Pyxis Tankers to sell Pyxis Epsilon for $40.75M in cash

Pyxis Tankers has agreed to sell the vessel Pyxis Epsilon, a 2015 built 50,295 dwt. product tanker, for a sale price of $40.75M in cash to an unaffiliated buyer located in the United States. Completion of the vessel sale, which is subject to customary closing conditions, is expected to occur during the fourth quarter of 2023. After the repayment of the outstanding indebtedness secured by the vessel and the payment of various transaction costs, the Company expects to receive cash proceeds of approximately $26.4M, which would be used for general corporate purposes. Assuming completion of the vessel sale during the fourth quarter of 2023, the Company expects to recognize a non-cash gain from asset disposition of approximately $16.8M or $1.57 per current outstanding common share.