Post on 22-May-2020
COMPANY PRESENTATIONFebruary 2020
2
DISCLAIMERFORWARD-LOOKING STATEMENTS & INFORMATION
This document includes "forward-looking statements" intended to qualify for the safe harbor from liability established by
the Private Securities Litigation Reform Act of 1995 in order to encourage companies to provide prospective information
about their business. These statements include statements about our plans, strategies, goals financial performance,
prospects or future events or performance and involve known and unknown risks that are difficult to predict. As a result,
our actual results, performance or achievements may differ materially from those expressed or implied by these
forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as
"may," "could," "expects," "seeks," "predict," "schedule," "projects," "intends," "plans,“ "anticipates," "believes," "estimates,"
"potential," "likely" and variations of these terms and similar expressions, or the negative of these terms or similar
expressions.
Such forward-looking statements are necessarily based upon estimates and assumptions. Although the Company
believes that these assumptions were reasonable when made, because these assumptions are inherently subject to
significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company's
control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.
The Company’s actual results may differ, possibly materially, from those anticipated in these forward-looking statements
as a result of certain factors, including changes in the Company’s financial resources and operational capabilities and
as a result of certain other factors listed from time to time in the Company's filings with the U.S. Securities and Exchange
Commission. For more information about risks and uncertainties associated with our business, please refer to our filings
with the U.S. Securities and Exchange Commission, including without limitation, under the caption “Risk Factors” in our
Annual Report on Form 20-F for the fiscal year ended December 31, 2018. We caution you not to place undue reliance
on any forward looking statements, which are made as of the date of this document. We undertake no obligation to
update publicly any information in this document, including forward-looking statements, to reflect actual results, new
information or future events, changes in assumptions or changes in other factors affecting forward-looking statements,
except to the extent required by applicable laws.
This presentation and any oral statements made in connection with it are for informational purposes only and do not
constitute an offer to buy or sell our securities. For more complete information about us, you should read the information
in this presentation together with our filings with the SEC, which may be accessed at the SEC’s website
(http://www.sec.gov).
3
COMPANY OVERVIEWPURE PLAY PRODUCT TANKER COMPANY
► Focus on modern medium range (“MR”) product tankers with “eco” features
►Modern tanker fleet of five IMO-certified vessels - weighted average age of 7.7 years
►Management pursuing a sale or other long-term strategy for small tankers
Growth Oriented
with Attractive,
Modern Fleet
► Long-standing relationships with first-class customers worldwide
►As of February 9, 17% of remaining 2020 available days for MRs booked at an average gross
charter rate of ~$15,400, excluding charterers’ options
►Positioned to capitalize as charter rates are expected to improve in 2020 and after
Reputable Customer
Base & Diversified
Chartering Strategy
►Disciplined, substantially fixed cost structure creates greater earnings power when
rates improve
►Competitive total daily operational costs to peer group
►Moderate capitalization with long-lived funded debt
►Earliest scheduled balloon payment due Q3 2022
Competitive Cost
Structure &
Moderate
Capitalization
► Strong mgmt. team with 90+ years of combined industry and capital markets experience
► Founder/CEO has proven track record and is a major shareholder
►Board consists of respected industry figures
► Solid ESG commitment and track record
Experienced,
Incentivized
Management
► IMF’s global annual growth of 3%+ should help demand outpace supply in 2020
►Historically low and declining MR2 orderbook
► Increased scrapping expected – 6% of global MR2 fleet 20 years old or more
►New environmental regulations, led by IMO 2020, should be positive for Eco-MRs resulting in
incremental demand combined with lower available capacity
Favorable Industry
Fundamentals, plus
IMO 2020 Catalyst,
Create Attractive
Entry Point
4
FLEET & EMPLOYMENT OVERVIEWPOSITIONED FOR UPSIDE OPPORTUNITIES
Our mixed chartering strategy provides upside opportunities through spot trading when rates improve and
stable, visible cash flows from time charters
Fle
et
De
tails
Fle
et
Em
plo
ym
en
t O
ve
rvie
w
11% of the remaining days of 2020 are covered, exclusive of charters’ options
Current Charter
Vessel ShipyardVessel
Type
Carrying
Capacity
(dwt)
Year BuiltType of
Charter
Charter
rate (1)Earliest
Redelivery Date
Pyxis Epsilon (2) SPP / S.Korea MR 50,295 2015 Time $15,350 March 2020
Pyxis Theta (2) SPP / S.Korea MR 51,795 2013 Time $15,375 May 2020
Pyxis Malou SPP / S.Korea MR 50,667 2009 Time $15,500 April 2020
Northsea Alpha(3) Kejin / China Small Tanker 8,615 2010 Spot n/a n/a
Northsea Beta (3) Kejin / China Small Tanker 8,647 2010 Spot n/a n/a
Total 170,019Avg. Age
8 Years
(1) These tables are dated as of February 9th , 2020 and show gross rates and do not reflect commissions payable.
