201705 pyxis tankers - company presentation

1. COMPANY PRESENTATION
May 2017

2. 2
DISCLAIMER
FORWARD-LOOKING STATEMENTS & INFORMATION
This presentation contains forward-looking statements and forward-looking information within the meaning of
applicable securities laws. The use of any of the words “expected'', “estimated”, “scheduled”, “could”, “anticipated”,
“long-term”, “opportunities”, “potential”, “continue”, “likely”, “may”, “will”, “positioned”, “possible”, “believe”,
“expand” and variations of these terms and similar expressions, or the negative of these terms or similar expressions, are
intended to identify forward-looking, information or statements. Forward-looking information is based on the opinions,
expectations and estimates of management of Pyxis Tankers Inc. (“we” or “our”) at the date the information is made,
and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from those projected in the forward-looking information.
Although we believe that the expectations and assumptions on which such forward-looking statements and
information are based are reasonable, you should not place undue reliance on the forward-looking statements and
information because we cannot give any assurance that they will prove to be correct. Since forward-looking
statements and information address future events and conditions, by their very nature they involve inherent risks and
uncertainties and actual results and future events could differ materially from those anticipated in such information.
Factors that might cause or contribute to such discrepancy include, but are not limited to, the risk factors described in
our Annual Report on Form 20-F for the year ended December 31, 2016 and other filings with the Securities and
Exchange Commission (the “SEC”). The forward-looking statements and information contained in this presentation are
made as of the date hereof. We do not undertake any obligation to update publicly or revise any forward-looking
statements or information, whether as a result of new information, future events or otherwise, except in accordance
with U.S. federal securities laws and other applicable securities laws.
This presentation and any oral statements made in connection with it are for informational purposes only and do not
constitute an offer to buy or sell our securities. For more complete information about us, you should read the information
in this presentation together with our filings with the SEC, which may be accessed at the SEC’s website
(http://www.sec.gov).

3. 3
COMPANY HIGHLIGHTS
EMERGING GROWTH - PURE PLAY PRODUCT TANKER COMPANY
►Disciplined, substantially fixed cost structure creates greater earnings power when
rates improve
►Competitive total daily operational costs to peer group
►Moderate capitalization with low cost, long-lived bank debt
►Strong management team with 100+ years of combined industry and capital
markets experience
►Founder/CEO has proven track record and is a substantial shareholder
►Board Members consist of prominent industry figures and/or with significant
experience
►Focus on modern medium range (“MR”) product tankers with “eco” features
►Young tanker fleet of six IMO-certified vessels with weighted average age of 6.2
years (dwt)
►Management may pursue a sale or other strategy relating to the small tankers
►Long-standing relationships with reputable, first-class customers worldwide
►As of May 15, 2017, 25% of remaining available chartering days in 2017 are
covered
►Positioned to capitalize when spot rates improve
Attractive, Modern
Fleet
Reputable Customer
Base & Diversified
Chartering Strategy
Competitive Cost
Structure &
Moderate
Capitalization
Experienced,
Incentivized
Management
& Board

4. 4
►Expand fleet by targeting balanced capital structure of debt and equity
►Maintain commercial banking and expand capital markets relationships
►Meet charterers’ preference for modern and eco tankers, which offer more
operating reliability and efficiency
►Maintain high standards to ensure high level of safety, customer service and
support, while continuing ship level financial discipline
►Focus on acquisition of IMO II and III MR2 class product tankers of eight
years of age or less built in Tier 1 Asian shipyardsGrow the Fleet
Opportunistically
Maintain Financial
Flexibility
Focus on the Needs
of our Customers
COMPANY STRATEGY
QUALITY, GROWTH, SERVICE & FLEXIBILITY
►Employ vessels primarily through time charters and on the spot market
►Maintain optionality – significant spot exposure currently offers upside during
periods of market strength
►Diversify charters by customer and staggered duration
Utilize Portfolio
Approach to
Commercial
Management

