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COMPANY PRESENTATION
November 2017
2
DISCLAIMER
FORWARD-LOOKING STATEMENTS & INFORMATION
This presentation contains forward-looking statements and forward-looking information within the meaning of applicable
securities laws. 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. But the absence of such words does not mean that a statement is not forward-looking. Forward-looking information
is based on the opinions, expectations and estimates of management of Pyxis Tankers Inc. (“we”, “our” or “Pyxis”) 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 or implied 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 our 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
COMPANY
EMERGING GROWTH - PURE PLAY PRODUCT TANKER COMPANY
►Focus on modern medium range (“MR”) product tankers with “eco” features
►Young tanker fleet of six IMO-certified vessels - weighted average age of ~6.7 years
►Management may pursue a sale or other long-term strategy relating to small tankers
Growth Oriented with
Attractive, Modern
Fleet
►Long-standing relationships with first-class customers worldwide
►As of November 1, 2017, 40% of remaining chartering days in 2017 are covered
►Positioned to capitalize when spot rates improve
Reputable Customer
Base & Diversified
Chartering Strategy
►Disciplined 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
Competitive Cost
Structure & Moderate
Capitalization
►Strong mgmt. team with 100+ years of combined industry and capital markets experience
►Founder/CEO has proven track record and is a major shareholder
►Board members consist of respected industry figures and/or with significant experience
Experienced,
Incentivized
Management
& Prominent Board
►Demand expected to outpace supply starting late Q4 2017 through 2019
►Lowest MR2 orderbook since 2000
►Increased scrapping expected – 6.4% of the MR2 fleet greater than 20 years old
►New environmental regulations could affect older vessels leading to further scrapping and slow
steaming
Favorable Industry
Fundamentals Create
Attractive Entry Point
4
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
Carrying
Capacity (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 Time Nov. 2017
Pyxis Malou SPP / S.Korea MR 50,667 2009 Spot N/A
Pyxis Delta Hyundai / S.Korea MR 46,616 2006 Time Nov. 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
Total 216,635
Avg. Age
6.7 Years
FleetDetails
FleetEmployment
Overview
(1) These tables are dated as of November 1, 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 November 1, 2017, 40% of anticipated available days for remainder of 2017 covered, excluding options
Vessel Remainder of 2017 2018
Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec.
Pyxis Epsilon $13,350 / Day
Pyxis Theta $13,625 / Day
Pyxis Malou N/A
Pyxis Delta $13,000 / Day
Northsea Alpha N/A
Northsea Beta N/A
Fixed
Employment
Charterers Optional
Period
Open
Days
5
STRONG RELATIONSHIPS
QUALITY VESSELS & OPERATIONS  BLUE CHIP CUSTOMERS  ATTRACTIVE
LENDING TERMS
CUSTOMERS SENIOR LENDERSSHIPYARDS
6
SENIOR MANAGEMENT
► 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 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
DECADES OF EXPERIENCE
7
PYXIS ORGANIZATIONAL STRUCTURE
LEAN, EFFICIENT, SCALABLE ORGANIZATIONAL STRUCTURE
Administrative, Commercial & Ship
Management Services (1)
Administrative, Commercial & 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
8
►Expand fleet by targeting balanced capital structure of debt and equity
►Maintain commercial lending and expand capital markets relationships
►Meet charterers’ preference for modern and eco tankers, which offer more operating
reliability and efficiency
►Maintain high standards ensuring high level of safety, customer service and support
►Continue solid margins and ship level financial discipline within Pyxis
►Focus on acquisition of IMO II and III MR2 class product tankers of eight years of
age or less built in Tier 1 Asian shipyards
►Prudently grow company size as soon as practical
Grow the Fleet
Opportunistically
Maintain Financial
Flexibility
Focus on the Needs
of our Customers
COMPANY STRATEGY
FOCUS ON QUALITY, GROWTH, SERVICE & FINANCIAL FLEXIBILITY
►Employ mixed chartering strategy between time and spot
►Maintain optionality – spot exposure offers upside during periods of market strength
►Diversify charters by customer and staggered duration
Utilize Portfolio
Approach to
Commercial
Management
MARKET OVERVIEW
PRODUCT TANKER INDUSTRY
10
REFINED PRODUCTS OVERVIEW
Source: Drewry, May 2017
Petroleum Products
Bitumen
Fuel Oil
Cycle Oils
Diesel/Gasoil
Kerosene
Gasolines
Clean Condensates
Naphthas
Other Bulk Liquids
Vegetable Oils & Organic Chemicals
Dirty
Products
Clean
Products
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.
