Maroussi, Greece - October 6, 2026 - Pyxis Tankers Inc. (Nasdaq Capital Market: PXS) (the "Company" or "Pyxis Tankers"), an international shipping company, announced today that it has agreed to a new time charter for its 2017-built MR product tanker Pyxis Lamda with CITGO Petroleum Corporation for 24 months, plus or minus 30 days at the charterer's option, at a gross rate of $31,000 per day.
The vessel's current charter is expected to expire on or about November 20, 2026. Pyxis Lamda will then undergo its scheduled special survey and drydocking. The new charter is expected to commence immediately after drydocking is completed and is expected to generate approximately $21.8 million in net charter revenue after 2.5% commissions over its term, assuming 720 revenue earning days.
Based on the new charter rate and current cost estimates, Pyxis expects Pyxis Lamda to generate approximately $7.7 million in annualized EBITDA and contribute approximately $5.2 million in annualized net income, or $0.51 per common share.
The new charter rate is $8,000 per day higher than the current rate, representing approximately $2.8 million in incremental annualized revenue after commissions and, assuming no change in other related costs, approximately $0.27 in incremental annualized earnings per common share.
These estimates assume 360 revenue earning days per year and approximately 10.24 million common shares outstanding.
Eddie Valentis, Chairman and Chief Executive Officer of Pyxis, commented: "This charter allows us to lock in an attractive rate for approximately two years, capturing the benefits of the current strong tanker market while increasing visibility into our future cash flows and earnings. We are pleased to extend our relationship with CITGO and secure employment for Pyxis Lamda immediately following her scheduled special survey."
Actual revenue and earnings will depend on the vessel's delivery date, off-hire, the final charter duration, operating costs and other factors.
About Pyxis Tankers Inc.
Pyxis Tankers Inc. currently owns a modern fleet of six mid-sized eco-vessels engaged in the seaborne transportation of refined petroleum products and dry-bulk commodities. The fleet consists of three MR product tankers, one Kamsarmax bulk carrier and controlling interests in two dry-bulk joint ventures that own a sister-ship Kamsarmax and an Ultramax vessel. The Company is positioned to opportunistically expand and maximize its fleet of eco-efficient vessels due to its capital resources, competitive cost structure, strong customer relationships and experienced management team whose interests are aligned with shareholders.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of applicable securities laws. Forward-looking statements include, without limitation, statements regarding the Company's expectations, objectives, plans, strategies, future events or performance, vessel employment, market conditions, geopolitical developments, shipping market fundamentals and other statements that are not historical facts. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, except as required by law.
Company Contact
Pyxis Tankers Inc.
K. Karamanli 59
Maroussi 15125, Greece
Tel: +30 210 638 0200, +1 917 291 7142
Email: ir@pyxistankers.com
