Pyxis Tankers lines up funds for fleet growth

Greek shipping company Pyxis Tankers is poised to expand its fleet, having signed a commitment letter for a bank loan of up to $45 million. The Nasdaq-listed firm plans to acquire modern product tankers ranging from 45,000 to 115,000 deadweight tons (dwt) or bulk carriers between 60,000 and 85,000 dwt. The loan is expected to close in June, allowing the company to draw funds over the next 18 months to finance a significant portion of the vessel purchases.

Loan Details and Fleet Composition

The loan agreement will enable Pyxis Tankers to cover up to 62.5% of the purchase price for new vessels, with the remaining funds sourced from the company’s cash reserves. The borrowing term is set for five years, and the loan will be secured by the vessels acquired. The average interest rate for the loan is pegged at SOFR plus 1.9%, providing a competitive financing option for the company.

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Currently, Pyxis Tankers operates a fleet consisting of three product tankers and three bulk carriers, all built between 2013 and 2017. This strategic move to expand its fleet aligns with the company’s growth objectives and reflects its commitment to modernizing its operations. The addition of new vessels is expected to enhance the company’s capabilities in the competitive shipping market, positioning it for future opportunities.