Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13A-16 OR 15D-16

OF THE SECURITIES EXCHANGE

ACT OF 1934

For the month August 2023

Commission File Number: 001-37611

Pyxis Tankers Inc.

(Translation of registrant’s name into English)

59 K. Karamanli Street

Maroussi 15125 Greece

+30 210 638 0200

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

EXPLANATORY NOTE

Attached as Exhibit 99.1 to this Report on Form 6-K is the press release of the Company entitled “Pyxis Tankers Announces Financial Results for the Three Months Ended June 30, 2023 & Investment in Drybulk Joint Venture”.

Attached as Exhibit 99.2 to this Report on Form 6-K is Management’s Discussion and Analysis of Financial Condition and Results of Operations and unaudited interim consolidated financial statements and the accompanying notes thereto of the Company as of June 30, 2023 and for the six month periods ended June 30, 2023 and 2022.

The information contained in Exhibit 99.2 of this Form 6-K is hereby incorporated by reference into the Company’s registration statement on Form F-3 (File No 333256167), initially filed with the U.S. Securities and Exchange Commission on May 14, 2021.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	PYXIS TANKERS INC.

Dated: August 7, 2023	By:	/s/ Henry Williams
		Henry Williams
		Chief Financial Officer

Exhibit Index

Exhibit Number		Document

99.1		Press Release, dated July 31, 2023
99.2		Management’s Discussion and Analysis of Financial Condition and Results of Operations and unaudited interim condensed Consolidated Financial Statements as of December 31, 2022 and June 30, 2023 and for the six month periods ended June 30, 2022 and 2023

Exhibit 99.1

Pyxis Tankers Announces Financial Results for the Three Months Ended June 30, 2023 and

Investment in Drybulk Joint Venture

Maroussi, Greece, July 31, 2023 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS) (the “Company” or “Pyxis Tankers”), an international product tanker company, today announced its unaudited results for the three and six month periods ended June 30, 2023.

Summary

For the three months ended June 30, 2023, our Revenues, net were $9.5 million. For the same period, our time charter equivalent (“TCE”) revenues were $8.6 million, representing a decrease of approximately $2.7 million, or 23.7%, over the comparable period in 2022 when we operated more vessels. Our net income attributable to common shareholders for the three months ended June 30, 2023 was $2.8 million, representing a decrease of $1.8 million from net income of $4.6 million in the comparable period of 2022. For the second quarter of 2023, the net income per share was $0.25 basic and $0.23 diluted compared to the net income per share of $0.43 basic and $0.38 diluted for the same period in 2022. Our Adjusted EBITDA for the three months ended June 30, 2023 was $5.2 million, which represented a decrease of $2.0 million over the comparable period in 2022. Please see “Non-GAAP Measures and Definitions” below.

Valentios Valentis, our Chairman and CEO, commented:

“We are pleased to report solid results for our second fiscal quarter 2023 with Revenues, net of $9.5 million and Net Income attributable to common shareholders of $2.8 million. Despite inflationary pressures, resilient economic activity and increasing mobility in many parts of the world have resulted in what we believe is good demand for transportation fuels. Favorable market fundamentals have been supported by continued low inventories of many refined products and more significantly, the impact of the war in the Ukraine has led to further market dislocation, including arbitrage opportunities, as well as the redirection of trade flows from shorter-haul to longer distances resulting in ton-mile expansion of seaborne cargoes, thereby reducing available capacity. Consequently, chartering activity for product tankers remains healthy and asset values high, reflecting a sustainable and constructive environment for the sector.

After completing the sale of our 14-year-old tanker in March 2023 at a relatively high historical price as compared to the sale prices of similar vessels, we now own and operate four modern Eco-efficient MR’s. For the three months ended June 30, 2023 our daily TCE rate for these vessels increased 18.6% to $24,980 compared to the same period in 2022. While we expect summer to be a seasonally softer chartering environment, our bookings remain strong. As of July 26, 2023, 55% of the available days in the third quarter of 2023 for our MR’s were booked at an estimated average TCE of $27,800 per vessel. Three of our tankers are currently under short-term time charters and one in the spot market. We expect to prudently maintain our mixed employment strategy.

For the near term, we expect volatility to continue, yet believe charter rates to stay above five-year average levels given the modest inventories of refined petroleum products in a number of locations worldwide as well as the global effects of the G-7 and European Union ban and price caps on seaborne cargoes of Russian refined products. Despite ongoing concerns about slowing economic activity globally, additional OPEC+ crude oil production cuts, tighter monetary policies, persistently high inflation and destabilizing geo-political events, supply-side fundamentals reinforce a positive outlook underpinned by steady volumes and longer sailing distances. In its July 2023 update, the International Monetary Fund revised upward its outlook for annual global GDP growth in 2023 to 3% due to resilient economic activity, primarily within the OECD, offset by the headwinds of stricter monetary policies and high, but decelerating inflation. GDP growth for advanced economies is forecasted at 1.5% this year, while emerging and developing economies are expected to achieve growth of 4%. In July 2023, the International Energy Agency revised its forecast for global oil demand to increase 2.2% or 2.2 million barrels per day (“Mb/d”) to 102.1 Mb/d in 2023. Refinery runs have been revised upwards to 82.5 Mb/d and crack spreads remain above 5 year averages. The processing of cheaper Russian Urals crude has benefitted a number of refineries in India and China, leading to significant increases in refined product exports to capture arbitrage opportunities and further expand ton-mile shipments. In mid-June, 2023, a leading research firm forecasted that global product tanker ton-miles would increase 12% this year and another 7% in 2024. Additionally, cargo volumes are expected to grow 4% annually in both years. Over the long-term, scheduled changes in the global refinery landscape, led by capacity additions outside of the OECD, should provide added longer-haul volumes. Although new build ordering has picked-up, the MR orderbook still remains relatively low by historical standards with deliveries now moving into 2026. Moreover, the large number of inefficient 20+ year old tankers exceed the orderbook and are demolition candidates during the next five years. At June 30, 2023, Drewry, an independent industry research firm, estimated the orderbook to be 6.6% or 111 MR2 in the global fleet, with 144 or 8.5% to be 20 years of age or more. Overall, we continue to expect MR tanker supply to grow annually at less than 2% net, through 2024.

The rise in secondhand values for modern eco-efficient product tankers have recently stabilized. However, asset prices are still too high for us to aggressively pursue fleet expansion of our MR’s. In order to enhance shareholder value, we have continued to improve our balance sheet, repurchased shares to a limited extent and selectively considered investments in other shipping segments. After due consideration, our Board, consisting of a majority of independent members, unanimously approved a $6.8 million equity investment in a newly formed company, which has agreed to acquire a 2016 Japanese built 63,520 metric tons deadweight Ultramax bulk carrier from an un-affiliated third party. We will own 60% of this joint venture and the remaining 40% will be owned by a company related to our Chairman and Chief Executive Officer, Mr. Valentis. 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, that we anticipate to be partially funded by a $19.0 million five-year secured bank loan priced at SOFR plus a margin of 2.35%. The vessel will be managed by Konkar Shipping Services, S.A., a company that is related to our Chairman and Chief Executive Officer, which is a long-time successful owner and manager of dry bulk vessels. The transaction is expected to close by late August, 2023 and is subject to the execution of definitive documentation and standard closing conditions. We believe this counter-cyclical investment opportunity should provide attractive returns to us through a well-managed structure.”

Results for the three months ended June 30, 2022 and 2023

Amounts relating to variations in period–on–period comparisons shown in this section are derived from the interim consolidated financials presented below.

For the three months ended June 30, 2023, we reported Revenues, net of $9.5 million, or 41% lower than $16.1 million in the comparable 2022 period. Our net income attributable to common shareholders was $2.8 million, or $0.25 basic and $0.23 diluted net income per share, compared to a net income attributable to common shareholders of $4.6 million, or $0.43 basic and $0.38 diluted net income per share, for the same period in 2022. The weighted average number of basic shares had increased by approximately 188 thousand common shares from the second quarter 2022 to approximately 10.8 million shares in the same period 2023. The weighted average number of diluted common shares in 2023 of approximately 12.6 million shares assumes the full conversion of all the outstanding Series A Convertible Preferred Stock in the most recent period. The average MR daily TCE rate during the second quarter of 2023 was $25,000 or 5% lower than the $26,270 MR daily TCE rate for the same period in 2022, due to lower spot chartering activity. The revenue mix for the second quarter of 2023 was 90% from short-term time charters and 10% from spot market employment. Adjusted EBITDA decreased by $2.0 million to $5.2 million in the second quarter, 2023 from $7.3 million for the same period in 2022.

