Pyxis Tankers agrees vessel sale as fleet renewal plans advance
Pyxis Tankers has entered into an agreement to sell its oldest vessel, the MR product tanker Pyxis Karteria, as the company seeks to release capital for potential fleet expansion and renewal. The transaction involves a sale price of $37 million and is expected to generate a substantial one-time gain upon completion.
According to the company’s announcement on November 12, 2026, the 46,652-dwt tanker was built in 2013 at Hyundai Mipo in South Korea and will be sold to an unaffiliated buyer. Pyxis expects to recognise a gain of approximately $21 million, equivalent to around $2.05 per share, based on approximately 10.2 million shares outstanding. The vessel’s estimated carrying value at delivery is approximately $15.6 million.
The transaction is expected to generate net cash proceeds of approximately $25.9 million after repayment of $10.7 million in vessel-secured debt and transaction expenses. Delivery is scheduled between November 20 and December 20, 2026, subject to customary closing conditions, with the financial gain expected to be recognised during the fourth quarter.
Sale supports fleet renewal strategy
Pyxis Tankers originally acquired Pyxis Karteria in July 2021 for $20 million, when the vessel was approximately 8.3 years old. Taking into account cumulative cash flow after debt service, net refinancing proceeds and the anticipated proceeds from the sale, the company estimates that total cash proceeds will represent approximately 6.3 times its initial equity investment.
Eddie Valentis, Chairman and Chief Executive Officer of Pyxis Tankers, said the agreement would allow the company to benefit from current tanker asset values while disposing of its oldest vessel.
“This sale allows us to capitalize on strong tanker asset values and realize a substantial gain on our oldest vessel,” said Valentis.
He added that the transaction would strengthen the company’s capacity to acquire younger vessels, with future investments assessed against expected earnings, acquisition costs and market risks. Pyxis has not announced any specific replacement vessel acquisitions in connection with the sale.
Following completion, Pyxis Tankers expects its fleet to comprise five vessels, including two MR product tankers and interests in three dry bulk carriers. The company intends to use its available financial resources to pursue further fleet renewal opportunities, although the timing and scale of future acquisitions remain undetermined.
