Connect with us

Business

Pyxis Tankers Inc. (NASDAQ: PXS) announces agreement for the sale of Northsea Beta and Northsea Alpha for $8.9 million

Published

on

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.”

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.

FEATURED STORIES

Business12 seconds ago

Pyxis Tankers Inc. (NASDAQ: PXS) announces agreement for the sale of Northsea Beta and Northsea Alpha for $8.9 million

Post Views: 2 Pyxis Tankers Inc. (NASDAQ: PXS) has announced an agreement to sell the Northsea Beta and Northsea Alpha,...

Business24 hours ago

Digital Asset Monetary Network, Inc. (OTCMKTS: DATI) Acquires Rights To A Top Level Domains, Hip-hop Via Dot Hip Hop

Post Views: 8 Digital Asset Monetary Network, Inc. (OTCMKTS: DATI) announced that it had purchased the rights to the Top-Level-Domain...

Business24 hours ago

Aleafia Health Inc. (OTCMKTS: ALEAF) To Revise Outstanding Unsecured Convertible Debt And Secures $19 Million Credit Facility

Post Views: 55 Aleafia Health Inc. (OTCMKTS: ALEAF) has offered a corporate update about its outstanding unsecured convertible debentures issued...

Business24 hours ago

Medical Marijuana Inc.’s (OTCMKTS: MJNA) Kannaway Japan Subsidiary Hits New Reveunue Milestone For December

Post Views: 55 Medical Marijuana Inc. (OTCMKTS: MJNA) has announced that its Kannaway Japan subsidiary recorded its best revenue ever...

Business24 hours ago

Medipharm Labs Corporation (OTCMKTS: MEDIF) Completes Repayment Of Its Entire $41 Million Unsecured Debt Ahead of Schedule

Post Views: 54 Medipharm Labs Corporation (OTCMKTS: MEDIF) has announced the completion of all payments necessary as per the 2020...

Business4 days ago

Amyris Inc (NASDAQ: AMRS) and Immunitybio Inc (NASDAQ: IBRX) Speed up Joint Venture

Post Views: 37 Amyris Inc (NASDAQ: AMRS) has completed a joint agreement to speed up the commercialization of a COVID-19...