears interest at SOFR plus 2.15%. As a further sign of commitment to the company, entities controlled by Mr. Valentis have agreed to re-invest $5.9 million in cash for a 40% minority interest in the vessel owning subsidiary, with the company owning the 60% majority interest through an investment of $7.3 million in cash and $1.5 million of restricted common shares of the company.
Pyxis Tankers currently owns a modern fleet of mid-sized eco-vessels consisting of three MR product tankers, one Kamsarmax, bulk carrier and a controlling interest in a single ship Ultramax, dry-bulk venture engaged in seaborne transportation of a broad range of refined petroleum products and dry-bulk commodities.