Results for the six months ended June 30, 2022 and 2023

For the six months ended June 30, 2023, we reported Revenues, net of $21.1 million, a decrease of $1.8 million, or 8%, from $23.0 million in the comparable period of 2022. During the first half of 2023, our MR’s were contracted mainly under short-term charters resulting 620 days and for the rest of the period employed in the spot market resulting in an overall MR daily TCE rate for our fleet of $24,207.

Our net income attributable to common shareholders for the six months ended June 30, 2023, was $11.5 million, or income of $1.06 per share basic and $0.94 per share diluted, compared to a net income of $0.9 million, or an income of $0.09 per share (basic and diluted) for the same period in 2022. An $8.0 million gain on the sale of one MR was recognized in the 2023 period. Higher MR daily TCE rate of $24,207 and higher MR fleet utilization of 93.5% for our MR’s during the six months ended June 30, 2023, were compared to a MR daily TCE rate of $19,814 and MR fleet utilization of 84.7%, respectively, during the same period in 2022. Our Adjusted EBITDA of $9.4 million represented an increase of $2.8 million from $6.6 million for the same six month period in 2022.

	Three months ended June 30,						Six months ended June 30,
(Amounts in thousands of U.S. dollars, except for daily TCE rates)	2022			2023			2022			2023

MR Revenues, net ¹	$	16,064		$	9,505		$	22,373		$	21,121
MR Voyage related costs and commissions ¹		(4,741	)		(855	)		(7,413	)		(3,257	)
MR Time charter equivalent revenues ^{1, 2}	$	11,323		$	8,650		$	14,960		$	17,864

MR Total operating days ^{1, 2}		431			346			755			738

MR Daily time charter equivalent rate ^{1, 2}		26,270			25,000			19,814			24,207

Average number of MR vessels³		5.0			4.0			5.0			4.5

¹Our non-core small tankers, “Northsea Alpha” and “Northsea Beta”, which were sold on January 28, 2022 and March 1, 2022, respectively, have been excluded in the above table. Both vessels were under spot employment for approximately 7 and 36 days, respectively, in 2022 as of the delivery date to their buyer. For the six months ended June 30, 2022, “Revenues, net” attributable to these vessels was $595 thousand and “Voyage related costs and commissions” was $389 thousand. For the three and six months ended June 30, 2023, the same expenses attributable to these vessels was $12 and $10 thousand, respectively.

²Subject to rounding; please see “Non-GAAP Measures and Definitions” below.

³The Eco-Modified MR “Pyxis Malou” was sold to an unaffiliated buyer on March 23, 2023.

Management’s Discussion and Analysis of Financial Results for the Three Months ended June 30, 2022 and 2023

Amounts relating to variations in period–on–period comparisons shown in this section are derived from the interim consolidated financials presented below. (Amounts are presented in million U.S. dollars, rounded to the nearest one hundred thousand, except as otherwise noted)

Revenues, net: Revenues, net of $9.5 million for the three months ended June 30, 2023, represented a decrease of $6.6 million, or 41%, from $16.1 million in the comparable period of 2022. In the second quarter of 2023, our MR daily TCE rate for our fleet was $25,000, a $1,270 per day decrease from the same period in 2022. The aforementioned variations were the result of the lower spot chartering activity in the second quarter of 2023, which were offset by the higher utilization of 98.6% in the second quarter of 2023 in comparison to the 94.7% in the same period of 2022. Also, due to the sale of the “Pyxis Malou” in the first quarter 2023, we only operated four MRs during the most recent period, significantly reducing revenue days for our fleet.

Voyage related costs and commissions: Voyage related costs and commissions of $0.9 million in the second quarter of 2023, represented a decrease of $3.9 million, or 82%, from $4.7 million in the same period of 2022, primarily as a result of the decreased spot employment for our MR’s from 249 days in the second quarter in 2022 to 42 days in the same period in 2023. Under spot charters, all voyage expenses are typically borne by us rather than the charterer and a decrease in spot employment results in decreased voyage related costs and commissions.

Vessel operating expenses: Vessel operating expenses of $2.5 million for the three month period ended June 30, 2023, represented a decrease of $0.5 million, or 17%, from $3.0 million in the same period of 2022, as a result of lower operating expenses due to the sale of “Pyxis Malou”.

General and administrative expenses: General and administrative expenses of $0.7 million for the quarter ended June 30, 2023, remained flat compared to the same period in 2022.

Management fees: For the three months ended June 30, 2023, management fees charged by Pyxis Maritime Corp. (“Maritime”), our ship management company which is affiliated with our Chairman and Chief Executive Officer, Mr. Valentis, and by International Tanker Management Ltd. (“ITM”), our fleet’s technical manager, overall decreased by 19.5% from $0.4 million to $0.3 million as a result of the sale of vessel “Pyxis Malou” and the sales of “Northsea Alpha” and “Northsea Beta” during the first quarter of 2022.

Amortization of special survey costs: Amortization of special survey costs of $0.1 million for the quarter ended June 30, 2023, remained flat compared to the same period in 2022.

Depreciation: Depreciation of $1.2 million for the quarter ended June 30, 2023, decreased by $0.3 million or 19% compared to $1.5 million in the same period of 2022. The decrease was attributed to ceasing of depreciation due to the sale of vessel “Pyxis Malou” during the first quarter of 2023 and the sales of “Northsea Alpha” and “Northsea Beta” during the first quarter of 2022.

Interest and finance costs, net: Interest and finance costs, net, $1.0 million for the quarter ended June 30, 2023, remained flat compared to the same period in 2022. The lower average debt levels counterbalanced the higher LIBOR/SOFR indexed rates paid on all the floating rate bank debt.

Management’s Discussion and Analysis of Financial Results for the Six Months ended June 30, 2022 and 2023

Revenues, net: Revenues, net of $21.1 million for the six months ended June 30, 2023, represented a decrease of $1.8 million, or 8%, from $23.0 million in the comparable period of 2022. In the first half of 2023, our MR daily TCE rate for our fleet was $24,207, a $4,393 per day increase from the same 2022 period as a result of the improvement in fleet utilization from 84.7% in the same period of 2022 to 93.5% for the six months ended June 30, 2023 and the $4.5 million decrease in the voyage related costs and commissions discussed below.

Voyage related costs and commissions: Voyage related costs and commissions of $3.3 million for the six months ended June 30, 2023, represented a decrease of $4.5 million, or 58%, from $7.8 million in the same period in 2022. For the six months ended June 30, 2023, our MRs were on spot charters for 169 days in total, compared to 462 days for the respective period in 2022. This lower spot chartering activity for our MRs contribute lower voyage costs which are typically borne by us rather than the charterer, thus an increase in spot employment results in increased voyage related costs and commissions.

Vessel operating expenses: Vessel operating expenses of $5.8 million for the six months ended June 30, 2023, represented a $0.5 million or 8% decrease compared to $6.3 million for the same period ended June 30, 2022. This decrease was mainly attributed to the sale of the “Pyxis Malou”. Fleet ownership days for the six months ended June 30, 2023 was 806 days compared to 991 days for the same period in 2022.

General and administrative expenses: General and administrative expenses of $2.0 million for the six months ended June 30, 2023, represented an increase of $0.7 million or 53%, from $1.3 million in the comparable period in 2022, mainly due to the performance bonus of $0.6 million paid to Maritime. In addition, the administration fees were adjusted by 9.65% to reflect the 2022 inflation rate in Greece.

Management fees: For the six months ended June 30, 2023, management fees paid to Maritime and ITM of $0.7 million in the aggregate, represented a decrease of $0.2 million compared to the same period ended June 30, 2022. The decrease was the result of the sales of “Northsea Alpha”, “Northsea Beta” which occurred during the first quarter of 2022 and “Pyxis Malou” during the first quarter of 2023, partially offset by the fact that ship management fees to Maritime for the six months ended June 30, 2023 were adjusted upwards to reflect the 9.65% annual 2022 inflation rate in Greece.

Amortization of special survey costs: Amortization of special survey costs of $0.2 million for the six months ended June 30, 2023, remained flat compared to the same period in 2022.