(2) Pyxis Theta & Pyxis Epsilon have granted the charterer an option to extend the one year time charter for an additional 12 months (+/- 30 days) at a gross charter rate of $17,500/d.
(3) Management pursuing sale or other long-term strategy for small tankers.
Vessel
Jan May July Aug Sept Oct Nov Dec
Pyxis Epsilon
Pyxis Theta
Pyxis Malou
Northsea Alpha
Northsea Beta
Fixed Employment Charterers Optional Period Spot Employment Open Days Drydocking / BWTS Days
2020
MarFeb Apr June
5
STRONG RELATIONSHIPSQUALITY VESSELS & OPERATIONS → BLUE CHIP CUSTOMERS → COMPETITIVE
LENDING TERMS
CUSTOMERS SENIOR LENDERSSHIPYARDS
6
SENIOR MANAGEMENT
► Joined Pyxis affiliates in 2008; 25+ years of experience in the shipping industry
►Co-founder of Navbulk Shipping S.A., a start-up dry bulk company
►5 years as Financial Director of Neptune Lines, a car carrier company
►16 years in various financial and operational positions for other ship owning and services
companies
►25+ years of experience in owning, operating and managing within various shipping
sectors, including product, dry bulk, chemical, as well as salvage and towage
► Founder of Pyxis in 2015 and Pyxis Maritime Corp. in 2007
► For the last 16 years, Managing Director & Principal of KONKAR SHIPPING AGENCIES S.A.,
an Athens-based dry bulk owner-operator established in 1968
► Joined Pyxis affiliates in 2015; 35+ years of commercial, investment and merchant
banking experience
►Previous investment banking positions include Nordea Markets (Oslo & NY)–Global Sector
Head- Shipping, and Oppenheimer (NY) – Head of Energy & Transportation
Konstantinos
“Kostas” Lytras
Chief Operating
Officer &Corporate
Secretary
Valentios “Eddie”
Valentis
Chairman & CEO
Henry Williams
CFO & Treasurer
DECADES OF EXPERIENCE
7
PYXIS ORGANIZATIONAL STRUCTURELEAN, EFFICIENT, SCALABLE ORGANIZATIONAL STRUCTURE
Administrative, Commercial &
Ship Management Services (1)
Administrative, Commercial &
Ship Management Fees
(1) As an affiliate, provides the commercial management for the fleet and supervises the crewing and technical management performed by ITM for all our vessels
(2) Provides technical management for all our vessels. ITM is a third party vessel manager, part of the V.Group, the largest 3rd party ship management provider in the world.
Technical
Management (2)
Quality, Cost Effective Ship Management
► Streamlined structure minimizes costs and allows management to focus on creating long term
shareholder value
►Very competitive ship management fees @ ~ $756/day/vessel provide safe and efficient operating
results compared to peers
8
►Expand fleet by targeting balanced capital structure of debt and equity
►Maintain commercial lending and expand capital markets relationships
►Address Environmental, Social and Governance (ESG) standards throughout the
organization
►Meet charterers’ preference for modern and eco tankers, which offer more
operating reliability and efficiency
►Maintain high standards ensuring high level of safety, customer service and support
►Continue solid margins and ship level financial discipline within Pyxis
► Focus on acquisition of IMO II and III MR2 class product tankers of 10 years of age
or less built in Tier 1 Asian shipyards
►Prudently grow company size as soon as practical
Grow the Fleet
Opportunistically
Maintain Financial
Flexibility & Support
ESG Standards
Focus on the Needs
of our Customers
COMPANY STRATEGYFOCUS ON QUALITY, GROWTH, SERVICE & FINANCIAL FLEXIBILITY
►Employ mixed chartering strategy between time and spot
►Maintain optionality – spot exposure offers upside during periods of market strength
►Diversify charters by customer and staggered duration
Utilize Portfolio
Approach to
Commercial
Management
9
SUPPORT GOOD ENVIRONMENTAL, SOCIAL, GOVERNANCE
STANDARDS
► Focus on eco-efficient, modern MR tankers, resulting in improved fuel
