COMPANY PRESENTATIONJanuary 2019
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DISCLAIMERFORWARD-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, 2017 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).
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COMPANY OVERVIEWEMERGING GROWTH - PURE PLAY PRODUCT TANKER COMPANY
► Focus on modern medium range (“MR”) product tankers with “eco” features
►Modern tanker fleet of six IMO-certified vessels - weighted average age of ~ 8 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 January 21, 79% of Q1 2019 MR available days booked at average TCE of $13K
►Positioned to capitalize when charter 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
►Balanced capitalization with moderate cost, long-lived funded debt
►Earliest scheduled balloon payment due Q3 2022
Competitive Cost
Structure &
Moderate
Capitalization
► Strong mgmt. team with 90+ 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
► IMF’s global annual growth of 3.5% in 2019 should help demand to outpace supply
► Lowest MR2 orderbook since 2000 with expected fleet growth (gross) of 5.5 % in 2019
► Increased scrapping expected ~ 7% of global MR2 fleet 19 years old or more
►New environmental regulations could negatively affect older vessels leading to further
scrapping as well as result in slow steaming and increased dry-dockings industry wide
Favorable Industry
Fundamentals
Create Attractive
Entry Point
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PYXIS CURRENT FLEET & EMPLOYMENT OVERVIEWPOSITIONED 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 ShipyardVessel
Type
Carrying
Capacity
(dwt)
Year BuiltType of
Charter
Anticipated
Redelivery Date (1)
Pyxis Epsilon SPP / S.Korea MR 50,295 2015 Time Apr. 2019
Pyxis Theta SPP / S.Korea MR 51,795 2013 Time Jul. 2019
Pyxis Malou SPP / S.Korea MR 50,667 2009 Spot N/A
Pyxis Delta Hyundai / S.Korea MR 46,616 2006 Time Jun. 2019
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 216,635Avg. Age
8.1 Years
Fle
et
De
tails
Fle
et
Em
plo
ym
en
t O
ve
rvie
w
(1) These tables are as of January 21, 2019 and show latest redelivery dates and do not reflect commissions payable.
(2) Management may pursue sale or other long-term strategy for small tankers.
(3) Pyxis Malou will perform her scheduled special survey upon completion of current spot voyage during February.
Jan Mar May Jun Aug Sep Oct Nov Dec
$13,350 p.d.
$13,800 p.d.
Spot
$12,800 p.d.
Spot
Spot
Pyxis Epsilon
Pyxis Theta
Pyxis Malou (3)
Pyxis Delta
Northsea Alpha
Northsea Beta
Fixed
Employment
Charterers
Optional Period
Spot
Employment
2019
Open
Days
Feb Apr Jul
1Q19
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STRONG RELATIONSHIPSQUALITY VESSELS & OPERATIONS → BLUE CHIP CUSTOMERS → ATTRACTIVE
LENDING TERMS
CUSTOMERS SENIOR LENDERSSHIPYARDS
http://www.google.gr/url?url=http://www.businesswire.com/news/home/20150325005587/en/Koch-Industries-Energy-Star%C2%AE-Program-Partner&rct=j&frm=1&q=&esrc=s&sa=U&ved=0ahUKEwjRy__DyuDJAhVKDxoKHRh-Bg4QwW4IHTAE&usg=AFQjCNE7eKZNzXJREtt0dRBSLPPIr1y1lQ
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SENIOR MANAGEMENT
► 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
Konstantinos
“Kostas” Lytras
Chief Operating
Officer
Valentios “Eddie”
Valentis
Chairman & CEO
Henry Williams
CFO & Treasurer
DECADES OF EXPERIENCE
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PYXIS ORGANIZATIONAL STRUCTURELEAN, 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. ITM is a third party vessel manager, part of the VShips Group, the largest 3rd party ship manager provider in the world.
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 @ ~ $755/day/vessel provide safe and efficient operating
results compared to peers
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►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 STRATEGYFOCUS 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 OVERVIEWPRODUCT TANKER INDUSTRY
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REFINED PRODUCTS OVERVIEW
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 (except possibly maiden
voyage).