PRODUCT CARRYING VERSATILITY
Veg Oil/Light
Chemicals
11
CHANGING TRADE ROUTES & PETROLEUM REFINERY
LANDSCAPE CREATING INCREMENTAL DEMAND
Source: Drewry, May 2017
* Compound annual growth rate
Increases in Demand due to Changing Trade Routes & Refining Landscape
1,500
1,700
1,900
2,100
2,300
2,500
2,700
2,900
3,100
3,300
600
650
700
750
800
850
900
950
1,000
1,050
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Seaborne Product Trade - Million Tons (Left Hand Scale)
Ton Mile Demand - Billion Ton Miles (Right Hand Scale)
3.8% CAGR* in million tons of seaborne trade
5.3% CAGR in ton mile demand
12
REFINERY CAPACITY ADDITIONS FURTHER AWAY FROM
END USERS  BOOSTING TON-MILE DEMAND
Source: Drewry, May 2017
Expected Petroleum Refinery Capacity Additions Driven by Non-OECD Growth & Exports
MillionBarrelsperDay
(0.5)
0.0
0.5
1.0
1.5
2.0
2.5
2017 2018 2019 2020 2021 2022
13
Increases in Long-Haul Routes
EVOLVING TRADE ROUTES WITH TON MILES
INCREASING
Source: Drewry, May 2017
• Growth in net refining capacity expected to further drive demand for product tankers
• Lower crude / feedstock prices generate incremental refinery demand
• Arbitrage between markets create further opportunities
• Emerging, growing 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
R R
New RefineriesR
14
U.S. HAS BECOME MAJOR EXPORTER OF REFINED
PRODUCTS
Source: Drewry, May 2017
MillionBarrelsperDay
Increase in refinery capacity due to proliferation of shale oil production
0.0
1.0
2.0
3.0
4.0
5.0
6.0
United States Saudi Arabia India
15
MR2 ORDER BOOK AT LOWEST LEVEL SINCE 2000
• Total MR vessel orderbook has fallen from a ~58% high in 2008 of the then existing fleet to 5.5% (90 vessels)
of the worldwide fleet, lowest since 2000
• MR2: Low ordering – 27 MR2’s LTM (1.6% of global fleet)
• Limited capacity additions scheduled beyond 2018 due to financial problems/restructurings/closures at
shipyards, limited availability of capital and would-be buyers exposure to weaker shipping segments
• Worldwide MR2 fleet is expected to grow at an average of 2.5% (gross) per annum in 2017 and 2018, without
giving effect to scrapping of older vessels and slippage of deliveries
MR Product Tanker Delivery Schedule
Source: Drewry, May 2017
NumberofVessels
0
10
20
30
40
50
Medium Range 2 (MR2) Medium Range 1 (MR1)
2017 2018 2019 2020+
16
MR2 SCRAPPING EXPECTED TO INCREASE
Global Fleet Age Distribution by Tonnage
Source: Drewry, May 2017
• Average age of MR2 fleet is 13 years
• 104 MR2 vessels (6.4%) are 20 years old or more
• Sizeable portion of the fleet is approaching end of its useful life - future supply will affect replacement
ability
• New environmental regulations should drive more scrapping
0%
5%
10%
15%
20%
25%
30%
35%
40%
< 5 Yrs 5-10 Yrs 10-15 Yrs 15-20 Yrs 20-25 Yrs 25+ Yrs
MR1 MR2
17
► Environmental regulations should lead to increased scrapping
• Force owners to either scrap earlier or make significant vessel capital expenditures
to remain operationally competitive
• 174 MR2 (10.7% of world fleet) are 17 year old +
► 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 2019 at vessel’s next 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 and costly
• Depending on vessel, fully loaded installation costs expected to be between $0.50
