Greek shipowner Pyxis Tankers has closed its dry bulk vessel joint venture with an entity related to its chairman and chief executive officer, Eddie Valentis, that was newly formed to acquire, own and operate a 82,099-dwt kamsarmax dry-bulk vessel, built in 2015, at Jiangsu New Yangzi Shipbuilding.
The Nasdaq-listed firm invested $7.3m in cash and will issue 267,857 restricted common shares for a 60% ownership interest in the joint venture.
The shipowner is buying the vessel “Konkar Venture”, a sister ship to the company’s eco-efficient “Konkar Asteri,” build also in 2015, in a deal worth $30m.
The new added vessel to the joint venture “Konkar Venture” is continuing its employment under the existing time charter through mid-August, at a gross daily rate of $18,000.
The company’s consolidated total cash is estimated to be around $43m after the acquisition of the bulker.
The Greek shipowner Eddie Valentis currently owns a modern fleet of six mid-sized vessels, consisting of three MR2 product tankers and other bulk liquids, as well as controlling interests in two dry bulk joint ventures that each own a kamsarmax and ultramax vessel, respectively, and a 100% owned kamsarmax carrier, which transport a broad range of dry-bulk commodities.
The newly acquired unit will continue to be managed by Konkar Shipping Services, S.A., a company that is also related to Mr. Valentis, “thereby minimizing acquisition risk and assuring smooth operational integration to the expanding fleet.”