Depreciation: Depreciation of $2.6 million for the six months ended June 30, 2023, decreased by $0.4 million or 13% compared to $3.0 million in the comparable period of 2022. The decrease was attributed to ceasing of depreciation due to the sale of vessel “Pyxis Malou” during the first quarter of 2023 and the sales of “Northsea Alpha” and “Northsea Beta” during the first quarter of 2022.

Gain from the sale of vessels, net: During the six months ended June 30, 2023, we recorded a gain from the sale of the “Pyxis Malou” of $8.0 million, which occurred in the first quarter of 2023. In the comparable period in 2022, we recorded $0.5 million loss related to repositioning costs for the delivery of the “Northsea Alpha” and “Northsea Beta” to their buyer.

Loss from debt extinguishment: During the six months ended June 30, 2023, we recorded a loss from debt extinguishment of approximately $0.3 million reflecting the write-off of the remaining unamortized balance of deferred financing costs, which were associated with the first quarter loan repayments from the sale of the “Pyxis Malou” and debt refinancing of the “Pyxis Karteria”. During the six months ended June 30, 2022, we recorded a loss from debt extinguishment of approximately $34 thousand reflecting the write-off of the remaining unamortized balance of deferred financing costs, which were associated with the repayments of the “Northsea Alpha” and “Northsea Beta” loans.

Interest and finance costs, net: Interest and finance costs, net, for the six months ended June 30, 2023, were $2.4 million, compared to $1.8 million in the comparable period in 2022, an increase of $0.6 million, or 31%. Despite lower average debt levels, this increase was primarily attributable to higher LIBOR/SOFR indexed rates paid on all the floating rate bank debt. In addition to scheduled loan amortization, we prepaid the $6.0 million 7.5% Promissory Note in full during the first quarter, 2023. On March 13, 2023, we completed the debt refinancing of the “Pyxis Karteria”, our 2013 built vessel, with a $15.5 million five year secured loan from a new lender. The loan is priced at SOFR plus 2.7%.

Interim Consolidated Statements of Comprehensive Net Income

For the three months ended June 30, 2022 and 2023

(Expressed in thousands of U.S. dollars, except for share and per share data)

	Three months ended June 30,
	2022			2023

Revenues, net	$	16,062		$	9,505

Expenses:
Voyage related costs and commissions		(4,745	)		(873	)
Vessel operating expenses		(2,952	)		(2,453	)
General and administrative expenses		(704	)		(697	)
Management fees, related parties		(183	)		(164	)
Management fees, other		(206	)		(149	)
Amortization of special survey costs		(90	)		(91	)
Depreciation		(1,521	)		(1,232	)
Allowance for credit gains/(losses)		(4	)		75
Loss from the sale of vessels, net		—			(1	)
Operating income		5,657			3,920

Other expenses:
Gain from financial derivative instruments		86			—
Interest and finance costs, net		(955	)		(965	)
Total other expenses, net		(869	)		(965	)

Net income	$	4,788		$	2,955

Dividend Series A Convertible Preferred Stock		(218	)		(199	)

Net income attributable to common shareholders	$	4,570		$	2,756

Income per common share, basic	$	0.43		$	0.25
Income per common share, diluted	$	0.38		$	0.23

Weighted average number of common shares, basic		10,613,424			10,801,316
Weighted average number of common shares, diluted		12,641,229			12,624,301

Interim Consolidated Statements of Comprehensive Net Income

For the six months ended June 30, 2022 and 2023

(Expressed in thousands of U.S. dollars, except for share and per share data)

	Six months ended June 30,
	2022			2023

Revenues, net	$	22,968		$	21,121

Expenses:
Voyage related costs and commissions		(7,802	)		(3,273	)
Vessel operating expenses		(6,324	)		(5,790	)
General and administrative expenses		(1,312	)		(2,002	)
Management fees, related parties		(394	)		(330	)
Management fees, other		(516	)		(397	)
Amortization of special survey costs		(175	)		(176	)
Depreciation		(3,024	)		(2,634	)
Bad debt provisions		(50	)		—
Allowance for credit gains/(losses)		(4	)		75
Gain/(Loss) from the sale of vessels, net		(466	)		8,017
Operating income		2,901			14,611

Other expenses, net:
Loss from debt extinguishment		(34	)		(287	)
Gain/(loss) from financial derivative instruments		320			(59	)
Interest and finance costs, net		(1,829	)		(2,395	)
Total other expenses, net		(1,543	)		(2,741	)

Net income	$	1,358		$	11,870

Dividend Series A Convertible Preferred Stock		(449	)		(418	)

Net income attributable to common shareholders	$	909		$	11,452

Income per common share, basic	$	0.09		$	1.06
Income per common share, diluted	$	0.09		$	0.94

Weighted average number of common shares, basic		10,613,424			10,754,405
Weighted average number of common shares, diluted		10,613,424			12,577,390

Consolidated Balance Sheets

As of December 31, 2022 and June 30 2023

(Expressed in thousands of U.S. dollars, except for share and per share data)

	December 31,			June 30,
	2022			2023
ASSETS

CURRENT ASSETS:
Cash and cash equivalents	$	7,563		$	32,048
Restricted cash, current portion		376			400
Inventories		1,911			858
Trade accounts receivable, net		10,469			4,146
Prepayments and other current assets		204			543
Insurance claim receivable		608			—
Total current assets		21,131			37,995

FIXED ASSETS, NET:
Vessels, net		114,185			95,467
Total fixed assets, net		114,185			95,467

OTHER NON-CURRENT ASSETS:
Restricted cash, net of current portion		2,250			2,000
Financial derivative instrument		619			—
Deferred dry dock and special survey costs, net		794			1,263
Total other non-current assets		3,663			3,263
Total assets	$	138,979		$	136,725

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:
Current portion of long-term debt, net of deferred financing costs	$	5,829		$	5,559
Trade accounts payable		2,604			2,113
Due to related parties		1,028			1,078
Hire collected in advance		2,133			918
Accrued and other liabilities		967			878
Total current liabilities		12,561			10,546

NON-CURRENT LIABILITIES:
Long-term debt, net of current portion and deferred financing costs		59,047			53,386
Promissory note		6,000			—
Total non-current liabilities		65,047			53,386

COMMITMENTS AND CONTINGENCIES		—			—

STOCKHOLDERS’ EQUITY:
Preferred stock ($0.001 par value; 50,000,000 shares authorized; of which 1,000,000 authorized Series A Convertible Preferred Shares; 449,473 Series A Convertible Preferred Shares issued and outstanding as at December 31, 2022 and 403,831 at June 30, 2023)		—			—
Common stock ($0.001 par value; 450,000,000 shares authorized; 10,614,319 shares issued and outstanding as at December 31, 2022 and 10,849,812 at June 30, 2023, respectively)		11			11
Additional paid-in capital		111,869			111,826
Accumulated deficit		(50,509	)		(39,044	)
Total stockholders’ equity		61,371			72,793
Total liabilities and stockholders’ equity	$	138,979		$	136,725

Interim Consolidated Statements of Cash Flows

For the six months ended June 30, 2022 and 2023

(Expressed in thousands of U.S. dollars)

	Six months ended June 30,
	2022			2023
Cash flows from operating activities:
Net income	$	1,358		$	11,870
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		3,024			2,634
Amortization and write-off of special survey costs		175			176
Allowance for credit (gains)/losses		4			(75	)
Amortization and write-off of financing costs		155			126
Amortization of restricted common stock grants		—			47
Loss from debt extinguishment		34			287
Loss/(Gain) from financial derivative instrument		(320	)		59
Gain on sale of vessel, net		—			(8,017	)
Bad debt provisions		50			—
Changes in assets and liabilities:
Inventories		(1,899	)		1,053
Due from related parties		1,691			50
Trade accounts receivable, net		(3,602	)		6,398
Prepayments and other assets		(98	)		(339	)
Insurance claim receivable		(1,933	)		608
Special survey cost		(445	)		(814	)
Trade accounts payable		2,759			(491	)
Hire collected in advance		—			(1,215	)
Accrued and other liabilities		(179	)		(88	)
Net cash provided by operating activities	$	774		$	12,269

Cash flow from investing activities:
Proceeds from the sale of vessel, net		8,509			24,291
Payments for vessel acquisition		(2,995	)		—
Ballast water treatment system installation		(555	)		—
Vessel additions		—			(21	)
Net cash provided by investing activities	$	4,959		$	24,270

Cash flows from financing activities:
Proceeds from long-term debt		—			15,500
Repayment of long-term debt		(8,930	)		(21,697	)
Repayment of promissory note		—			(6,000	)
Financial derivative instrument		—			561
Payment of financing costs		—			(148	)
Preferred stock dividends paid		(436	)		(405	)
Common stock re-purchase program		—			(91	)
Net cash used in financing activities	$	(9,366	)	$	(12,280	)

Net increase/(decrease) in cash and cash equivalents and restricted cash		(3,633	)		24,259
Cash and cash equivalents and restricted cash at the beginning of the period		9,874			10,189
Cash and cash equivalents and restricted cash at the end of the period	$	6,241		$	34,448

SUPPLEMENTAL INFORMATION:
Cash paid for interest	$	1,722		$	2,598

Liquidity, Debt and Capital Structure

Pursuant to our loan agreements, as of June 30, 2023, we were required to maintain a minimum cash balance of $2.4 million. Total cash and cash equivalents, including the minimum liquidity, aggregated $34.4 million as of June 30, 2023.