million to $0.75 million for a standard 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+ cost vs. ~$3.0 million
vessel scrap value) 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
NEW ENVIRONMENTAL REGULATIONS
TO DRIVE MORE SCRAPPING
Source: Drewry, May 2017
18
MR2 CHARTER RATES POSITIONED FOR REBOUND
Daily MR2 Time Charter Equivalent Spot Rates (Caribs-USAC)
1 Year MR2 Time Charter Equivalent Rates *
Source: Drewry, May 2017
* Please see Exhibit I - Non-GAAP Measures and Definitions
USDperDay
0
5,000
10,000
15,000
20,000
25,000
30,000
Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17
10 Year Average MR2
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2014 2015 2016 2017YTD 2008 - May 2017 Average
USDperDay
2008-2016 MR2 Avg. Rate
Av erage $13,006
Low $1,800
High $32,400
May 2017 $11,200
2008-2016 MR2 Avg. Rate
Av erage $15,374
Low $10,800
High $25,000
May 2017 $13,250
19
HISTORICAL LOW MR2 ASSET VALUES CREATE
ATTRACTIVE ENTRY POINT
MR2 Asset Prices
USDMillion
0.0
10.0
20.0
30.0
40.0
50.0
60.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
NB Price SH Price NB Price Average 06-17 SH Price Average 06-17
* Source: Average shipbroker indications as of late October 2017
** Exclusive of higher design specifications, yard supervision costs and spares
Type Current * Avg. 2006-17
New Build Construction
(delivery mid 19) ** $33.3 $39.2
5 yr. old $23.5 $32.5
PYXIS TANKERS
FINANCIAL SUMMARY
21
UNAUDITED FINANCIAL HIGHLIGHTS
Nine Months ended
September 30,
Three Months ended
September 30,
2016 2017 2016 2017
In ‘000 USD except for daily TCE rates
Time / spot charter revenue mix 78% / 22% 41% / 59% 64% / 36% 67% / 33%
Voyage revenues $23,538 $22,509 $7,197 $6,339
Voyage related costs & commissions (3,914) (6,778) (2,234) (1,188)
Time charter equivalent revenues * $19,624 $15,731 $4,963 $5,151
Net income / (loss) $19 ($3,794) ($1,463) ($1,323)
Earnings / (loss) per share (basic & diluted) ** $0.00 ($0.21) ($0.08) ($0.07)
EBITDA *,** $6,631 $2,581 $750 $835
Total operating days 1,529 1,470 477 486
Daily time charter equivalent rate * $12,835 $10,701 $10,406 $10,600
Fleet Utilization 93.0% 89.7% 86.4% 88.0%
* Subject to rounding; Please see Exhibit I – Non-GAAP Measures and Definitions
** Includes write-off of F-1 offering costs of ~ $329K in Q2; excluding same, EBITDA and Loss/share would have been $2,910 and ($0.19), respectively, for the nine months ended September 30, 2017
Comparative Q/Q
improvement but
continued soft spot
chartering activity
impacted Q317
operating results
THREE & NINE MONTHS ENDED SEPTEMBER 30, 2016 & 2017
22
(amounts in $)
Nine Months Ended
September 30,
Three Months Ended
September 30,
2016 2017 2016 2017
Eco-Efficient MR2: (2 of our vessels)
Average TCE * 15,442 13,057 14,830 12,892
Opex * 5,798 5,836 5,624 5,871
Utilization % 98.5% 92.7% 96.2% 100.0%
Eco-Modified MR2: (1 of our vessels)
TCE 12,447 12,634 4,847 10,838
Opex 6,484 6,562 6,199 6,351
Utilization % 93.4% 91.9% 85.9% 87.0%
Standard MR2: (1 of our vessels)
TCE 16,291 11,921 11,540 12,768
Opex 6,862 5,835 6,635 5,946
Utilization % 92.7% 98.9% 79.3% 100.0%
Small Tankers: (2 of our vessels)
Average TCE 8,271 6,172 7,523 5,673
Opex 5,365 5,207 5,412 5,727
Utilization % 87.4% 81.1% 80.4% 70.7%
Fleet: (6 of our vessels)
TCE 12,835 10,701 10,406 10,600
