Pyxis Tankers Inc., specializing in the transport of petroleum transportation of petroleum products and dry bulk has signed a letter of commitment with a banking institution to access a credit line of up to US$45 million. This financial move is intended to support the purchase of up to two modern vessels, in a strategy aimed at strengthening its operational capacity.
Partial financing and terms of the facility
The agreement allows financing of up to 62.5% of the acquisition value of product tankers for product tankers between 45,000 and 115,000 deadweight tons (dwt) or dry bulk carriers between 60,000 and 85,000 dwt. According to the splash24 web portal, the credit may be used at any time within 18 months after closing, scheduled for June 2025.The remaining balance is to be covered by the loan. The remaining balance will have to be covered by the company’s own capital.
Each disbursement will be subject to an average interest rate of SOFR plus a margin of 1.9%, and will be amortized quarterly over five years. The guarantee will include the vessels purchased with these funds and will be accompanied by financial covenants to ensure the stability of the agreement.
Growth strategy with modern and eco-efficient vessels
With a current fleet consisting of six units, including three MR vessels, the MR vessels vessels and two Kamsarmax and Ultramax bulk carriers, Pyxis seeks to strengthen its market position through more modern and sustainable vessels. This decision is aligned with its medium-term growth plan and the optimization of its cost structure.
Pyxis Tankers’ management team, with expertise in international markets and maritime finance, excels at aligning its interests with those of shareholders. In addition, the company maintains strong customer relationships and has the resources to take advantage of acquisition opportunities on favorable terms.
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Source and photo: Pyxis Tankers