5. 5
FLEET & EMPLOYMENT OVERVIEW
POSITIONED FOR UPSIDE OPPORTUNITIES
Our mixed chartering strategy provides upside opportunities through spot trading when rates improve and
stable, visible cash flows from time charters
Vessel Shipyard
Vessel
Type
Size (dwt) Year Built
Type of
Charter
Anticipated
Redelivery Date (1)
Pyxis Epsilon SPP / S.Korea MR 50,295 2015 Time Dec. 2017
Pyxis Theta SPP / S.Korea MR 51,795 2013 Spot N/A
Pyxis Malou SPP / S.Korea MR 50,667 2009 Spot N/A
Pyxis Delta Hyundai / S.Korea MR 46,616 2006 Time Sep. 2017
Northsea Alpha (2) Kejin / China Small Tanker 8,615 2010 Spot N/A
Northsea Beta (2) Kejin / China Small Tanker 8,647 2010 Spot N/A
Fleet Details
Fleet Employment Overview
(1) These tables are dated as of May 15, 2017 and show gross rates and do not reflect commissions payable.
(2) Management may pursue sale or other long-term strategy for small tankers.
As of May 15, 2017, 25% of anticipated available days for the remainder of 2017 are covered.
Vessel Remainder of 2017 from May 15
Pyxis Epsilon $13,350 / Day
Pyxis Theta N/A
Pyxis Malou N/A
Pyxis Delta $13,125 / Day
Northsea Alpha N/A
Northsea Beta N/A
Fixed
Employment
Charterers
Optional
Period
Open Days

6. 6
SHIPYARDS BANKS
STRONG RELATIONSHIPS
QUALITY VESSELS & OPERATIONS BLUE CHIP CUSTOMERS
ATTRACTIVE LENDING TERMS
CUSTOMERS

7. 7
SENIOR MANAGEMENT
EXPERIENCED TEAM WITH DECADES OF EXPERIENCE
► Joined Pyxis affiliates in 2013; 19+ years experience in strategic corporate shipping transactions
► Previous 5 years securities and M&A partner at Watson Farley & Williams with particular focus in
shipping industry
► Advised on complex international corporate shipping transactions in New York offices of Orrick,
Herrington & Sutcliffe LLP and Healy & Baillie, LLP and in New York and London offices of Weil, Gotshal
& Manges LLP since 1997
► Former member of Board of Governors & Vice President of the Connecticut Maritime Association
► Joined Pyxis affiliates in 2008; 25+ years of experience in the shipping industry
► Co-founder of Navbulk Shipping S.A., a start-up dry bulk company
► 5 years as Financial Director of Neptune Lines, a car carrier company
► 16 years in various financial and operational positions for other ship owning and services companies
► 25+ years of experience in owning, operating and managing within various shipping sectors,
including product, dry bulk, chemical, as well as salvage and towage
► Founder of Pyxis Tankers in 2015 and Pyxis Maritime Corp. in 2007
► For the last 16 years, Managing Director & Principal of KONKAR SHIPPING AGENCIES S.A., an Athens-
based dry bulk owner-operator established in 1968
► Joined Pyxis affiliates in 2015; 35 years of commercial, investment and merchant banking experience
► Previous investment banking positions include Nordea Markets (Oslo & NY)–Global Sector Head-
Shipping, and Oppenheimer (NY)–Head of Energy & Transportation
Antonios “Tony”
Backos
SVP for Corporate
Development,
General Counsel &
Secretary
Konstantinos
“Kostas” Lytras
Chief Operating
Officer
Valentios “Eddie”
Valentis
Chairman & CEO
Henry Williams
CFO & Treasurer

8. 8
PYXIS ORGANIZATIONAL STRUCTURE
LEAN, EFFICIENT ORGANIZATIONAL STRUCTURE
Administrative, Commercial &
Ship Management Services (1)
Administrative & Ship
Management Fees
(1) As an affiliate, provides the commercial management for the fleet and supervises the crewing and technical management performed by ITM for all our vessels
(2) Provides technical management for all our vessels
Technical
Management (2)
Quality, Cost Effective Ship Management
►Streamlined structure minimizes costs and allows management to focus on creating
long term shareholder value
►Very competitive ship management fees @ $750/day/vessel provide safe and efficient
operating results compared to peers

9. MARKET OVERVIEW
PRODUCT TANKER INDUSTRY

10. 10
PRODUCT MARKETS OVERVIEW
REFINED PRODUCTS OVERVIEW
Source: Drewry
Bitumen
Fuel Oil
Cycle Oils
Diesel/Gasoil
Kerosene
Gasolines
Clean Condensates
Naphthas
Dirty
Products
Clean
Products
Veg
Oils/Chemicals
Crude
Most products tankers can switch
between clean and dirty products
when the tanks are carefully cleaned.
Gasoil is a good clean up cargo when
switching from dirty to clean products.
More sophisticated product tankers
work at this end of the market, some
with the ability to carry products and
certain chemicals.
Crude tankers carry only crude oil and
fuel oils.
Non-oil substances now covered by
revised IBC Code. To carry chemicals,
an IMO Certificate of Fitness is
required.
Refined Products