Opex 5,945 5,747 5,818 5,916
Utilization % 93.0% 89.7% 86.4% 88.0%
RECENT DAILY FLEET DATA
THREE & NINE MONTHS ENDED SEPTEMBER 30, 2016 & 2017
* Please see Exhibit I – Non-GAAP Measures and Definitions
Overall
consistency in
vessel Opex
23
TOTAL DAILY OPERATIONAL COSTS/ECO-VESSELS
THREE & NINE MONTHS ENDED SEPTEMBER 30, 2017
Nine Months Ended
September 30, 2017
Three Months Ended
September 30, 2017
Eco Eco
Modified Efficient Modified Efficient
(amounts in $/day)
Opex * $6,562 $5,836 $6,351 $5,871
Technical & commercial management fees 751 751 746 746
G&A expenses ** 1,389 1,389 1,067 1,067
Total daily operational costs per vessel ** $8,702 $7,976 $8,164 $7,684
* Please see Exhibit I - Non-GAAP Measures and Definitions
** Includes write-off of F-1 offering costs of ~ $329K in Q2; excluding same for the nine months ended September 30, 2017, (1) daily G&A expenses would have been $1,188, and (2) total daily operational
costs for Eco-modified and Eco-efficient MR’s would have been $8,501 and $7,775, respectively
Our Eco MR2
tankers’ total daily
operational
costs continue to
be competitive
24
CAPITALIZATION
AT SEPTEMBER 30, 2017
At September 30,
2017
In ‘000 USD
Cash and cash equivalents, including restricted cash $ 5,604
Bank debt, net of deferred financing fees 67,804
Promissory note 2,500
Total funded debt $ 70,304
Stockholders' equity 44,959
Total capitalization $ 115,263
Net funded debt $ 64,700
Total funded debt / total capitalization 61.0%
Net funded debt / total capitalization 56.1%
• Weighted average interest rate of total debt for the nine months ended September 30, 2017 was 3.68%.
Moderate
leverage at
low interest costs
No bank balloon
payments
scheduled until Q2
2020
25
MANAGEMENT INCENTIVIZED TO ACHIEVE GROWTH
FOUNDER/CEO’S SUBSTANTIAL SHAREHOLDINGS
► Common shares listed on NASDAQ Capital Market under trading symbol “PXS”
► The shareholder base as of November 1, 2017:
 Maritime Investors Corp. & other affiliate of our CEO 17,057,425 (93.3% of outstanding)
 Public Float 1,220,468 (6.7%)

 Total Shares Outstanding 18,277,893 (100%)
► Our Founder/CEO’s substantial shareholdings and interests are aligned with our shareholders
26
INVESTMENT HIGHLIGHTS
EMERGING GROWTH - PURE PLAY PRODUCT TANKER COMPANY
Growth Oriented
with Attractive,
Modern Fleet
Reputable
Customer Base &
Diversified
Chartering Strategy
Competitive Cost
Structure &
Moderate
Capitalization
Experienced,
Incentivized
Management &
Prominent Board
Favorable Industry
Fundamentals
Create Attractive
Entry Point
NON-GAAP MEASURES AND DEFINITIONS
EXHIBIT I
28
EXHIBIT I | NON-GAAP MEASURES AND DEFINITIONS
(in thousands of U.S. Dollars)
Nine Months Ended
September 30,
Three Months Ended
September 30,
2016 2017 2016 2017
Reconciliation of Net income / (loss) to EBITDA
Net income / (loss) $ 19 $ (3,794) $ (1,463) $ (1,323)
Depreciation 4,318 4,164 1,449 1,403
Amortization of special survey costs 185 54 61 18
Interest and finance costs, net 2,109 2,157 703 737
EBITDA $ 6,631 $ 2,581 $ 750 $ 835
• The nine-month period ended September 30, 2017 presented above includes write-off in Q2 of the offering expenses
incurred for the public equity offering we terminated in July 2017. If we were to exclude these costs, our EBITDA for the same
period would have been $2,910.