consumption and lower greenhouse gas emissions
► Clear strategy to comply with new and existing IMO regulations, including:
• Retrofitting MR fleet with Ballast Water Treatment Systems (BWTS) for
compliance with G8 guidelines
• Consuming IMO2020 compliant fuel only by avoiding installation of exhaust
gas cleaning systems
► Maintain operational excellence to ensure continued compliance with all
relevant regulatory environmental standards – no history of environmental
claims
ENVIRONMENTAL
SOCIAL
GOVERNANCE
► Outsourcing of crewing and technical management to ITM, part of the world’s
largest vessel management group, which is committed to maintaining the
highest standards in health and safety by ongoing training and development
of its staff and vessel crews
► Regular election process for all Board members
► Independent Board members chair various oversight committees
► Comprehensive whistleblower and insider trading policies
► Full compliance with all applicable NASDAQ and SEC requirements
► Experienced CEO is council member of INTERTANKO
► Best-in-class advisors and auditors – Seward & Kissel (legal), EY (audit) and
Grant Thornton (SOX)
MARKET OVERVIEWPRODUCT TANKER INDUSTRY
11
REFINED PRODUCTS OVERVIEW
Petroleum Products
Bitumen
Fuel Oil
Cycle Oils
Diesel/Gasoil
Kerosene
Gasolines
Clean Condensates
Naphthas
Other Bulk Liquids
Vegetable Oils & Organic Chemicals
Dirty
Products
Clean
Products
Crude
Most products tankers can switch
between clean and dirty products when
the tanks are carefully cleaned. Gasoil is
a good clean up cargo when switching
from dirty to clean products.
More sophisticated product tankers work
at this end of the market, some with the
ability to carry products and certain
chemicals.
Crude tankers carry only crude oil and
fuel oils (except possibly maiden
voyage).
Non-oil substances now covered by
revised IBC Code. To carry chemicals,
an IMO Certificate of Fitness is
required.
PRODUCT CARRYING VERSATILITY
Veg Oil/Light Chemicals
Source: Drewry, February 2020
12
CHANGING TRADE ROUTES & PETROLEUM REFINERY
LANDSCAPE CREATING INCREMENTAL DEMAND
Source: Drewry, February 2020
* Compound annual growth rate
Increases in Demand due to Changing Trade Routes & Refining Landscape
1,500
1,700
1,900
2,100
2,300
2,500
2,700
2,900
3,100
3,300
3,500
600
650
700
750
800
850
900
950
1,000
1,050
1,100
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Seaborne Product Trade - Million Tons (Left Hand Scale)
Ton Mile Demand - Billion Ton Miles (Right Hand Scale)
3.0% CAGR* in million tons of seaborne trade2.9% CAGR in ton mile demand
13
EVOLVING TRADE ROUTES WITH TON MILES
INCREASING
Source: Drewry, February 2020
• Growth in net refining capacity expected to further drive demand for product tankers
• Lower crude / feedstock prices generate incremental refinery demand
• Arbitrage between markets create further opportunities
• Emerging, growing markets in Latin America and Africa have little refining capacity
• U.S. exports to Latin America have grown at CAGR of 10.2% from 2009 to 2019
Major Long – haul MR2 Trade Routes
14
U.S. HAS BECOME MAJOR EXPORTER OF REFINED
PRODUCTSM
illio
n B
arr
els
pe
r D
ay
Increasing refined product exports due to proliferation of shale oil production
Source: Drewry, February 2020
0.00
1.00
2.00
3.00
4.00
5.00
6.00
Ja
n-1
0
Ap
r-1
0
Ju
l-10
Oc
t-1
0
Ja
n-1
1
Ap
r-1
1
Ju
l-11
Oc
t-1
1
Ja
n-1
2
Ap
r-1
2
Ju
l-12
Oc
t-1
2
Ja
n-1
3
Ap
r-1
3
Ju
l-13
Oc
t-1
3
Ja
n-1
4
Ap
r-1
4
Ju
l-14
Oc
t-1
4
Ja
n-1
5
Ap
r-1
5
Ju
l-15
Oc
t-1
5
Ja
n-1
6
Ap
r-1
6
Ju
l-16
Oc
t-1
6
Ja
n-1
7
Ap
r-1
7
Ju
l-17
Oc
t-1
7
Ja
n-1
8
Ap
r-1
8
Ju
l-18
Oc
t-1
8
Ja
n-1
9
Ap
r-1
9
Ju
l-19
Oc
t-1
9
United States Saudi Arabia
15
REFINERY CAPACITY ADDITIONS FURTHER AWAY FROM END USERS → BOOSTING TON-MILE DEMAND
Expected Petroleum Refinery Capacity Additions Driven by Non-OECD Growth & Exports
