Greek Pyxis Tankers, a shipowner of product tankers, enters the dry bulk sector by approving a $6.8 million equity investment in a newly formed company, which has agreed to acquire a 2016 Japanese built 63,520 metric tons dwt ultramax bulk carrier, from an un-affiliated third party. 

Pyxis Tankers will own 60% of this joint venture and the remaining 40% will be owned by a company related to the Chairman and chief executive officer of Pyxis Tankers, Mr. Valentios Valentis.

Konkar Shipping Services, an owner and manager of dry bulk vessels, will also manage the vessel.

This scrubber-fitted eco-vessel is geared with four cargo cranes and a ballast water treatment system which provide optimal operating flexibility, lower environmental emissions and attractive fuel economics.

The purchase price of the bulk carrier will be $28.5 million, which will be partially funded by a $19.0 million five-year secured bank loan.

“The transaction is expected to close by late August, 2023 and is subject to the execution of definitive documentation and standard closing conditions. This counter-cyclical investment opportunity should provide attractive returns to us through a well-managed structure,” said Mr. Valentios Valentis.

After completing the sale of a 14-year-old tanker in March this year at a “historical high price,” as the company claims, compared to the sale prices of similar vessels, Pyxis Tankers now owns and operates four modern eco-efficient MR2 tankers, under the names Pyxis Lamda, Pyxis Theta, Pyxis Karteria and Pyxis Epsilon.

The shipowner has also reported the sale of its eco-modified Pyxis Malou ship which was sold to an unaffiliated buyer in March this year.