Pyxis Tankers Inc. (NASDAQ: PXS) has announced an agreement to sell the Northsea Beta and Northsea Alpha, two 8,600 dwt products built-in 2021, for a total consideration of $8.9 million.
Pyxis expects $2.8 million in net proceeds from the sale of the vessels
The vessel sales are expected to be completed between late January and late February 2022, subject to usual closing conditions. Following the discharge of the outstanding loans securing these boats and the settlement of various transaction expenses, the company anticipates earning $2.8 million in net cash proceeds, which will be used for working capital. As a result, the company forecasts a non-cash impairment from asset sales of about $2.0 million for the financial year ending December 31, 2021.
Valentios Valentis, the company’s Chairman and CEO, stated, “The sale of these non–core assets underscores our strategic focus on the eco–MR product tanker sector, reduces outstanding debt and improves balance sheet liquidity. Moving forward, we will have a fleet of five MRs with an average age of 8.3 years. Upon completion of the dispositions, our total debt should be approximately $77.35 million at a weighted average interest rate of less than 4% per annum with the next bank loan maturity scheduled in 3.5 years.”
Pyxis takes possession of Pyxis Lamda
Recently the Company took possession of the Pyxis Lamda, a 50,296 dwt mid-range cargo tanker manufactured in 2017 at SPP Shipbuilding in South Korea, on December 20, 2021, as part of a previously announced deal. The Pyxis Lamda was purchased for $32 million from an entity affiliated to our Company’s Chairperson and Chief Executive Officer’s family. In early January 2022, the Pyxis Lamda will pursue commercial employment following her first special survey.
Valentis commented, “We are pleased to announce the successful delivery of the Pyxis Lamda, which increases our fleet to a total of seven vessels including five modern eco- MR2’s. The addition of this young vessel to our fleet positions the Company to take advantage of an anticipated improving chartering environment within the product tanker sector.”
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