11. 11
Increases in Long-Haul Routes
• Growth in net refining capacity
expected to further drive demand for
product tankers.
• Low crude / feedstock prices generate
incremental refinery demand.
• Arbitrage between markets create
further opportunities
PRODUCT MARKETS OVERVIEW
EVOLVING TRADE LANDSCAPE
Source: Drewry, March 2017

12. 12
PRODUCT MARKETS OVERVIEW
CHANGING TRADE ROUTES & PETROLEUM REFINERY LANDSCAPE
CREATING INCREMENTAL DEMAND
Source: Drewry, March 2017
* Compound annual growth rate
MillionTons
BillionTonMiles
Increases in Demand due to Changing Trade Routes & Refining Landscape
4.0% CAGR* in million tons of seaborne trade
5.6% CAGR in ton mile demand
1,500
1,700
1,900
2,100
2,300
2,500
2,700
2,900
3,100
600
650
700
750
800
850
900
950
1,000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Seaborne Product Trade - Mil. Tons Ton Mile Demand - Bil. Ton Miles

13. 13
PRODUCT MARKETS OVERVIEW
REFINERY CAPACITY INCREASINGLY FURTHER AWAY FROM MANY END USERS
Source: Drewry, March 2017
Expected Petroleum Refinery Capacity Additions Driven by Non-OECD Growth & Exports
MillionBarrelsperDay
0.0
0.5
1.0
1.5
2.0
2.5
2017 2018 2019 2020 2021

14. 14
PRODUCT MARKETS OVERVIEW
U.S. HAS BECOME MAJOR EXPORTER DUE TO SHALE OIL
Source: Drewry, March 2017
MillionBarrelsperDay
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17
United States Saudi Arabia India

15. 15
PRODUCT MARKETS OVERVIEW
PRODUCT TANKER VESSEL OVERVIEW
Class of Tanker Cargo Capacity (Dwt) Typical Use
Long Range 2 (LR2) 80,000 +
Short- to medium-haul refined petroleum products
transportations from the North Sea or West Africa to Europe or
the East Coast of the United States, from the Middle East Gulf to
the Pacific Rim.
Long Range 1 (LR1) 55,000 - 79,999
Short- to medium-haul crude oil and refined petroleum products
transportations worldwide, mostly on regional trade routes.
Medium Range 2 (MR2) 37,000-54,999
Medium Range 1 (MR1) 25,000-36,999
Small 1,000 - 24,999
Short-haul of mostly refined petroleum products worldwide,
usually on local or regional trade routes.
Flexible vessels involved in medium-haul petroleum products
trades both in the Atlantic Basin and the growing intra-
Asian/Middle East/ISC trades. MRs are the work horses of the
product trades.
Source: Drewry

16. 16
Typical Atlantic Basin Triangulated Route
• Emerging markets in South America and
Africa have little to no refining capacity.
• U.S. exports to South America have
grown at CAGR of ~21.8% since 2006.
PRODUCT MARKETS OVERVIEW
U.S. HAS BECOME MAJOR SUPPLIER IN ATLANTIC BASIC
Source: Drewry, March 2017

17. 17
PRODUCT MARKETS OVERVIEW
DECLINING ORDERBOOK (SUPPLY)
• Total MR vessel orderbook has fallen from a high of ~58% in 2008 of the then existing
fleet to 5.3% of the worldwide fleet, lowest since 2000.
• Record low ordering – 11 MR2’s since 1/1/16.
• Limited capacity additions scheduled beyond 2018 due to shipyard financial
problems/restructurings/closures, limited availability of capital and would-be buyers
exposure to weaker shipping segments.
• Worldwide MR fleet is expected to grow at an average of 2.2% per annum in 2017 and
2018, without giving effect to scrapping of older vessels and slippage of deliveries.
Product Tanker Delivery Schedule
Source: Drewry, March 2017
NumberofVessels
0
20
40
60
LR1 MR2 MR1
2017 2018 2019 2020

18. 18
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
< 5 Yrs 5-10 Yrs 10-15 Yrs 15-20 Yrs 20-25 Yrs 25+ Yrs
MR1 MR2 LR1
PRODUCT MARKETS OVERVIEW
SCRAPPING IS INEVITABLE
Global Fleet Age Distribution by %
Source: Drewry, March 2017
• Average age of MR2 fleet is 9.5 years.
• 13.4% of MR2 fleet (215 ships) is greater
than 20 years of age.
• Significant portion of the fleet is
approaching the end of its useful life.

