Greek shipowner Pyxis Tankers has agreed with a group of sellers, including the company’s chairman and chief executive, Eddie Valentis, to acquire, through a joint venture, a 82,000-dwt kamsarmax dry-bulk vessel, built in 2015, at Jiangsu New Yangzi Shipbuilding fitted with a ballast water treatment system.
The Nasdaq-listed firm is buying the vessel “Konkar Venture” in a deal worth $30m, funded by $16.5m of bank debt, $13.2m in cash and the new issuance of $1.5m of restricted common shares of the company.
The acquisition of the “Konkar Venture”, which is the sister ship of the 2015-built “Konkar Asteri,” was unanimously approved by the company’s independent and disinterested directors.
The new addition is subject to customary closing conditions, and it is expected to be completed in June 2024.
Pyxis will own 60% of this joint venture and the remaining 40% will be owned by a company related to the chairman and chief executive, Mr. Valentis, who will reinvest $5.9m in cash and receive $1.5m in restricted shares of the company as part of his portion of the vessel purchase consideration.
Eddie Valentis, chairman and chief executive, said: “The vessel 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 our expanding fleet.”
“Secondhand values for modern eco-efficient product tankers continue to appreciate unabated. In our opinion, current asset prices are prohibitively high for fleet expansion of our MR’s. In our commitment to enhancing shareholder value, we have continued to improve our balance sheet, repurchased common shares and selectively expanded our footprint in the dry-bulk sector,” he added.
The company currently owns a modern fleet of mid-sized eco-vessels consisting of three MR product tankers, one kamsarmax, bulk carrier and a controlling interest in a single ship ultramax, dry-bulk venture engaged in seaborne transportation of a broad range of refined petroleum products and dry-bulk commodities.