Total funded debt (in thousands of U.S. dollars), net of deferred financing costs:

	December 31,		June 30,
	2022		2023
Funded debt, net of deferred financing costs	$	64,876	$	58,945
Promissory Note - related party		6,000		—
Total funded debt	$	70,876	$	58,945

At June 30, 2023, our weighted average interest rates on our total funded debt for the six month period was 8.17% and we had short-term money market investments of $29.0 million.

During the quarter ended June 30, 2023, we repurchased 23,431 common shares at an average price of $3.87 per share, including brokerage commissions, under the authorized $2.0 million re-purchase program.

On June 30, 2023, we had a total of 10,849,812 common shares issued and outstanding of which Mr. Valentis beneficially owned 53%, 403,831 Series A Preferred Shares (NASDAQ Cap Mkts: PXSAP), which have a conversion price of $5.60, and 1,591,062 warrants (NASDAQ Cap Mkts: PXSAW), which have an exercise price of $5.60, (excluding non-tradeable underwriter’s common stock purchase warrants of which 107,143 and 3,460 have exercise prices of $8.75 and $5.60, respectively, and 2,000 and 2,683 Series A Preferred Shares purchase warrants which have an exercise price of $24.92 and $25.00 per share, respectively).

Non-GAAP Measures and Definitions

Earnings before interest, taxes, depreciation and amortization (“EBITDA”) represents the sum of net income, interest and finance costs, depreciation and amortization and, if any, income taxes during a period. Adjusted EBITDA represents EBITDA before certain non-operating charges/gains, such as loss from debt extinguishment, loss or gain from financial derivative instrument and gain or loss from sale of vessel. EBITDA and Adjusted EBITDA are not recognized measurements under U.S. GAAP.

EBITDA and Adjusted EBITDA are presented in this press release as we believe that they provide investors with means of evaluating and understanding how our management evaluates operating performance. These non-GAAP measures have limitations as analytical tools, and should not be considered in isolation from, as a substitute for, or superior to financial measures prepared in accordance with U.S. GAAP. EBITDA and Adjusted EBITDA do not reflect:

	●	our cash expenditures, or future requirements for capital expenditures or contractual commitments;
	●	changes in, or cash requirements for, our working capital needs; and
	●	cash requirements necessary to service interest and principal payments on our funded debt.

In addition, these non-GAAP measures do not have standardized meanings and are therefore unlikely to be comparable to similar measures presented by other companies. The following table reconciles net income, as reflected in the Consolidated Statements of Comprehensive Net Income to EBITDA and Adjusted EBITDA:

(Amounts in thousands of U.S. dollars)	Three months ended June 30,					Six months ended June 30,
	2022			2023		2022			2023
Reconciliation of Net income to Adjusted EBITDA

Net income	$	4,788		$	2,955	$	1,358		$	11,870

Depreciation		1,521			1,232		3,024			2,634

Amortization of special survey costs		90			91		175			176

Interest and finance costs, net		955			965		1,829			2,395

EBITDA	$	7,354		$	5,243	$	6,386		$	17,075

Loss from debt extinguishment		—			—		34			287

Loss/(Gain) from financial derivative instrument		(86	)		—		(320	)		59

(Gain)/Loss from the sale of vessels, net		—			1		466			(8,017	)

Adjusted EBITDA	$	7,268		$	5,244	$	6,566		$	9,404

Daily TCE is a shipping industry performance measure of the average daily revenue performance of a vessel on a per voyage basis. Daily TCE is not calculated in accordance with U.S. GAAP. We utilize daily TCE because we believe it is a meaningful measure to compare period-to-period changes in our performance despite changes in the mix of charter types (i.e., spot charters, time charters and bareboat charters) under which our vessels may be employed between the periods. Our management also utilizes daily TCE to assist them in making decisions regarding employment of the vessels. We calculate daily TCE by dividing Revenues, net after deducting Voyage related costs and commissions, by operating days for the relevant period. Voyage related costs and commissions primarily consist of brokerage commissions, port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract.

Vessel operating expenses (“Opex”) per day are our vessel operating expenses for a vessel, which primarily consist of crew wages and related costs, insurance, lube oils, communications, spares and consumables, tonnage taxes as well as repairs and maintenance, divided by the ownership days in the applicable period.

We calculate utilization (“Utilization”) by dividing the number of operating days during a period by the number of available days during the same period. We use fleet utilization to measure our efficiency in finding suitable employment for our vessels and minimize the number of days that our vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel upgrades, special surveys and intermediate dry-dockings or vessel positioning. Ownership days are the total number of days in a period during which we owned each of the vessels in our fleet. Available days are the number of ownership days in a period, less the aggregate number of days that our vessels were off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades or special surveys and intermediate dry-dockings and the aggregate number of days that we spent positioning our vessels during the respective period for such repairs, upgrades and surveys. Operating days are the number of available days in a period, less the aggregate number of days that our vessels were off-hire or out of service due to any reason, including technical breakdowns and unforeseen circumstances.

EBITDA, Adjusted EBITDA, Opex and daily TCE are not recognized measures under U.S. GAAP and should not be regarded as substitutes for Revenues, net and Net income. Our presentation of EBITDA, Adjusted EBITDA, Opex and daily TCE does not imply, and should not be construed as an inference, that our future results will be unaffected by unusual or non-recurring items and should not be considered in isolation or as a substitute for a measure of performance prepared in accordance with U.S. GAAP.

Recent Daily Fleet Data:

(Amounts in U.S. dollars per day)		Three months ended June 30,						Six months ended June 30,
		2022			2023			2022			2023
Eco-Efficient MR2: (2022: 4 vessels)
(2023: 4 vessels)	Daily TCE :		21,070			24,980			16,893			24,897
	Opex per day:		6,181			6,629			6,489			6,953
	Utilization % :		94.0	%		98.6	%		84.5	%		95.2	%
Eco-Modified MR2: (1 vessel)
	Daily TCE :		46,251			n/a			31,123			17,064
	Opex per day:		8,196			n/a			7,974			9,236
	Utilization % :		97.8	%		n/a			85.6	%		79.3	%
MR Fleet: (2022: 5 vessels) *
(2023: 5 vessels) *	Daily TCE :		26,270			25,000			19,814			24,207
	Opex per day:		6,584			6,738			6,786			7,185
	Utilization % :		94.7	%		98.6	%		84.7	%		93.5	%

Average number of MR vessels *			5.0			4.0			5.0			4.5

As of July 26, 2023 our fleet consisted of four eco-efficient MR2 tankers, “Pyxis Lamda”, “Pyxis Theta”, “Pyxis Karteria” and “Pyxis Epsilon”. During 2022 and 2023, the vessels in our fleet were employed under time and spot charters.

*

a)	Our two small tankers “Northsea Alpha” and “Northsea Beta” were sold on January 28, and March 1, 2022, respectively. Both vessels had been under spot employment for approximately 7 and 36 days, respectively, in 2022 as of the delivery date to their buyer. The small tankers have been excluded in the table calculations for the six months ended June 30, 2022.

b)	In February 2022, the “Pyxis Epsilon” experienced a brief grounding at port which resulted in minor damages to the vessel. The vessel was off-hire for 43 days including shipyard repairs and returned to commercial employment at the end of March 2022.

c)	The Eco-Modified “Pyxis Malou” was sold to an unaffiliated buyer on March 23, 2023.