19. 19
► Environmental regulations should lead to increased scrapping
• Besides aging of MR fleet, new IMO environmental regulations should
force owners to either scrap earlier or make significant vessel capital
expenditures
► Ballast Water Treatment System (“BWTS”)
• Ballast sea water is used to stabilize vessels and ensure structural integrity;
Pumped before/after cargo is loaded/unloaded
• Starting September 2017 at next vessel’s special survey, owners will have
to install approved BWTS, which removes inactive organisms from ballast
water prior to discharge
• Retrofits in older tankers can be challenging from a design/installation
standpoint and cost
• Depending on vessel, fully loaded installation costs are expected to be
between $0.50 million to $0.75 million for a MR tanker
► New stricter regulations on sulfur emissions starting January 2020
• Limits reduced from 3.5% to 0.5%
• Owners either i) install expensive scrubber ($3.0 million +) to burn current
grade of fuel, or ii) pay sizeable premium (currently ~ $200 per ton or
$6,000 per day) to burn marine gas oil (MGO) fuel and run vessel at
slower speed
PRODUCT MARKETS OVERVIEW
NEW ENVIRONMENTAL REGULATIONS TO DRIVE MORE SCRAPPING

20. 20
PRODUCT MARKETS OVERVIEW
MR2 CHARTER RATES POSITIONED FOR REBOUND
Daily MR2 Time Charter Equivalent Spot Rates (Caribs-USAC)
1 Year MR2 Time Charter Equivalent Rates *
Source: Drewry, March 2017
* Please see Exhibit I - Non-GAAP Measures and Definitions
10,000
12,500
15,000
17,500
20,000
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17
MR2 5 Year Average
0
5,000
10,000
15,000
20,000
25,000
30,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2014 2015 2016 2017YTD 5 Year Average
USDperDayUSDperDay

21. 21
MR2 PRODUCT TANKER MARKET UPDATE
POSITIVE NEAR-TERM OUTLOOK
► Current spot charter rates are still depressed
► Current one year time charter rates ~ $13,250/d still 47% below post-
recession high of $25,000/d and 14% below 2008-16 average*
► Major reasons:
• high inventories of refined products worldwide
• lack of arbitrage opportunities resulted in less trading
• new tonnage deliveries
► Near-term demand growth estimated at 2.5-3%/yr. led by increasing
global consumption of refined products, modest ton-mile expansion from
changing refinery landscape and increasing U.S. exports
► Net supply growth after new built deliveries, delays/cancellations and
increasing scrapping should result in a balanced supply/demand curve
leading to a better market starting Q4 2017, and possible negative net
fleet growth thereafter
* Source: Drewry – March 2017, excludes Jones Act vessels
Positive industry
fundamentals

22. 22
PRODUCT MARKETS OVERVIEW
HISTORICAL LOW MR2 ASSET VALUES CREATE ATTRACTIVE ENTRY POINT
MR2 Asset Prices
* Source: Drewry, March 2017
** Exclusive of higher design specifications, yard supervision costs and spares
Type Current * Avg. 2006-16 *
New Build Construction
(del. 2H‘18) $32.0 ** $39.5 **
5 yr. old $22.0 $32.900
15
25
35
45
55
65
Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16
NB Price NB Price Average 06-16 SH Price SH Price Average 06-16
USDMillion

23. PYXIS TANKERS
FINANCIAL SUMMARY

24. 24
FINANCIAL HIGHLIGHTS
YEAR ENDED DECEMBER 31, 2016,
THREE MONTHS ENDED MARCH 31, 2016 AND 2017
Year Ended Three Months Ended
December 31,
2016
March 31,
2016
March 31,
2017
In ‘000 USD except for daily TCE rates
Time / spot charter revenue mix 69% / 31% 85% / 15% 27% / 73%
Voyage revenues $30,710 $8,448 $7,715
Voyage related costs and commissions (6,611) (805) (3,006)
Time charter equivalent revenues * $24,099 $7,643 $4,709
Net (loss) / income ** ($5,813) $1,075 ($1,703)
(Loss) / earnings per share (basic & diluted) ** ($ 0.32) $0.06 ($0.09)
Adjusted EBITDA* $6,999 $3,273 $ 387
Total operating days 1,986 533 480
Daily time charter equivalent rate * $12,134 $14,339 $9,810
Fleet Utilization * 91.3% 97.6% 88.9%
* Please see Exhibit I – Non-GAAP Measures and Definitions
** Year ended December 31, 2016, includes $4.0 million non-cash vessel impairment charge or $0.22 loss per share
Time charters
mitigated poor
spot environment