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
Source: Drewry, January 2019
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CHANGING TRADE ROUTES & PETROLEUM REFINERY
LANDSCAPE CREATING INCREMENTAL DEMAND
Source: Drewry, January 2019, provisional estimates
* Compound annual growth rate, 2008 -2018
Increases in Demand due to Changing Trade Routes & Refining Landscape
Seaborne Product Trade - Million Tons (Left Hand Scale)
Ton Mile Demand - Billion Ton Miles (Right Hand Scale)
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
1,100
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
3.2% CAGR* in million tons of seaborne trade
3.4% CAGR in ton mile demand
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Increases in Long-Haul Routes
EVOLVING TRADE ROUTES WITH TON MILES
INCREASING
• 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 ~13% from 2008 to 2018
R R
New RefineriesR
Source: Drewry, January 2019
R
13
0
1
2
3
4
5
6
May-08 May-09 May-10 May-11 May-12 May-13 May-14 May-15 May-16 May-17 May-18
United States Saudi Arabia India
U.S. HAS BECOME LARGEST EXPORTER OF REFINED
PRODUCTS GLOBALLYM
illio
n B
arr
els
pe
r D
ay
Increase in refinery capacity due to proliferation of shale oil production
Source: Drewry, August 2018
14
0.0
0.5
1.0
1.5
2.0
2.5
2018 2019 2020 2021 2022
REFINERY CAPACITY ADDITIONS FURTHER AWAY FROM END USERS → BOOSTING TON-MILE DEMAND
Expected Petroleum Refinery Capacity Additions Driven by Non-OECD Growth & Exports
Mill
ion
Ba
rre
ls p
er
Da
y
6.6% Increase in Global Refinery Capacity (2018-2022)
Source: Drewry, January 2019
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MR2 ORDER BOOK AT LOWEST LEVEL SINCE 2000
• Total MR2 vessel orderbook has fallen from a ~48% high in 2007 of the then existing fleet to 7.6% (124
MR2 vessels) of the worldwide fleet, lowest since 2000
• MR2: Low ordering – 41 MR2’s in 2018 (2.5% of global trading fleet)
• Limited capacity additions scheduled due to continued financial problems/restructurings/closures at
certain shipyards and limited availability of cost-effective capital
• Worldwide MR2 fleet is expected to grow by 5.5% (gross) in 2019, without giving effect to scrapping of
older vessels and slippage of deliveries
• Delays in scheduled new vessel deliveries – estimated 31% in 2018* with 25% slippage est. for 2019
Expected Delivery Schedule – Medium Range 2
Nu
mb
er
of
Ve
sse
ls
Source: Drewry, January 2019 - excludes Jones Act vessels
* Allied Shipbrokering, January 2019
0
10
20
30
40
50
60
70
80
90
100
2019 2020 2021 +
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MR2 SCRAPPING EXPECTED TO INCREASE; LOW NET
FLEET GROWTH EXPECTED
Global MR2 Fleet Age Distribution by Tonnage
• Average age of MR2 fleet is 10.1 years
• 90 MR2 vessels (5.5%) are 20 years old or more
• 2% scrapping (33 MR2) in 2018
• Sizeable portion of global fleet approaching end of its useful life - future supply will affect
replacement ability
• New environmental regulations should drive more scrapping
• 52 MR2 face 4th special survey during 2019-20
Source: Drewry, January 2019
0%
5%
10%
15%
20%
25%
30%
35%
17
► New environmental regulations should lead to increased scrapping and more dry-
dockings• Force owners to either scrap earlier or make significant vessel capital expenditures to remain
operationally competitive
• Increased dry-docking days temporarily reduce available supply
• 115 MR2 (7% of world fleet) are 19 years old or more
► 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 $0.5-0.6 million for
a standard MR tanker
• Pyxis Malou second special survey with BWTS upgrade in Q1 2019
NEW ENVIRONMENTAL REGULATIONS
TO DRIVE MORE SCRAPPING
Source: Drewry, January 2019
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New stricter regulations on sulphur emissions starting January 1, 2020• Limits reduced from 3.5% to 0.5% for bunker fuel
• Impact to worldwide merchant fleet of over 75,000 vessels and 3.5 million bpd of bunkers
• Refineries will increase distillate yields starting 2H 2019 to capture higher margins and demand
for low - sulphur fuel oil (LSFO)
• Bunker fuel redistribution to global ports, hubs and storage terminals create new and
expanded trade routes resulting in incremental demand for MR2’s
► Vessel owners can either:I. Install expensive scrubbers (~$2.0 million cost vs. ~$4.0 million vessel scrap value) to
burn current grade of 380 fuel, or
II. Pay sizeable fuel premium (currently ~ $225 per ton or $6,750 per day) to burn marine
gas oil (MGO) and run vessel at slower speed
• Scrubber installation requires incremental drydocking days and temporarily reduces
capacity
• Potential onboard technical and operating challenges of scrubbers could increase
operating costs; expanding list of coastal areas and countries banning open-loop
scrubbers could negatively effect scrubber adoption
• Slow steaming to effectively reduce global vessel supply in 2020 by ~50 MR2
• Introduction of compliant fuel blends of LSFO –when and what prices TBD
► Multi-tiered charter market, favoring eco-efficient vessels, expected within multi-year rising
charter rate environment
IMO 2020 – MAJOR CATALYST
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2009-18 MR2 Rate
Average $14,164
Low $10,800
High $20,000
Dec. 2018 $14,000
2009-18 MR2 Rate
Average $12,073
Low $1,800
High $28,800
Dec. 2018 $26,700
MR2 TIME CHARTER RATES POSITIONED FOR
IMPROVEMENT
Daily MR2 Time Charter Equivalent Spot Rates (Caribs-USAC)
1 Year MR2 Time Charter Equivalent Rates *
Source: Drewry, January 2019
* Please see Exhibit I - Non-GAAP Definitions
USD
pe
r D
ay
USD
pe
r D
ay
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 2017 2018 10 Yr Average
9,000
11,000
13,000
15,000
17,000
19,000
21,000
MR2 10 Year Average
20
REASONABLE MR2 ASSET VALUES CREATE
ATTRACTIVE ENTRY POINT
MR2 Asset Prices
USD
Mill
ion
Type Dec 201810 Yr.