Conference Call and Webcast

Today, Monday, July 31, 2023, at 8:30 a.m. Eastern Time, the Company’s management will host a conference call to discuss the results.

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: +1 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In). Please quote “Pyxis Tankers” to the operator and/or conference ID 13740102. Click here for additional International Toll-Free access numbers.

Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option.

A webcast of the conference call will be available through our website (http://www.pyxistankers.com) under our Events Presentations page. A telephonic replay of the conference and accompanying slides will be available following the completion of the call and will remain available until Monday, August 7, 2023.

Webcast participants of the live conference call should register on the website approximately 10 minutes prior to the start of the webcast and can also access it through the following link:

https://www.webcaster4.com/Webcast/Page/2976/48693

The information discussed on the conference call, or that can be accessed through, Pyxis Tankers Inc.’s website is not incorporated into, and does not constitute part of this report.

About Pyxis Tankers Inc.

We own a modern fleet of four tankers engaged in seaborne transportation of refined petroleum products and other bulk liquids. We are primarily focused on selectively growing our fleet of medium range product tankers, which provide operational flexibility and enhanced earnings potential due to their “eco” features. We are positioned to opportunistically expand and maximize our fleet due to competitive cost structure, solid financial condition, strong customer relationships and an experienced management team whose interests are aligned with those of its shareholders. For more information, visit: http://www.pyxistankers.com. The information discussed, contained in, or that can be accessed through, Pyxis Tankers Inc.’s website, is not incorporated into, and does not constitute part of this report.

Pyxis Tankers Fleet (as of July 26, 2023)

Vessel Name

Shipyard

Vessel type

Carrying Capacity (dwt)

Year Built

Type of charter

Charter⁽¹⁾Rate

(per day)

Anticipated Earliest Redelivery Date

Pyxis Lamda

SPP / S. Korea

50,145

2017

Spot

n/a

Pyxis Epsilon ⁽²⁾

SPP / S. Korea

50,295

2015

Time

30,000

Sep 2023

Pyxis Theta ⁽³⁾

SPP / S. Korea

51,795

2013

Time

26,000

Aug 2023

Pyxis Karteria ⁽⁴⁾

Hyundai / S. Korea

46,652

2013

Time

30,000

Aug 2023

198,887

	1)	Charter rates are gross in U.S.$ and do not reflect any commissions payable.

	2)	“Pyxis Epsilon” is fixed on a time charter for 12 months, +/- 30 days at $30,000 per day.

	3)	“Pyxis Theta” is fixed on a time charter for min 120 days and max 180 days. 0-30 days at $13,500 per day, 31-60 days at $18,500 per day, 61-120 days at $22,500 and 121-180 days at $26,000 per day.

	4)	“Pyxis Karteria” was fixed on a time charter for min 40 days, +10/-5 days at $30,000 per day.

Forward Looking Statements

This press release includes “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995 in order to encourage companies to provide prospective information about their business. These statements include statements about our plans, strategies, goals financial performance, prospects or future events or performance and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expects,” “seeks,” “predict,” “schedule,” “projects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “targets,” “continue,” “contemplate,” “possible,” “likely,” “might,” “will, “should,” “would,” “potential,” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. All statements that are not statements of either historical or current facts, including among other things, our expected financial performance, expectations or objectives regarding future and market charter rate expectations and, in particular, the effects of COVID-19 or any variant thereof, or the war in the Ukraine, on our financial condition and operations and the product tanker industry, in general, are forward-looking statements. Such forward-looking statements are necessarily based upon estimates and assumptions. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. The Company’s actual results may differ, possibly materially, from those anticipated in these forward-looking statements as a result of certain factors, including changes in the Company’s financial resources and operational capabilities and as a result of certain other factors listed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. For more information about risks and uncertainties associated with our business, please refer to our filings with the U.S. Securities and Exchange Commission, including without limitation, under the caption “Risk Factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2022. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any in information in this press release, including forward-looking statements, to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws.

Company

Pyxis Tankers Inc.

59 K. Karamanli Street

Maroussi 15125 Greece

info@pyxistankers.com

Visit our website at www.pyxistankers.com

Company Contact

Henry Williams

Chief Financial Officer

Tel: +30 (210) 638 0200 / +1 (516) 455-0106

Email: hwilliams@pyxistankers.com

Source: Pyxis Tankers Inc.

Exhibit 99.2

MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following is a discussion of our financial condition and results of operations for the six month periods ended June 30, 2022 and 2023. Unless otherwise specified herein, references to the “Company,” “we” or “our” shall include PYXIS TANKERS INC. and its subsidiaries. You should read the following discussion and analysis together with our Unaudited Interim Condensed Consolidated Financial Statements as of June 30, 2023 and for the six month periods ended June 30, 2022 and 2023, and the accompanying notes thereto, included elsewhere in this report. For additional information relating to our management’s discussion and analysis of financial condition and results of operations, please see our Annual Report on Form 20–F for the year ended December 31, 2022, filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 12, 2023 (the “2022 Annual Report”).

Forward-Looking Statements

Our disclosure and analysis pertaining to our operations, cash flows and financial position, including, in particular, the likelihood of our success in developing and expanding our business and making acquisitions, include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “seeks,” “targets,” “continue,” “contemplate,” “possible,” “likely,” “might,” “will,” “should,” “would,” “could,” “projects,” “forecasts,” “potential”, “may,” and similar expressions are forward-looking statements. All statements herein that are not statements of either historical or current facts, including among other things, our expected financial performance, expectations or objectives regarding future and market charter rate expectations and, in particular, the effects of COVID-19, including variants thereto, such as, Omicron, and the Russian-Ukrainian war, on our financial condition and operations and the product tanker industry in general, are forward-looking statements. Forward-looking statements include, but are not limited to, such matters as our future operating or financial results, global and regional economic and political conditions, including piracy, pending vessel acquisitions, our business strategy and expected capital spending or operating expenses, including dry-docking and insurance costs, competition in the product tanker industry, statements about shipping market trends, including charter rates and factors affecting supply and demand, our financial condition and liquidity and capital resources, including our ability to obtain financing in the future to fund capital expenditures, acquisitions and other general corporate activities, our ability to enter into fixed-rate charters after our current charters expire and our ability to earn income in the spot market and our expectations of the availability of vessels to purchase, the time it may take to construct new vessels, and vessels’ useful lives. Many of these statements are based on our assumptions about factors that are beyond our ability to control or predict and are subject to risks and uncertainties that are described more fully under the “Item 3. Key Information – D. Risk Factors” section of the 2022 Annual Report and our other public filings with the SEC. Any of these factors or a combination of these factors could materially affect our future results of operations and the ultimate accuracy of the forward-looking statements.

Factors that might cause future results to differ include, but are not limited to, the following:

	●	changes in governmental rules and regulations or actions taken by regulatory authorities;
	●	changes in economic and competitive conditions affecting our business, including market fluctuations in charter rates and charterers’ abilities to perform under existing time charters;
	●	the length and number of off-hire periods and dependence on third-party managers;
	●	business disruptions due to natural disasters and health catastrophes; major geo-political events and conflicts, such as the Russian-Ukrainian war; and
	●	other factors discussed under “Item 3. Key Information – D. Risk Factors” of the 2022 Annual Report.

You should not place undue reliance on forward-looking statements contained herein because they are statements about events that are not certain to occur as described or at all. All forward-looking statements herein are qualified in their entirety by the cautionary statements contained herein. These forward-looking statements are not guarantees of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements. Except to the extent required by applicable law or regulation, we undertake no obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Overview

We are PYXIS TANKERS INC., a corporation incorporated in the Republic of the Marshall Islands on March 23, 2015. We currently own, directly or indirectly, 100% ownership interest in the following vessel owning companies:

	●	SEVENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Seventhone”);
	●	EIGHTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Eighthone,”);
	●	TENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Tenthone”);
	●	ELEVENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Eleventhone” and collectively with Seventhone, Eighthone and Tenthone, the “Vessel-owning Companies”).