25. 25
(amounts in $)
Year Ended Three Months Ended
December 31, March 31, March 31,
2016 2016 2017
Eco-Efficient MR2: (2 of our vessels)
Average TCE * 15,015 15,698 14,043
Opex * 5,754 6,334 5,622
Utilization % 97.0% 99.5% 84.4%
Eco-Modified MR2: (1 of our vessels)
TCE 10,705 17,653 11,050
Opex 6,255 6,553 6,347
Utilization % 92.9% 100.0% 97.8%
Standard MR2: (1 of our vessels)
TCE 15,504 18,730 10,119
Opex 6,772 6,445 5,931
Utilization % 90.5% 100.0% 96.7%
Small Tankers: (2 of our vessels)
Average TCE 7,939 8,768 4,717
Opex 5,315 5,318 4,711
Utilization % 85.1% 93.4% 85.0%
Fleet: (6 units)
TCE 12,134 14,339 9,810
Opex 5,861 6,050 5,491
Utilization % 91.3% 97.6% 88.9%
DAILY FLEET DATA
YEAR ENDED DECEMBER 31, 2016,
THREE MONTHS ENDED MARCH 31, 2016 AND 2017
* Please see Exhibit I – Non-GAAP Measures and Definitions
Relatively low &
improving
vessel opex

26. 26
TOTAL DAILY OPERATIONAL COSTS/ECO-VESSELS
YEAR ENDED DECEMBER 31, 2016 AND
THREE MONTHS ENDED MARCH 31, 2017
Year Ended
December 31, 2016
Three Months Ended
March 31, 2017
Eco Eco
Modified Efficient Modified Efficient
(amounts in $/day)
Opex * $6,255 $5,754 $6,347 $5,622
Technical & commercial management fees 748 748 756 756
G&A expenses 1,172 1,172 1,424 1,424
Total daily operational costs per vessel $8,175 $7,674 $8,527 $7,802
* Please see Exhibit I - Non-GAAP Measures and Definitions
Our Eco MR2
tankers’ total
daily
operational
costs are very
competitive

27. 27
CAPITALIZATION
AT MARCH 31, 2017
At March 31,
2017
In ‘000 USD
Cash and cash equivalents, including restricted cash $ 5,465
Bank debt, net of deferred financing fees 71,347
Promissory note 2,500
Total funded debt $ 73,847
Stockholders' equity 47,050
Total capitalization $ 120,897
Net funded debt $ 68,382
Total funded debt / total capitalization 61.1%
Net funded debt / total capitalization 56.6%
• Weighted average interest rate of total debt for the quarter ended March 31, 2017 was 3.53%.
• In May 2017, the lender of the Pyxis Delta and the Pyxis Theta, subject to execution of customary
documentation, agreed to extend the maturity of these loans from September 2018 to September 2022 under
the same amortization schedule and applicable margin.
Moderate
leverage at
low interest costs
No bank balloon
payments
scheduled until
Q2 2020

28. 28
MANAGEMENT INCENTIVIZED TO ACHIEVE GROWTH
FOUNDER/CEO’S SUBSTANTIAL SHAREHOLDINGS
►The shareholder base as of May 15, 2017 was:
 Maritime Investors (affiliate of our CEO) 17,002,445 (93.0% of outstanding)
 Public 1,275,448 (7.0%)
 Total Shares Outstanding 18,277,893 (100%)
► Our common shares are listed on NASDAQ Capital Markets under trading symbol “PXS”
►Our Founder/CEO has substantial shareholdings and his interests are aligned with our
other shareholders

