Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), a prominent international shipping company, has successfully closed a joint venture to acquire the 2015-built dry bulk vessel, the Konkar Venture. This strategic move was made in collaboration with an entity related to the Chairman and Chief Executive Officer of Pyxis Tankers.
The newly formed joint venture aims to acquire, own, and operate the Konkar Venture, an 82,099 dwt Kamsarmax carrier. Pyxis Tankers invested a total of $7.3 million in cash and issued 267,857 restricted common shares, enabling them to gain a 60% ownership interest in the joint venture. The Konkar Venture, a sister ship to Pyxis Tankers’ eco-efficient Konkar Asteri, will continue its employment under an existing time charter until mid-August 2024, fetching a gross daily rate of $18,000.
With the acquisition of the Konkar Venture, the Pyxis Tankers’ consolidated total cash is expected to reach approximately $43.0 million, which includes restricted cash of $2.2 million. The total funded debt for the company is estimated to be approximately $89.0 million. The infusion of the new vessel into Pyxis Tankers’ fleet will enhance its operational capabilities and further consolidate its position in the competitive shipping market.
Pyxis Tankers Inc. continues to focus on expanding its fleet with modern, eco-efficient vessels to cater to the evolving demands of the global shipping industry. Their commitment to sustainability and operational excellence makes them a significant player in the maritime sector.
The joint venture acquisition of the Konkar Venture positions Pyxis Tankers for substantial growth and strengthens its position as an industry leader. This venture not only bolsters the company’s existing fleet but also showcases its determination to provide efficient and reliable shipping solutions to its clientele.
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