We also currently own 100% ownership interest in the following non-vessel owning companies:

	●	SECONDONE CORPORATION LTD., established under the laws of the Republic of the Marshal Islands (“Secondone”) that owned the vessel “Northsea Alpha” that was sold to an unaffiliated third party on January 28, 2022;
	●	THIRDONE CORPORATION LTD., established under the laws of the Republic of the Marshal Islands (“Thirdone”) that owned the vessel “Northsea Beta” that was sold to an unaffiliated third party on March 1, 2022;
	●	FOURTHONE CORPORATION LTD., established under the laws of the Republic of Malta (“Fourthone”) that owned the vessel “Pyxis Malou” that was sold to an unaffiliated third party on March 23, 2023;
	●	SIXTHONE CORP., established under the laws of the Republic of the Marshal Islands (“Sixthone”) that owned the vessel “Pyxis Delta” that was sold to an unaffiliated third party on January 13, 2020, and
	●	MARITIME TECHNOLOGIES CORP., established under the laws of Delaware.

All of the Vessel-owning Companies are engaged in the marine transportation of liquid cargoes through the ownership and operation of tanker vessels, as listed below:

Vessel-owning Company	Incorporation date	Vessel	Dead Weight Tons (“DWT’)	Year built	Acquisition date

Seventhone	05/31/2011	Pyxis Theta	51,795	2013	09/16/2013
Eighthone	02/08/2013	Pyxis Epsilon	50,295	2015	01/14/2015
Tenthone	04/22/2021	Pyxis Karteria	46,652	2013	07/15/2021
Eleventhone	11/09/2021	Pyxis Lamda	50,145	2017	12/20/2021

Vessel Management

PYXIS MARITIME CORP. (“Maritime”), a corporation established under the laws of the Republic of the Marshall Islands, which is beneficially owned by Mr. Valentios (“Eddie”) Valentis, our Chairman, Chief Executive Officer and Class I Director, provides certain ship management services to the Vessel-owning Companies, including but not limited to chartering, financing and accounting, sale and purchase, insurance, operations, dry-docking and construction supervision, for a fixed daily fee per vessel, under a head management agreement (the “Head Management Agreement”).

With effect from the delivery of each vessel, the crewing and technical management of the vessels were contracted to INTERNATIONAL TANKER MANAGEMENT LTD. (“ITM”) with permission from Maritime. ITM is an unrelated third party technical manager, represented by its branch based in Dubai, UAE. Each ship-management agreement with ITM continues by its terms until it is terminated by either party. The ship-management agreements may be cancelled by us or ITM for any reason at any time upon three months’ advance notice.

Results of Operations

Our revenues consist of earnings under the charters on which we employ our vessels. We believe that the important measures for analyzing trends in the results of our operations consist of the following:

Revenues, net

We generate revenues by chartering our vessels for the transportation of petroleum products and other liquid bulk items, such as organic chemicals and vegetable oils. Revenues are generated primarily by the number of vessels in our fleet, the number of voyage days employed and the amount of daily charter hire earned under vessels’ charters. These factors, in turn, can be affected by a number of decisions by us, including the amount of time spent positioning a vessel for charter, dry-dockings, repairs, maintenance and upgrading, as well as the age, condition and specifications of our ships and supply and demand factors in the product tanker market. As of August 3^rd, 2023, the three of our vessels in our fleet were employed in short term time charters and one in spot market. Revenues from time charter agreements providing for varying daily rates are accounted for as operating leases and thus are recognized on a straight line basis over the term of the time charter as service is performed. Revenue under spot charters is recognized from loading of the current spot charter to discharge of the current spot charter. Vessels operating on time charters provide more predictable cash flows, but can yield lower profit margins than vessels operating in the spot market during periods characterized by favorable market conditions. The vessel owner generally pays commissions on both types of charters on the gross charter rate. Address commissions represent a discount provided directly to the charterers based on a fixed percentage of the agreed upon charter and is presented as a reduction in revenues.

Time Charters

A time charter is a contract for the use of a vessel for a specific period of time during which the charterer pays substantially all of the voyage expenses, including port and canal charges and the cost of bunker (fuel oil), but the vessel owner pays vessel operating expenses, including the cost of crewing, insuring, repairing and maintaining the vessel, the costs of spares and consumable stores and tonnage taxes. Time charter rates are usually set at fixed rates during the term of the charter. Prevailing time charter rates fluctuate on a seasonal and on a year-to-year basis and, as a result, when employment is being sought for a vessel with an expiring or terminated time charter, the prevailing time charter rates achievable in the time charter market may be substantially higher or lower than the expiring or terminated time charter rate. Fluctuations in time charter rates are influenced by changes in spot charter rates, which are in turn influenced by a number of factors, including vessel supply and demand. The main factors that could increase total vessel operating expenses are crew salaries, insurance premiums, spare parts orders, repairs that are not covered under insurance policies and lubricant prices.

Spot Charters

Generally, a spot charter refers to a contract to carry a specific cargo for a single voyage, which commonly lasts from several days up to three months. Spot charters typically involve the carriage of a specific amount and type of cargo on a load-port to discharge-port basis, subject to various cargo handling terms, and the vessel owner is paid on a per-ton basis. Under a spot charter, the vessel owner is responsible for the payment of all expenses including its capital costs, voyage expenses (such as port, canal and bunker costs) and vessel operating expenses. Fluctuations in spot charter rates are caused by imbalances in the availability of cargoes for shipment and the number of vessels available at any given time to transport these cargoes at a given port.

Voyage Related Costs and Commissions

We incur voyage related costs for our vessels operating under spot charters, which mainly include port and canal charges and bunker expenses. Port and canal charges and bunker expenses primarily increase in periods during which vessels are employed on spot charters because these expenses are for the account of the vessel owner. Brokerage commissions payable for both spot and time charter contracts, if any, depend on a number of factors, including, among other things, the number of shipbrokers involved in arranging the charter and the amount of commissions charged by brokers related to the charterer. Such commissions are deferred and amortized over the related period in a charter to the extent revenue has been deferred since commissions are earned as revenues are earned.

Vessel Operating Expenses

We incur vessel operating expenses for our vessels operating under time and spot charters. Vessel operating expenses primarily consist of crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores, tonnage taxes and other miscellaneous expenses necessary for the operation of the vessel. All vessel operating expenses are expensed as incurred.

General and Administrative Expenses

The primary components of general and administrative expenses consist of the annual fee payable to Maritime for the administrative services under our Head Management Agreement, which is described in more detail in our 2022 Annual Report and provides for the services of our senior executive officers, and the expenses associated with being a public company. Such public company expenses include the costs of preparing public reporting documents, legal and accounting costs, including costs of legal and accounting professionals and staff, and costs related to compliance with the rules, regulations and requirements of the SEC, the rules of the Nasdaq Stock Market (“Nasdaq”), the Company’s board of directors’ (the “Board”) compensation and investor relations. In addition, during the first quarter of 2023, we paid a one-time performance bonus of $0.6 million to our ship management company, Maritime, an entity affiliated with our Chairman and Chief Executive Officer, Mr. Valentis.

Management Fees

We pay management fees to Maritime and ITM for commercial and technical management services, respectively, for our vessels. These services include: obtaining employment for our vessels and managing our relationships with charterers; strategic management services; technical management services, which include managing day-to-day vessel operations, ensuring regulatory and classification society compliance, arranging our hire of qualified officers and crew, arranging and supervising dry-docking and repairs and arranging insurance for vessels; and providing shoreside personnel who carry out the management functions described above. As part of their ship management services, Maritime provides us with supervision services for new construction of vessels; these costs are capitalized as part of the total delivered cost of the vessel.

Depreciation

We depreciate the cost of our vessels after deducting the estimated residual value, on a straight-line basis over the expected useful life of each vessel, which is estimated to be 25 years from the date of initial delivery from the shipyard. Scrap rate of $340/light weight ton (“LWT”) is used to calculate the salvage value of our vessels.

Special Survey and Dry-docking

We are obliged to periodically drydock each of our vessels for inspection, and to make significant modifications to comply with industry certification or governmental requirements. Generally, each vessel is drydocked every 30 to 60 months for scheduled inspections, depending on its age. The capitalized costs of dry-dockings for a given vessel are amortized on a straight-line basis to the next scheduled drydocking of the vessel.