29
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. EBITDA is not a recognized measurement under U.S. GAAP. EBITDA
is presented as we believe that it provides investors with a means of evaluating and understanding how our management evaluates
operating performance. This non-GAAP measure should not be considered in isolation from, as substitutes for, or superior to financial
measures prepared in accordance with U.S. GAAP. In addition, this non-GAAP measure does not have standardized meaning, and is
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
30
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

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201711 pyxis tankers - company presentation

  • 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 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. But the absence of such words does not mean that a statement is not forward-looking. Forward-looking information is based on the opinions, expectations and estimates of management of Pyxis Tankers Inc. (“we”, “our” or “Pyxis”) 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 or implied 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 our 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 EMERGING GROWTH - PURE PLAY PRODUCT TANKER COMPANY ►Focus on modern medium range (“MR”) product tankers with “eco” features ►Young tanker fleet of six IMO-certified vessels - weighted average age of ~6.7 years ►Management may pursue a sale or other long-term strategy relating to small tankers Growth Oriented with Attractive, Modern Fleet ►Long-standing relationships with first-class customers worldwide ►As of November 1, 2017, 40% of remaining chartering days in 2017 are covered ►Positioned to capitalize when spot rates improve Reputable Customer Base & Diversified Chartering Strategy ►Disciplined 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 Competitive Cost Structure & Moderate Capitalization ►Strong mgmt. team with 100+ years of combined industry and capital markets experience ►Founder/CEO has proven track record and is a major shareholder ►Board members consist of respected industry figures and/or with significant experience Experienced, Incentivized Management & Prominent Board ►Demand expected to outpace supply starting late Q4 2017 through 2019 ►Lowest MR2 orderbook since 2000 ►Increased scrapping expected – 6.4% of the MR2 fleet greater than 20 years old ►New environmental regulations could affect older vessels leading to further scrapping and slow steaming Favorable Industry Fundamentals Create Attractive Entry Point
  • 4. 4 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 Carrying Capacity (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 Time Nov. 2017 Pyxis Malou SPP / S.Korea MR 50,667 2009 Spot N/A Pyxis Delta Hyundai / S.Korea MR 46,616 2006 Time Nov. 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 Total 216,635 Avg. Age 6.7 Years FleetDetails FleetEmployment Overview (1) These tables are dated as of November 1, 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 November 1, 2017, 40% of anticipated available days for remainder of 2017 covered, excluding options Vessel Remainder of 2017 2018 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Pyxis Epsilon $13,350 / Day Pyxis Theta $13,625 / Day Pyxis Malou N/A Pyxis Delta $13,000 / Day Northsea Alpha N/A Northsea Beta N/A Fixed Employment Charterers Optional Period Open Days
  • 5. 5 STRONG RELATIONSHIPS QUALITY VESSELS & OPERATIONS  BLUE CHIP CUSTOMERS  ATTRACTIVE LENDING TERMS CUSTOMERS SENIOR LENDERSSHIPYARDS
  • 6. 6 SENIOR MANAGEMENT ► 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 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 DECADES OF EXPERIENCE
  • 7. 7 PYXIS ORGANIZATIONAL STRUCTURE LEAN, EFFICIENT, SCALABLE ORGANIZATIONAL STRUCTURE Administrative, Commercial & Ship Management Services (1) Administrative, Commercial & 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
