Valentios (Eddie) Valentis-led Pyxis Tankers has sealed a deal to buy the remaining 40% non-controlling interest in the entity that owns the ultramax Ormi, a Japanese 2016-built scrubber-fitted 63,250 dwt vessel.
The Nasdaq-listed company said the transaction will result in Pyxis owning 100% of the vessel-owning entity and simplify the company’s ownership structure.
As it is reported, the bulker was acquired in October 2023 from an unaffiliated third party for $28.5m.
Pyxis acquired a 60% controlling interest, while the remaining 40% was acquired by a company related to Pyxis’ chairman and chief executive officer, Eddie Valentis.
The vessel has recently been appraised by three recognized international shipbrokers, each acting independently, at an average value of approximately $32.08m, with a range of less than 1% among the three appraisals.
After $15m of vessel-related debt, the implied net appraised equity value is around $17.08m, of which 40% corresponds to $6.83m.
The acquisition is expected to close within October, following the satisfaction of customary closing conditions.
Eddie Valentis, chairman and CEO of Pyxis Tankers, said: “When we acquired the Ormi in October 2023, the participation of an affiliated entity provided additional capital support that allowed Pyxis to complete an attractive acquisition while preserving liquidity and financial flexibility. Since then, we have substantially strengthened our balance sheet and liquidity position.
“Acquiring the remaining interest is a logical next step. The vessel-equity component of the consideration is supported by three independent appraisals from recognized international shipbrokers.
“The transaction is expected to be immediately accretive under prevailing dry bulk market conditions and our current operating assumptions, and it will further simplify our corporate structure while providing Pyxis with 100% economic ownership of the Ormi, a high-quality, Japanese-built, scrubber-fitted ultramax vessel.”