Interest and Finance Costs

We have historically incurred interest expense and financing costs in connection with the debt incurred to partially finance the acquisition of our existing fleet. We have also incurred interest expense in relation to the $6.0 million Amended and Restated Promissory Note we issued on October 28, 2015, in favor of Maritime Investors Corp. (the “Promissory Note”). During first quarter of 2023, we repaid in full the Promissory Note due to Maritime Investors Corp. Except for the interest payments under our Promissory Note that are based on a fixed rate, the interest rates under our other debt agreements are linked to the SOFR rates. In order to hedge our variable interest rate exposure, on January 19, 2018, we, through one of our vessel-owning subsidiaries, purchased an interest rate cap with one of our lenders for a notional amount of $10.0 million and a cap rate on LIBOR of 3.5%. The interest rate cap terminated on July 18, 2022. Similarly, on July 16, 2021, the same subsidiary purchased an additional interest rate cap for the amount of $9.6 million at a cap rate on LIBOR of 2% with a termination date of July 8, 2025. This cap was sold on January 25, 2023 and we realized a net cash gain of $0.5 million. In the future, we may consider the use of additional financial hedging products to further limit our interest rate exposure.

In evaluating our financial condition, we focus on the above financial and operating measures as well as fleet and vessel type for utilization, time charter equivalent rates and operating expenses to assess our operating performance. We also monitor our cash position and outstanding debt to assess short-term liquidity and our ability to finance further fleet expansion, including possible joint ventures. Discussions about possible acquisitions, joint ventures or sales of existing vessels are based on our financial and operational criteria which depend on the state of the charter market, availability of vessel investments, employment opportunities, anticipated dry-docking costs and general economic prospects.

Selected Information

Our selected consolidated financial data as of June 30, 2023 and for the six months ended June 30, 2022 and 2023, presented in the tables below, have been derived from our Unaudited Interim Condensed Consolidated Financial Statements and notes thereto included elsewhere herein. Our selected consolidated financial data as of December 31, 2022, presented in the tables below have been derived from our audited financial statements and notes thereto, included in our 2022 Annual Report.

Interim Condensed Consolidated Statements of Comprehensive Income Data	Six months ended June 30,
(Amounts in thousands of U.S. dollars, except per share data)	2022			2023

Revenues, net	$	22,968		$	21,121
Voyage related costs and commissions		(7,802	)		(3,273	)
Vessel operating expenses		(6,324	)		(5,790	)
General and administrative expenses		(1,312	)		(2,002	)
Management fees, related parties		(394	)		(330	)
Management fees, other		(516	)		(397	)
Amortization of special survey costs		(175	)		(176	)
Depreciation		(3,024	)		(2,634	)
Bad debt provisions		(50	)		—
Allowance for credit gains/(losses)		(4	)		75
Gain/(Loss) from the sale of vessels, net		(466	)		8,017
Operating income	$	2,901		$	14,611

Other expenses, net:
Loss from debt extinguishment		(34	)		(287	)
Gain from financial derivative instruments		320			(59	)
Interest and finance costs, net		(1,829	)		(2,395	)
Total other expenses, net	$	(1,543	)	$	(2,741	)

Net income	$	1,358		$	11,870

Dividend Series A Convertible Preferred Stock		(449	)		(418	)
Net income attributable to common shareholders	$	909		$	11,452

Income per common share, basic	$	0.09		$	1.06
Income per common share, diluted	$	0.09		$	0.94

Weighted average number of shares, basic		10,613,424			10,754,405
Weighted average number of shares, diluted		10,613,424			12,577,390

Interim Condensed Consolidated Balance Sheets Data	December 31,		June 30,
(Amounts in thousands of U.S. dollars)	2022		2023

Total current assets	$	21,131	$	37,995
Total other non-current assets		3,663		3,263
Total fixed assets, net		114,185		95,467
Total assets	$	138,979	$	136,725
Total current liabilities		12,561		10,546
Total non-current liabilities		65,047		53,386
Total stockholders’ equity	$	61,371	$	72,793

Interim Condensed Consolidated Statements of Cash Flows Data	Six months ended June 30,
(Amounts in thousands of U.S. dollars)	2022			2023

Net cash provided by operating activities	$	774		$	12,269
Net cash provided by investing activities		4,959			24,270
Net cash used in financing activities		(9,366	)		(12,280	)
Change in cash and cash equivalents and restricted cash	$	(3,633	)	$	24,259

As of June 30, 2023 our fleet consisted of four eco-efficient medium-range 2 (“MR2”) tankers, “Pyxis Lamda”, “Pyxis Theta”, “Pyxis Karteria” and “Pyxis Epsilon”. Our two small tankers “Northsea Alpha” and “Northsea Beta” were sold on January 28, 2022 and March 1, 2022, respectively. Our eco-modified MR2, “Pyxis Malou” was sold on March 23, 2023. The following table presents the fleet data for the MR2 tankers for the first half of 2022 and 2023.

	Six months ended June 30,
MR Fleet data	2022			2023

Ownership days (1)		905			806
Available days (2)		891			789
Operating days (3)		755			738
Utilization % (4)		84.7	%		93.5	%
Daily time charter equivalent rate (5)	$	19,814		$	24,207
Daily vessel operating expenses (6)	$	6,786		$	7,185
Average number of vessels (7)		5.0			4.5
Number of vessels at period end		5			4
Weighted average age of vessels at period end (8)		8.8			8.8

(1)	Ownership days are the total number of days in a period during which we owned each of the vessels in our fleet. Ownership days are an indicator of the size of our fleet over a period and affect both the amount of revenues generated and the amount of expenses incurred during the respective period.
(2)	Available days are the number of ownership days in a period, less the aggregate number of days that our vessels were off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades or special surveys and intermediate dry-dockings and the aggregate number of days that we spent positioning our vessels during the respective period for such repairs, upgrades and surveys. Available days measures the aggregate number of days in a period during which vessels should be capable of generating revenues.
(3)	Operating days are the number of Available days in a period, less the aggregate number of days that our vessels were off-hire or out of service due to any reason, including technical breakdowns and unforeseen circumstances. Operating days measures the aggregate number of days in a period during which vessels actually generate revenues.
(4)	We calculate fleet utilization by dividing the number of Operating days during a period by the number of Available days during the same period. The shipping industry uses fleet utilization to measure a company’s efficiency in finding suitable employment for its vessels and minimizing the amount of days that its vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel upgrades, special surveys and intermediate dry-dockings or vessel positioning.
(5)	Daily TCE rate is a standard shipping industry performance measure of the average daily revenue performance of a vessel on a per voyage basis. TCE is not calculated in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). We utilize TCE because we believe it is a meaningful measure to compare period-to-period changes in our performance despite changes in the mix of charter types (i.e., spot charters, time charters and bareboat charters) under which our vessels may be employed between the periods. Our management also utilizes TCE to assist them in making decisions regarding employment of the vessels. We believe that our method of calculating TCE is consistent with industry standards and is calculated by dividing voyage revenues after deducting voyage expenses, including commissions, by Operating days for the relevant period. Voyage expenses primarily consist of brokerage commissions, port, canal and bunker costs that are unique to a particular voyage, which would otherwise be paid by the charter under a time charter contract.
(6)	Daily vessel operating expenses are direct operating expenses such as crewing, provisions, repairs and maintenance, insurance, deck and engine stores, lubricating oils and tonnage tax divided by Ownership days.
(7)	Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was part of our fleet during such period divided by the number of calendar days in the period.
(8)	Weighted average age of the fleet is the sum of the ages of our vessels, weighted by the DWT of each vessel on the total fleet DWT.

The following table reflects the calculation of our medium range (“MR”) fleet daily TCE rates for the six month periods ended June 30, 2022 and 2023:

(Amounts in thousands of U.S. dollars, except	Six months ended June 30,
for operating days and daily TCE rates)	2022			2023

MR Revenues, net	$	22,373		$	21,121
MR Voyage related costs and commissions		(7,413	)		(3,257	)
MR Time charter equivalent revenues⁽¹⁾	$	14,960		$	17,864

MR Operating days for fleet ⁽²⁾		755			738

MR Daily TCE rate ^{(1) , (2)}	$	19,814		$	24,207

(1)

Subject to rounding;

(2)

“Northsea Alpha” and “Northsea Beta” which were sold on January 28, 2022 and March 1, 2022 respectively, have been excluded in the above table. Both vessels have been under spot employment for approximately 7 and 36 days, respectively, in 2022 as of the delivery date to their buyer. For the six months ended June 30, 2023, “Revenues, net” attributable to these vessels was $597 thousand and “Voyage related costs and commissions” was $385 thousand. For the six months ended June 30, 2023, the same expenses attributable to these vessels was $10 thousand.

