We are an international shipping company which currently owns and operates a modern fleet of eco-efficient mid-sized vessels consisting of product tankers and dry bulk carriers engaged in the seaborne transportation of refined petroleum products and bulk commodities. The average age of our fleet is approximately 3 years less than industry averages. We are focused on medium range (“MR2”) product tankers and 46-84 dwt bulkers, which provide operational flexibility and enhanced earnings potential due to their “eco” features. Our tanker fleet consists of three MR2s with an average age of 10.2 years as of November 20, 2024. In addition, we hold 60% equity interests in two related-party joint ventures, which own modern Ultramax and Kamsarmax (“Kmax”) carriers, and 100% ownership of Kmax, all of which move a broad range of dry bulk commodities. As of November 20th, the average age of our bulkers was 9 years. We are well-positioned to opportunistically expand in both the product tanker and dry bulk sectors and maximize the value of our fleet due to our strong customer relationships, significant capital resources, competitive cost structure and experienced management team and founder, whose interests are squarely aligned with other shareholders. Our common shares are listed on the NASDAQ Capital Markets under the trading symbol “PXS.”
Diversified Modern Fleet
In conjunction with our listing on the NASDAQ Capital Markets in the fall of 2015, we acquired in a stock-for-stock based transaction six modern product tankers from an affiliate of our founder, Chief Executive Officer and majority shareholder. We sold our oldest, non-eco MR, the “Pyxis Delta”, in early 2020. In July 2021, we acquired a 2013 built eco-efficient MR which we named “Pyxis Karteria”. In December 2021, we acquired a 2017 built MR, the “Pyxis Lamda” in a related party transaction. In early 2022, we completed the sales of two non-core assets, the“Northsea Alpha” and the “Northsea Beta”. In March, 2023 we sold our eco-modified tanker, the 2009 built “Pyxis Malou” and in December, 2023 we opportunistically sold the 2015 built “Pyxis Epsilon”. We currently own and operate a fleet of 3 eco - MR2s.
In the fall of 2023, we commenced a disciplined counter – cyclical diversification strategy into the dry bulk sector, an area where our management team has significant prior ownership and operating experience. In September, we acquired a controlling interest in a joint venture of a scrubber-fitted 2016 built Ultramax and in February, 2024 we completed the acquisition of a scrubber-fitted Kamsarmax. In June, 2024 we closed on another operating joint venture agreement to acquire a 82,013 dwt Kmax built in 2015, the “Konkar Venture”, a sister-ship of our “Konkar Asteri”. We currently control and operate the 3 bulkers.
Stable Cash Flow with Upside from Vessel Employment & Operational Platform
Our chartering strategy is intended to provide stable, visible cash flows from time charters and an upside opportunity through the spot market during periods of market strength. We have strong relationships with a large list of reputable customers, substantially all of which are repeat charterers. We have developed a scalable operational platform which is cost-competitive to our peers and helps management minimize costs and focus on long-term shareholder value.
Aligned Company Ownership Structure
After the full redemption of our Series A 7.75% Convertible Preferred Stock during 2024 and continued open-market purchases of our common shares under the $3 Million authorized program, we had 10.56 million shares outstanding as of November 20, 2024. The Company’s management team own over 57% of the same class of common stock, and the public float of approximately 4.5 million PXS shares is broadly held.