Pyxis Tankers Sells Its Oldest Product Tanker For $24.8M

Pyxis Tankers Inc. PXS has agreed to sell the vessel Pyxis Malou, 2009-built 50,667 dwt. product tanker, for $24.8 million cash to an unaffiliated buyer in the United Kingdom.
The company expects to complete the vessel sale by March 31, 2023. The company expects to recognize a non-cash gain from asset disposition of ~$8 million or ~$0.75 per share.
Pyxis expects to receive cash proceeds of ~$18 million and will use it for general corporate purposes, including additional debt repayment.
"Moving forward, we will have a fleet of four MRs with an average age of 8 years. Upon completion of the disposition, our substantial cash position and lower leverage will increase our operating and financial flexibility. At the proper time, we expect to further enhance shareholder value by pursuing opportunities with cash on hand, and, if appropriate, utilizing modest bank financing," commented Valentios Valentis, Chairman and CEO.
Price Action: PXS shares closed at $6.11 on Wednesday.