Mill
ion
Ba
rre
ls p
er
Da
y
Source: Drewry, February 2020
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
OEC
D A
me
ric
a
OEC
D E
uro
pe
OEC
D A
sia
Oc
ea
nia
FSU
No
n-O
EC
D E
uro
pe
Ch
ina
Oth
er
Asi
a
Latin
Am
eric
a
Mid
dle
Ea
st
Afr
ica
2020 2021 2022 2023 2024
16
DECLINING MR2* ORDER BOOK
• Total MR2 vessel orderbook has fallen from ~48% high in 2007 of the then existing fleet to 5.6% (96
vessels) of the worldwide fleet as of December 31, 2019
• Low ordering – 37 MR2’s in 2019 (2.1% of global fleet) of which 13 are to be scrubber fitted
• Limited capacity additions - only 35 MR2s scheduled beyond 2020 due to continued limited
availability of cost-effective capital and future technology concerns
• Worldwide MR2 fleet is expected to grow at an annual gross rate of 2.5% through 2021, without giving
effect to scrapping of older vessels and slippage of deliveries
• Slippage of 3.3% in 2019 for new build MR2 deliveries, based on the number of units
Expected MR2 Delivery Schedule
Nu
mb
er
of
Ve
sse
ls
* MR2 37 – 54,999 DWT
Source: Drewry, February 2020
61
30
50
10
20
30
40
50
60
70
Medium Range 2 (MR2)
2020 2021 2022+
17
MR2 SCRAPPING EXPECTED TO INCREASE
Global Fleet Age Distribution of MR2s by Tonnage
• Average age of MR2 fleet is 10.5 years
• 105 MR2 vessels (6% of worldwide fleet) are 20 years old or more
• 14 MR2 (0.8% of the MR2 fleet) scrapped in 2019
• Sizeable portion of the fleet is approaching end of its useful life - future supply will affect
replacement ability
• New environmental regulations should drive more scrapping
Source: Drewry, February 2020
0%
5%
10%
15%
20%
25%
30%
35%
40%
<5yrs 5-10yrs 10-15yrs 15-20yrs 20-25yrs 25+yrs
18
Jan.10-Dec.19 MR2 Avg. Rate
Average $14,141
Low $11,000
High $19,500
Dec. 2019 $16,000
Jan.10-Dec.19 MR2 Avg. Rate
Average $9,992
Low $1,100
High $26,100
Dec. 2019 $18,701
MR2 CHARTER RATES POSITIONED FOR IMPROVEMENT
MR2 Time Charter Equivalent* Daily Spot Rates
1 Year MR2 Time Charter Equivalent Daily Rates *
Source: Drewry, February 2020
* Please see Exhibit I- Non-GAAP Definitions
USD
pe
r D
ay
USD
pe
r D
ay
5,000
10,000
15,000
20,000
25,000
Jan
-10
Jun
-10
No
v-1
0
Ap
r-1
1
Se
p-1
1
Feb
-12
Jul-12
De
c-1
2
Ma
y-1
3
Oc
t-1
3
Ma
r-1
4
Au
g-1
4
Jan
-15
Jun
-15
No
v-1
5
Ap
r-1
6
Se
p-1
6
Feb
-17
Jul-17
De
c-1
7
Ma
y-1
8
Oc
t-1
8
Ma
r-1
9
Au
g-1
9
MR2 10 Year Average
0
5,000
10,000
15,000
20,000
25,000
30,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2015 2016 2017 2018 2019 10 Year Average
19
Type ($ million) Dec’19 *2010-2019Average * Difference
New Build (delivery Late ‘21) ** $36.0 $35.0 3%
5 yr. old 30.0 26.2 14%
10 yr. old 19.0 17.5 9%
MODERATE MR2 ASSET VALUES CREATE ATTRACTIVE
ENTRY POINT
MR2 Asset Prices
USD
Mill
ion
* Source: Drewry, February 2020, excludes Jones Act vessels ** Tier III vessel, exclusive of higher design specifications, yard supervision costs and spares
10.0
15.0
20.0
25.0
30.0
35.0
40.0
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
NB Price NB Price Average 10-19 SH Price - 5 Yrs Old
SH Price 5 Yrs old Average 10-19 SH Price - 10 Yrs Old SH Price 10 Yrs old Average 10-19
20
IMO2020 – STARTING A WAVE OF DECARBONIZATION CHANGE
Effective January 1st, Industry-Wide Fuel Regulations Limiting Sulfur Emissions to 0.5%; HSFO Carriage Ban Starting March 31st
INITIAL MARITIME
RESPONSE
► Refineries manufactured sufficient supplies of blends of compliant VLSFO
► Logistical challenges in a few major ports creating congestion & delivery
problems for re-fueling
► Temporary floating storage in handful of major ports (e.g. 22 VLCC’s in Singapore
mostly holding VLSFO*)
► Limited compatibility issues of new fuel blends but greater demand for MGO due
to proven reliability
► Initial HSFO price spreads to MGO and VLSFO higher than anticipated but