  • 8. 8 ►Expand fleet by targeting balanced capital structure of debt and equity ►Maintain commercial lending and expand capital markets relationships ►Meet charterers’ preference for modern and eco tankers, which offer more operating reliability and efficiency ►Maintain high standards ensuring high level of safety, customer service and support ►Continue solid margins and ship level financial discipline within Pyxis ►Focus on acquisition of IMO II and III MR2 class product tankers of eight years of age or less built in Tier 1 Asian shipyards ►Prudently grow company size as soon as practical Grow the Fleet Opportunistically Maintain Financial Flexibility Focus on the Needs of our Customers COMPANY STRATEGY FOCUS ON QUALITY, GROWTH, SERVICE & FINANCIAL FLEXIBILITY ►Employ mixed chartering strategy between time and spot ►Maintain optionality – spot exposure offers upside during periods of market strength ►Diversify charters by customer and staggered duration Utilize Portfolio Approach to Commercial Management
  • 10. 10 REFINED PRODUCTS OVERVIEW Source: Drewry, May 2017 Petroleum Products Bitumen Fuel Oil Cycle Oils Diesel/Gasoil Kerosene Gasolines Clean Condensates Naphthas Other Bulk Liquids Vegetable Oils & Organic Chemicals Dirty Products Clean Products 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. PRODUCT CARRYING VERSATILITY Veg Oil/Light Chemicals
  • 11. 11 CHANGING TRADE ROUTES & PETROLEUM REFINERY LANDSCAPE CREATING INCREMENTAL DEMAND Source: Drewry, May 2017 * Compound annual growth rate Increases in Demand due to Changing Trade Routes & Refining Landscape 1,500 1,700 1,900 2,100 2,300 2,500 2,700 2,900 3,100 3,300 600 650 700 750 800 850 900 950 1,000 1,050 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Seaborne Product Trade - Million Tons (Left Hand Scale) Ton Mile Demand - Billion Ton Miles (Right Hand Scale) 3.8% CAGR* in million tons of seaborne trade 5.3% CAGR in ton mile demand
  • 12. 12 REFINERY CAPACITY ADDITIONS FURTHER AWAY FROM END USERS  BOOSTING TON-MILE DEMAND Source: Drewry, May 2017 Expected Petroleum Refinery Capacity Additions Driven by Non-OECD Growth & Exports MillionBarrelsperDay (0.5) 0.0 0.5 1.0 1.5 2.0 2.5 2017 2018 2019 2020 2021 2022
  • 13. 13 Increases in Long-Haul Routes EVOLVING TRADE ROUTES WITH TON MILES INCREASING Source: Drewry, May 2017 • Growth in net refining capacity expected to further drive demand for product tankers • Lower crude / feedstock prices generate incremental refinery demand • Arbitrage between markets create further opportunities • Emerging, growing 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 R R New RefineriesR
  • 14. 14 U.S. HAS BECOME MAJOR EXPORTER OF REFINED PRODUCTS Source: Drewry, May 2017 MillionBarrelsperDay Increase in refinery capacity due to proliferation of shale oil production 0.0 1.0 2.0 3.0 4.0 5.0 6.0 United States Saudi Arabia India
  • 15. 15 MR2 ORDER BOOK AT LOWEST LEVEL SINCE 2000 • Total MR vessel orderbook has fallen from a ~58% high in 2008 of the then existing fleet to 5.5% (90 vessels) of the worldwide fleet, lowest since 2000 • MR2: Low ordering – 27 MR2’s LTM (1.6% of global fleet) • Limited capacity additions scheduled beyond 2018 due to financial problems/restructurings/closures at shipyards, limited availability of capital and would-be buyers exposure to weaker shipping segments • Worldwide MR2 fleet is expected to grow at an average of 2.5% (gross) per annum in 2017 and 2018, without giving effect to scrapping of older vessels and slippage of deliveries MR Product Tanker Delivery Schedule Source: Drewry, May 2017 NumberofVessels 0 10 20 30 40 50 Medium Range 2 (MR2) Medium Range 1 (MR1) 2017 2018 2019 2020+
  • 16. 16 MR2 SCRAPPING EXPECTED TO INCREASE Global Fleet Age Distribution by Tonnage Source: Drewry, May 2017 • Average age of MR2 fleet is 13 years • 104 MR2 vessels (6.4%) are 20 years old or more • Sizeable portion of the fleet is approaching end of its useful life - future supply will affect replacement ability • New environmental regulations should drive more scrapping 0% 5% 10% 15% 20% 25% 30% 35% 40% < 5 Yrs 5-10 Yrs 10-15 Yrs 15-20 Yrs 20-25 Yrs 25+ Yrs MR1 MR2