Average Difference
New Build(delivery 2H20) * $36.0 $35.4 3%
SH 5 yr. old $27.0 $26.4 2%
Source: Drewry, January 2019 - excludes Jones Act vessels
* Exclusive of higher specifications, yard supervision costs and spares, Tier III vessel with no scrubber installed
15
20
25
30
35
40
45
50
55
60
Jan-
08
Jun-
08
Nov-
08
Apr-0
9
Sep-
09
Feb-
10
Jul-1
0
Dec-
10
May
-11
Oct-1
1
Mar
-12
Aug-
12
Jan-
13
Jun-
13
Nov-
13
Apr-1
4
Sep-
14
Feb-
15
Jul-1
5
Dec-
15
May
-16
Oct-1
6
Mar
-17
Aug-
17
Jan-
18
Jun-
18
Nov-
18
NB Price SH Price (5yr Old) NB Price 10 Yr Ave SH Price 10 Yr Ave
PYXIS TANKERSFINANCIAL HIGHLIGHTS
22
At September 30, 2018
In ‘000 USD ACTUAL
Cash and cash equivalents, including restricted cash $ 10,873
Institutional debt, net of deferred financing fees 63,444
Promissory note 5,000
Total funded debt $ 68,444
Stockholders' equity 43,382
Total capitalization $ 111,826
Net funded debt $ 57,571
Total funded debt / total capitalization 61.2%
Net funded debt / total capitalization 51.5%
CAPITALIZATIONAT SEPTEMBER 30, 2018
• Weighted average interest rate of total debt for the nine months ended September 30, 2018 was 5.34%
Balanced
leverage at
moderate
interest costs
No bank balloon
payments
scheduled until
Q3 2022
23
MANAGEMENT INCENTIVIZED TO ACHIEVE GROWTHFOUNDER/CEO’S SUBSTANTIAL SHAREHOLDINGS
► Common shares listed on NASDAQ Capital Market under trading symbol “PXS”
► The shareholder base as of December 31, 2018:
▪ Maritime Investors Corp. 17,033,927 (80.9% of outstanding)
▪ Public Float 4,026,263 (19.1%)
▪ Total Shares Outstanding 21,060,190 (100%)
► Our Founder/CEO’s substantial shareholdings and interests are aligned with our shareholders
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INVESTMENT HIGHLIGHTSEMERGING GROWTH - PURE PLAY PRODUCT TANKER COMPANY
Growth Oriented with Attractive,
Modern Eco Fleet
Reputable Customer Base &
Diversified Chartering Strategy
Competitive Cost Structure & Moderate
Capitalization
Experienced, Incentivized
Management & Prominent Board
Favorable Industry Fundamentals
Create Attractive Entry Point with
Upside
NON-GAAP DEFINITIONSEXHIBIT I
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EXHIBIT I | NON-GAAP DEFINITIONS
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 define total daily operational costs as vessel Opex, technical and commercial management fees plus allocable general and
administrative expenses, applied on a daily basis, typically in comparison of our eco-efficient and eco-modified MR’s. These costs
can vary by fleet composition, vessel delivery, operating structure and management organization.
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CONTACT
Pyxis Tankers Inc.
K. Karamanli 59
Maroussi 15125, Greece
Email: [email protected]
www.pyxistankers.com
Henry Williams
CFO & Treasurer
Phone: +1 516 455 0106/ +30 210 638 0200
Email: [email protected]
mailto:[email protected]