declining, e.g. 3 major ports HSFO to VLSFO avg. spread fallen 45% YTD to $209/Mt
► YE 2020 HSFO to VLSFO spread expected to be ~$180/Mt with ample supply
► Some tanker owners, who previously elected to install scrubbers, delayed retrofits
due to strong charter rates with further delays expected at Chinese yards due to
the Coronavirus outbreak
► Initial indications of scrubber economics seem to be better than anticipated but
time will tell; depending on vessel, installations cost $1.5-5M with off-hire of up to
90 days; unclear impact to vessel OPEX
► Ban on use of open-loop scrubbers in certain jurisdictions
► Widening charter premiums for Eco and modern scrubber fitted vessels vs.
standard vessels (up to $2K/d for Eco MR2 with additional $1.5K for scrubber fitted
unit)
► Little reported slow-steaming and violations
► New trading routes developing for product tankers
Pyxis will Not Install Scrubbers due to Overall Risk/Return Profile & Allot Fuel Risks to MR Charterers under Staggered T/C’s
* Source: DNB January 24, 2020
21
IMO2020 – STARTING A WAVE OF DECARBONIZATION CHANGE(cont.)
Longer Term Regulatory Goal to Reduce Carbon Emissions by 2050 to 50% of 2008 levels
LONGER-TERM
RESPONSE
► Implementation of Poseidon Principles and ongoing ESG monitoring by major
financial institutions to disclose their assessment of whether borrowers are in-line
with IMO goals will result in greater lending selectivity
► Expanding issuance of “green” debt financings
► Vessel owners burdened with costs of increasing regulatory compliance but
should benefit from lower fuel consumption, greater operating efficiencies and
demand-pull for newer, environmentally-friendly vessels
► Worldwide collaborative efforts to develop new ship designs, engine/propulsion
systems and fuels
► Various technological uncertainties and limited cost-effective capital continues
to result in low new build vessel orders
► S&P activity for tankers primarily focused on older, less efficient units
► Potential for increase in “qualified” scrapping under the pending IMO Hong Kong
International Convention
Pyxis Welcomes the Responsibilities & Opportunities of Greater Environmental Regulation
22
PRELIMINARY IMPACT OF CORONAVIRUS – UNCHARTERED WATERS
Coronavirus - A Significant Impact on World Trade and, to a Limited Extent, the Product Tanker Market
EVOLVING IMPACT
OF THE SPREAD OF
CORONAVIRUS
► Difficult to read effect within China due to extension of Lunar Year holiday and
evolving ripple effect worldwide
► Short-term decline in economic growth globally, and specifically within China -
Chinese GDP growth estimated to decline from 6-6.5% to 5-5.5% in 2020
► BP recently estimated a short-term reduction of Chinese daily oil consumption of
7.4%, or 1Mbpd, primarily reflecting lower jet fuel and gasoline demand for
transportation
► Changes to trade routes and potential increase in ton-miles
► Lower seasonal demand and refinery turnarounds combined with Coronavirus
effects have resulted in slightly lower charter rates – One year T/C reduced
$500/d and lower spot rates in Asia
► Disruption of vessel operations: increased monitoring of crew health, review of
prior ports of call, potential delays at ports with quarantines for vessels which
recently called in China and selective port closures within China
► Reduction of fuel costs due to lower short-term activity
► Reduction and delays in shipyard activity - newbuilds, retrofits of scrubbers and
repairs
► Implementation of Force Majeure - Chinese Council of Promotion of International
Trade is issuing Force Majeure certificates to domestic companies which has an
unquantifiable impact commercially and uncertain regulatory / legal implications
Limited Short Term Impact to Pyxis due to Time Charter Coverage but Unhealthy for All as long as Coronavirus
Persists. Rebound Could be Dramatic.