  • 17. 17 ► Environmental regulations should lead to increased scrapping • Force owners to either scrap earlier or make significant vessel capital expenditures to remain operationally competitive • 174 MR2 (10.7% of world fleet) are 17 year old + ► 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 2019 at vessel’s next 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 and costly • Depending on vessel, fully loaded installation costs expected to be between $0.50 million to $0.75 million for a standard 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+ cost vs. ~$3.0 million vessel scrap value) 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 NEW ENVIRONMENTAL REGULATIONS TO DRIVE MORE SCRAPPING Source: Drewry, May 2017
  • 18. 18 MR2 CHARTER RATES POSITIONED FOR REBOUND Daily MR2 Time Charter Equivalent Spot Rates (Caribs-USAC) 1 Year MR2 Time Charter Equivalent Rates * Source: Drewry, May 2017 * Please see Exhibit I - Non-GAAP Measures and Definitions USDperDay 0 5,000 10,000 15,000 20,000 25,000 30,000 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 10 Year Average MR2 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2014 2015 2016 2017YTD 2008 - May 2017 Average USDperDay 2008-2016 MR2 Avg. Rate Av erage $13,006 Low $1,800 High $32,400 May 2017 $11,200 2008-2016 MR2 Avg. Rate Av erage $15,374 Low $10,800 High $25,000 May 2017 $13,250
  • 19. 19 HISTORICAL LOW MR2 ASSET VALUES CREATE ATTRACTIVE ENTRY POINT MR2 Asset Prices USDMillion 0.0 10.0 20.0 30.0 40.0 50.0 60.0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 NB Price SH Price NB Price Average 06-17 SH Price Average 06-17 * Source: Average shipbroker indications as of late October 2017 ** Exclusive of higher design specifications, yard supervision costs and spares Type Current * Avg. 2006-17 New Build Construction (delivery mid 19) ** $33.3 $39.2 5 yr. old $23.5 $32.5
  • 21. 21 UNAUDITED FINANCIAL HIGHLIGHTS Nine Months ended September 30, Three Months ended September 30, 2016 2017 2016 2017 In ‘000 USD except for daily TCE rates Time / spot charter revenue mix 78% / 22% 41% / 59% 64% / 36% 67% / 33% Voyage revenues $23,538 $22,509 $7,197 $6,339 Voyage related costs & commissions (3,914) (6,778) (2,234) (1,188) Time charter equivalent revenues * $19,624 $15,731 $4,963 $5,151 Net income / (loss) $19 ($3,794) ($1,463) ($1,323) Earnings / (loss) per share (basic & diluted) ** $0.00 ($0.21) ($0.08) ($0.07) EBITDA *,** $6,631 $2,581 $750 $835 Total operating days 1,529 1,470 477 486 Daily time charter equivalent rate * $12,835 $10,701 $10,406 $10,600 Fleet Utilization 93.0% 89.7% 86.4% 88.0% * Subject to rounding; Please see Exhibit I – Non-GAAP Measures and Definitions ** Includes write-off of F-1 offering costs of ~ $329K in Q2; excluding same, EBITDA and Loss/share would have been $2,910 and ($0.19), respectively, for the nine months ended September 30, 2017 Comparative Q/Q improvement but continued soft spot chartering activity impacted Q317 operating results THREE & NINE MONTHS ENDED SEPTEMBER 30, 2016 & 2017
  • 22. 22 (amounts in $) Nine Months Ended September 30, Three Months Ended September 30, 2016 2017 2016 2017 Eco-Efficient MR2: (2 of our vessels) Average TCE * 15,442 13,057 14,830 12,892 Opex * 5,798 5,836 5,624 5,871 Utilization % 98.5% 92.7% 96.2% 100.0% Eco-Modified MR2: (1 of our vessels) TCE 12,447 12,634 4,847 10,838 Opex 6,484 6,562 6,199 6,351 Utilization % 93.4% 91.9% 85.9% 87.0% Standard MR2: (1 of our vessels) TCE 16,291 11,921 11,540 12,768 Opex 6,862 5,835 6,635 5,946 Utilization % 92.7% 98.9% 79.3% 100.0% Small Tankers: (2 of our vessels) Average TCE 8,271 6,172 7,523 5,673 Opex 5,365 5,207 5,412 5,727 Utilization % 87.4% 81.1% 80.4% 70.7% Fleet: (6 of our vessels) TCE 12,835 10,701 10,406 10,600 Opex 5,945 5,747 5,818 5,916 Utilization % 93.0% 89.7% 86.4% 88.0% RECENT DAILY FLEET DATA THREE & NINE MONTHS ENDED SEPTEMBER 30, 2016 & 2017 * Please see Exhibit I – Non-GAAP Measures and Definitions Overall consistency in vessel Opex