29. 29
COMPANY HIGHLIGHTS
EMERGING GROWTH - PURE PLAY PRODUCT TANKER COMPANY
 Competitive Cost Structure & Moderate Capitalization
 Experienced, Incentivized Management & Board
 Attractive, Modern Fleet Including “Eco” Vessels
 Reputable Customer Base & Diversified Chartering Strategy
- Currently Positioned for Upside
 Industry Fundamentals Look Favorable

30. NON-GAAP MEASURES AND DEFINITIONS
EXHIBIT I

31. 31
EXHIBIT I | NON-GAAP MEASURES AND DEFINITIONS
(in thousands of U.S. Dollars)
Year Ended Three Months Ended
December 31,
2016
March 31,
2016
March 31,
2017
Reconciliation of Net (loss) / income to Adjusted EBITDA
Net (loss) / income $ (5,813) $ 1,075 $ (1,703)
Depreciation 5,768 1,435 1,373
Amortization of special survey costs 236 62 18
Interest and finance costs, net 2,810 701 699
EBITDA $ 3,001 $ 3,273 $ 387
Vessel impairment charge 3,998 --- ---
Adjusted EBITDA $ 6,999 $ 3,273 $ 387
YEAR ENDED DECEMBER 31, 2016,
THREE MONTHS ENDED MARCH 31, 2016 AND 2017

32. 32
EXHIBIT I | NON-GAAP MEASURES AND DEFINITIONS
Earnings before interest, taxes, depreciation and amortization (“EBITDA”) represents the sum of net income / (loss), interest and
finance costs, depreciation and amortization and, if any, income taxes during a period. Adjusted EBITDA represents EBITDA before
vessel impairment charge and stock compensation. EBITDA and Adjusted EBITDA are not recognized measurements under U.S.
GAAP. EBITDA and Adjusted EBITDA are presented as we believe that they provide investors with means of evaluating and
understanding how our management evaluates operating performance. These non-GAAP measures should not be considered in
isolation from, as substitutes for, or superior to financial measures prepared in accordance with U.S. GAAP. In addition, these non-
GAAP measures do not have standardized meanings, and are therefore, unlikely to be comparable to similar measures presented
by other companies.
Daily time charter equivalent (“TCE”) is a shipping industry performance measure of the average daily revenue performance of a
vessel on a per voyage basis. TCE is not calculated in accordance with U.S. GAAP. We utilize TCE because we believe it is a
meaningful measure to compare period-to-period changes in our performance despite changes in the mix of charter types (i.e.,
spot charters, time charters and bareboat charters) under which our vessels may be employed between the periods. Our
management also utilizes TCE to assist them in making decisions regarding employment of the vessels. We calculate TCE by dividing
voyage revenues after deducting voyage related costs and commissions by operating days for the relevant period. Voyage
related costs and commissions primarily consist of brokerage commissions, port, canal and fuel costs that are unique to a particular
voyage, which would otherwise be paid by the charterer under a time charter contract.
Vessel operating expenses (“Opex”) per day are our vessel operating expenses for a vessel, which primarily consist of crew wages
and related costs, insurance, lube oils, communications, spares and consumables, tonnage taxes as well as repairs and
maintenance, divided by the ownership days in the applicable period.
We calculate fleet utilization (“Utilization”) by dividing the number of operating days during a period by the number of available
days during the same period. We use fleet utilization to measure our efficiency in finding suitable employment for our vessels and
minimizing the amount of days that our vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee,
vessel upgrades, special surveys and intermediate dry-dockings or vessel positioning. Ownership days are the total number of days
in a period during which we owned each of the vessels in our fleet. Available days are the number of ownership days in a period,
less the aggregate number of days that our vessels were off-hire due to scheduled repairs or repairs under guarantee, vessel
upgrades or special surveys and intermediate dry-dockings and the aggregate number of days that we spent positioning our
vessels during the respective period for such repairs, upgrades and surveys. Operating days are the number of available days in a
period, less the aggregate number of days that our vessels were off-hire or out of service due to any reason, including technical
breakdowns and unforeseen circumstances.
Continued

33. 33
CONTACT
Pyxis Tankers Inc.
K.Karamanli 59
Maroussi 15125, Greece
Email: info@pyxistankers.com
www.pyxistankers.com
Henry Williams
CFO & Treasurer
Phone: +1 516 455 0106/ +30 210 638 0200
Email: hwilliams@pyxistankers.com
Antonios “Tony” Backos
SVP for Corporate Development, General Counsel and Secretary
Phone: +30 210 638 0180
Email: abackos@pyxistankers.com