PYXIS TANKERSFINANCIAL HIGHLIGHTS
24
CAPITALIZATION AT SEPTEMBER 30, 2019, AS ADJUSTED
Moderate
leverage
No bank balloon
payments
scheduled until
Q3 2022
* Adjusted for the sale of Delta and scheduled debt amortization through Feb 9, 2020
• Weighted average interest rate of total debt for the nine months ended September 30, 2019 was 8.2%
At September 30, 2019
In ‘000 USD ACTUAL, as adjusted*
Cash and cash equivalents, including restricted cash $ 4,622
Institutional debt, net of deferred financing fees 52,524
Promissory note 5,000
Total funded debt $ 57,524
Stockholders' equity 32,648
Total capitalization $ 89,902
Net funded debt $ 52,902
Total funded debt / total capitalization 64.0%
Net funded debt / total capitalization 58.8%
25
ECO-MR TVOCs EASILY COVERED BY TC REVENUE
MR Daily TCE compared to Total Operational Costs in 2019*
► Our eco-MRs’ total daily operational costs continue to be stable and very
competitive vs our peers
► TC Revenue provides significant cash flow surplus to meet capital requirements
* 9M Through Sep 2019
6,8945,768
756
756
1,091
1,09113,046
14,185
$ 0
$ 2,000
$ 4,000
$ 6,000
$ 8,000
$ 10,000
$ 12,000
$ 14,000
$ 16,000
Opex Man Fee SGA TCE
Eco-Efficient MRs (2 vessels)Eco-Mod MR (1 vessel)
26
MANAGEMENT INCENTIVIZED TO ACHIEVE GROWTHFOUNDER/CEO’S SUBSTANTIAL SHAREHOLDINGS
► Common shares listed on NASDAQ Capital Market under trading symbol “PXS”
► The shareholder base as of February 9, 2020:
▪ Maritime Investors Corp. (“MIC”) 17,188,238 (80.2% of outstanding)
▪ Public Float 3,978,582 (18.6%)
▪ Other Management 253,648 (1.2%)
▪ Total Shares Outstanding 21,420,468 (100%)
► No outstanding overhang of dilutive securities e.g. warrants, options or equity-linked
securities
► Our Founder/CEO’s substantial shareholdings through MIC and interests are aligned with our
shareholders
27
INVESTMENT HIGHLIGHTSPURE PLAY PRODUCT TANKER COMPANY
Growth Oriented with Attractive, Modern
Eco Fleet
Reputable Customer Base & Mixed
Chartering Strategy
Competitive Cost Structure & Moderate
Capitalization
Experienced, Incentivized
Management & Commitment to Good
ESG Standards
Favorable Industry Fundamentals Create Attractive Entry Point
with Upside
NON-GAAP DEFINITIONSEXHIBIT I
29
EXHIBIT I | NON-GAAP DEFINITIONS
Daily time charter equivalent (“TCE”) is a shipping industry performance measure of the average daily revenue performance of a
vessel on a per voyage basis. TCE is not calculated in accordance with U.S. GAAP. We utilize TCE because we believe it is a
meaningful measure to compare period-to-period changes in our performance despite changes in the mix of charter types (i.e.,
spot charters, time charters and bareboat charters) under which our vessels may be employed between the periods. Our
management also utilizes TCE to assist them in making decisions regarding employment of the vessels. We calculate TCE by dividing
revenues, net after deducting voyage related costs and commissions by operating days for the relevant period. Voyage related
costs and commissions primarily consist of brokerage commissions, port, canal and fuel costs that are unique to a particular
voyage, which would otherwise be paid by the charterer under a time charter contract.
Vessel operating expenses (“Opex”) per day are our vessel operating expenses for a vessel, which primarily consist of crew wages
and related costs, insurance, lube oils, communications, spares and consumables, tonnage taxes as well as repairs and
maintenance, divided by the ownership days in the applicable period.
We define Total Operational Costs as vessel Opex, technical and commercial management fees plus allocable general and
administrative expenses, applied on a daily basis, typically in comparison of our eco-efficient and eco-modified MR’s. These costs
can vary by fleet composition, vessel delivery, operating structure, management organization and dry-dockings.
30
CONTACT
Pyxis Tankers Inc.
K. Karamanli 59
Maroussi 15125, Greece
Email: info@pyxistankers.com
www.pyxistankers.com
Henry Williams
CFO & Treasurer
Phone: +1 516 455 0106/ +30 210 638 0200
Email: hwilliams@pyxistankers.com