  • 23. 23 TOTAL DAILY OPERATIONAL COSTS/ECO-VESSELS THREE & NINE MONTHS ENDED SEPTEMBER 30, 2017 Nine Months Ended September 30, 2017 Three Months Ended September 30, 2017 Eco Eco Modified Efficient Modified Efficient (amounts in $/day) Opex * $6,562 $5,836 $6,351 $5,871 Technical & commercial management fees 751 751 746 746 G&A expenses ** 1,389 1,389 1,067 1,067 Total daily operational costs per vessel ** $8,702 $7,976 $8,164 $7,684 * Please see Exhibit I - Non-GAAP Measures and Definitions ** Includes write-off of F-1 offering costs of ~ $329K in Q2; excluding same for the nine months ended September 30, 2017, (1) daily G&A expenses would have been $1,188, and (2) total daily operational costs for Eco-modified and Eco-efficient MR’s would have been $8,501 and $7,775, respectively Our Eco MR2 tankers’ total daily operational costs continue to be competitive
  • 24. 24 CAPITALIZATION AT SEPTEMBER 30, 2017 At September 30, 2017 In ‘000 USD Cash and cash equivalents, including restricted cash $ 5,604 Bank debt, net of deferred financing fees 67,804 Promissory note 2,500 Total funded debt $ 70,304 Stockholders' equity 44,959 Total capitalization $ 115,263 Net funded debt $ 64,700 Total funded debt / total capitalization 61.0% Net funded debt / total capitalization 56.1% • Weighted average interest rate of total debt for the nine months ended September 30, 2017 was 3.68%. Moderate leverage at low interest costs No bank balloon payments scheduled until Q2 2020
  • 25. 25 MANAGEMENT INCENTIVIZED TO ACHIEVE GROWTH FOUNDER/CEO’S SUBSTANTIAL SHAREHOLDINGS ► Common shares listed on NASDAQ Capital Market under trading symbol “PXS” ► The shareholder base as of November 1, 2017:  Maritime Investors Corp. & other affiliate of our CEO 17,057,425 (93.3% of outstanding)  Public Float 1,220,468 (6.7%)   Total Shares Outstanding 18,277,893 (100%) ► Our Founder/CEO’s substantial shareholdings and interests are aligned with our shareholders
  • 26. 26 INVESTMENT HIGHLIGHTS EMERGING GROWTH - PURE PLAY PRODUCT TANKER COMPANY Growth Oriented with Attractive, Modern Fleet Reputable Customer Base & Diversified Chartering Strategy Competitive Cost Structure & Moderate Capitalization Experienced, Incentivized Management & Prominent Board Favorable Industry Fundamentals Create Attractive Entry Point
  • 27. NON-GAAP MEASURES AND DEFINITIONS EXHIBIT I
  • 28. 28 EXHIBIT I | NON-GAAP MEASURES AND DEFINITIONS (in thousands of U.S. Dollars) Nine Months Ended September 30, Three Months Ended September 30, 2016 2017 2016 2017 Reconciliation of Net income / (loss) to EBITDA Net income / (loss) $ 19 $ (3,794) $ (1,463) $ (1,323) Depreciation 4,318 4,164 1,449 1,403 Amortization of special survey costs 185 54 61 18 Interest and finance costs, net 2,109 2,157 703 737 EBITDA $ 6,631 $ 2,581 $ 750 $ 835 • The nine-month period ended September 30, 2017 presented above includes write-off in Q2 of the offering expenses incurred for the public equity offering we terminated in July 2017. If we were to exclude these costs, our EBITDA for the same period would have been $2,910.
  • 29. 29 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. EBITDA is not a recognized measurement under U.S. GAAP. EBITDA is presented as we believe that it provides investors with a means of evaluating and understanding how our management evaluates operating performance. This non-GAAP measure should not be considered in isolation from, as substitutes for, or superior to financial measures prepared in accordance with U.S. GAAP. In addition, this non-GAAP measure does not have standardized meaning, and is 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
  • 30. 30 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

Editor's Notes

  1. Update info
  2. Update info Call out on 10% increase