Pyxis Tankers moves to full ownership of Ultramax vessel Ormi

Pyxis Tankers Inc. has entered into an agreement to acquire the remaining 40% interest in the company that owns the Ultramax bulk carrier Ormi, a transaction that will give the shipping company full ownership of the vessel-owning entity upon completion.

The 63,250 dwt vessel was built in Japan in 2016 and is equipped with an exhaust gas cleaning system, commonly known as a scrubber.

Pyxis originally acquired a 60% controlling interest in the vessel-owning entity in October 2023, when Ormi was purchased for US$28.5 million.

The remaining 40% was acquired by a company affiliated with Pyxis Chairman and Chief Executive Officer Eddie Valentis.

Transaction based on independent vessel valuations

According to Pyxis, three independent international shipbrokers recently valued Ormi at an average of approximately US$32.08 million.

After deducting US$15 million in vessel-related debt, the implied net appraised equity value stands at approximately US$17.08 million.

The remaining 40% interest is therefore valued at approximately US$6.83 million.

Under the agreement, Pyxis will acquire the minority interest for the seller’s share of the vessel’s net appraised equity value.

Working capital adjustments will be calculated following the completion of the vessel’s most recent voyage and settled separately at closing.

Acquisition expected to simplify ownership structure

Pyxis expects the transaction to contribute positively to earnings and free cash flow under current market conditions and operating assumptions.

The acquisition will also eliminate the affiliated minority ownership interest in the Ormi vessel-owning entity.

Because Pyxis already consolidates the entity in its financial statements, both the vessel and its associated debt are already included in the company’s consolidated balance sheet.

Consequently, the transaction will not introduce additional vessel debt into its consolidated accounts.

The company also stated that no acquisition fee or other material transaction fee will be payable, apart from customary legal and administrative expenses.

Independent directors approve related-party transaction

Given the seller’s relationship with the company’s Chairman and CEO, the proposed acquisition was reviewed and approved exclusively by independent members of Pyxis Tankers’ Board of Directors.

Their assessment included the three independent vessel valuations and the transaction’s financial terms.

Completion is expected before the end of October 2026, subject to customary closing conditions.