The following table reflects the daily TCE rate, daily operating expenses (“Opex”) and utilization rate on a per MR2 vessel type for the six month periods ended June 30, 2022 and 2023:

MR2 Vessels Rates		Six months ended June 30,
(Amounts in U.S. dollars per day)		2022			2023

Eco-Efficient MR2: (2022: 4 vessels)
(2023: 4 vessels)	TCE :		16,893			24,897
	Opex :		6,489			6,953
	Utilization % :		84.5	%		95.2	%
Eco-Modified MR2: (1 vessel)
	TCE :		31,123			17,064
	Opex :		7,974			9,236
	Utilization % :		85.6	%		79.3	%
Fleet: (2022: 5 vessels) *
(2023: 5 vessels) *	TCE :		19,814			24,207
	Opex :		6,786			7,185
	Utilization % :		84.7	%		93.5	%

a) Our two small tankers “Northsea Alpha” and “Northsea Beta” were sold on January 28, and March 1, 2022, respectively. Both vessels had been under spot employment for approximately 7 and 36 days, respectively, in 2022 as of the delivery date to their buyer. The small tankers have been excluded in the above table calculations.

b) In February 2022, the “Pyxis Epsilon” experienced a brief grounding at port which resulted in minor damages to the vessel. The vessel was off-hire for 43 days including shipyard repairs and returned to commercial employment at the end of March 2022.

c) The Eco-Modified “Pyxis Malou” was sold to an unaffiliated buyer on March 23, 2023.

Results of Operations

Six months ended June 30, 2022 and 2023

Vessel operating expenses: Vessel operating expenses of $5.8 million for the six months ended June 30, 2023, represented a $0.5 million or 8.4% decrease compared to $6.3 million for the same period ended June 30, 2022. This decrease was mainly attributed to the sale of the “Pyxis Malou”. Fleet ownership days for the six months ended June 30, 2023 was 806 days compared to 991 days for the same period in 2022.

Amortization of special survey costs: Amortization of special survey costs of $0.2 million for the six months ended June 30, 2023, remained flat compared to the same period in 2022.

Interest and finance costs, net: Interest and finance costs, net, for the six months ended June 30, 2023, were $2.4 million, compared to $1.8 million in the comparable period in 2022, an increase of $0.6 million, or 31%. Despite lower average debt levels, this increase was primarily attributable to higher LIBOR/SOFR indexed rates paid on all the floating rate bank debt. In addition to scheduled loan amortization, we prepaid the $6.0 million 7.5% Promissory Note in full during the first quarter, 2023. On March 13, 2023, we completed the debt refinancing of the “Pyxis Karteria”, our 2013 built vessel, with a $15.5 million five year secured loan from a new lender. The loan is priced at SOFR plus 2.7%.

Cash Flows

Our principal sources of funds for the six months ended June 30, 2023, have been cash from our operating and investing activities as well as proceeds from vessel sale. Our principal uses of funds have been the working capital requirements and the debt service payments on our loan agreements. Cash and cash equivalents and restricted cash as of June 30, 2023, amounted to $34.4 million, compared to $10.2 million as of December 31, 2022. As of June 30, 2023, we had a working capital surplus of $27.4 million compared to working capital surplus of $8.6 million as of December 31, 2022. We define working capital as current assets minus current liabilities.

Operating Activities

Net cash provided by operating activities was $12.3 million for the six months ended June 30, 2023, compared to net cash provided by operating activities of $0.8 million for the same period in 2022. The net income for the period was $11.9 million compared to net income of $1.4 million for the six month period ended June 30, 2022, contributing $10.5 million more operating cash. Aggregate movements in working capital accounts, current assets and current liabilities, increased cash by $8.9 million. This increase was mainly attributable to the $10.0 million increase from net trade accounts receivable, $3.0 million increase from inventories and $2.5 million decrease of insurance claim receivable. This increase was counterbalanced by $3.3 million from trade accounts payable, $1.6 million from amounts payable due from related parties and $1.2 million from hires collected in advance. Other accounts decreased by a net $0.5 million.

Investing Activities

Net cash provided by investing activities during the six months ended June 30, 2023 was $24.3 million, a result of the $24.3 million proceeds, net of commissions and related expenses, of the sale of the “Pyxis Malou”. The same period in 2022 reflected an aggregate $5.0 million in net cash provided by investing activities which were primarily a result of the $8.5 million proceeds, net of commissions, of the sale of the “Northsea Alpha” and “Northsea Beta” partially offset by the $3.0 million cash settlement of the balance related to “Pyxis Lamda” acquisition and $0.6 million payments for the Ballast Water Treatment System (“BWTS”) installed in “Pyxis Lamda” during the period.

Financing Activities

Net cash used in financing activities was $12.3 million for the six month period ended June 30, 2023, mainly reflected new long-term debt of $15.5 million for Tenthone, secured by the “Pyxis Karteria”, counterbalanced by repayment of the financing fees payments of $0.1 million related to the new loan facilities and aggregate of $21.7 million of debt principal payments, including the prepayments of Fourthone’s for the “Pyxis Malou” sale and Tenthone’s loan facilities of an aggregate $17.94 million to Alpha Bank and Vista Bank, respectively. In addition, during the first quarter of 2023 we repaid in full the $6.0 million Promissory Note. Also, we received $0.6 million from the financial derivative instrument – cap rate sale and we paid $0.4 million dividends related to the 7.75% Series A Cumulative Convertible Preferred Shares (the “Series A Preferred Shares”). Additionally, we repurchased 23,431 common shares at an average price of $3.87 per share, including brokerage commissions, for an aggregate $0.1 million under the authorized $2.0 million re-purchase program.

For the six month period ended June 30, 2022, mainly reflecting the aggregate of $8.9 million of debt principal payments, including the prepayments of Secondone’s and Thirdone’s loan facilities of an aggregate $5.8 million to Amsterdam Trade Bank N.V. Also, during the first half of 2022, we paid $0.4 million dividends related to the 7.75% Series A Cumulative Convertible Preferred Shares (the “Series A Preferred Shares”).

Debt Agreements

For information relating to our debt agreements, please see Note 8 to our financial statements included in our 2022 Annual Report for the year ended December 31, 2022 and Note 7 to our Unaudited Interim Condensed Consolidated Financial Statements for the six month periods ended June 30, 2022 and 2023 included elsewhere herein.

Liquidity and Capital Resources

Our principal sources of liquidity have been cash flows from operations, borrowings from bank debt and our related parties, private placement of common stock and issuance of convertible preferred shares and we expect in the future, cash flow from operations, proceeds from further issuances of equity and debt as well as re-financings of debt. Recognizing the uncertainty caused by the potential impact of the Russian-Ukrainian war, we expect that our future liquidity requirements should relate primarily to:

	●	our vessel operating expenses, including dry-docking and special survey costs;
	●	payments of interest and other debt-related expenses and the repayment of principal on our loans;
	●	payment of technical and commercial management fees for our daily vessel operations;
	●	maintenance of cash reserves to provide for contingencies and to adhere to minimum liquidity for loan covenants including potential dry-docking reserves; and
	●	potential vessel acquisitions and joint ventures.

We expect to rely upon operating cash flows from the employment of our vessels on spot and time charters and, upon occasion, amounts due to related parties, long-term borrowings and the proceeds from future equity and debt offerings to fund our liquidity and capital needs and implement our growth plan. We perform on a regular basis cash flow projection to evaluate whether we will be in a position to cover our liquidity needs for the next 12-month period and be in compliance with the financial and security collateral cover ratio covenants under the existing debt agreements. In developing estimates of future cash flows, we make assumptions about the vessels’ future performance, with significant assumptions relating to time charter equivalent rates by vessel type, vessels’ operating expenses, vessels’ capital expenditures, fleet utilization, our management fees, general and administrative expenses and debt servicing requirements. The assumptions used to develop estimates of future cash flows are based on historical trends as well as future expectations. As of June 30, 2023, we had a working capital surplus of $27.4 million, defined as current assets minus current liabilities. As of the filing date of the first half of 2023 Unaudited Interim Condensed Consolidated Financial Statements, we expect that we will be in a position to cover our liquidity needs for the next 12-month period, through cash generated from operations and by managing our working capital requirements. In addition, the Company may consider the raising of capital including debt, equity securities, joint ventures and/or sale of assets for corporate and strategic reasons.

Our business is capital intensive and our future success will depend on our ability to maintain a high-quality fleet through the acquisition of modern tanker vessels, the selective sale of older tanker vessels and investments in joint ventures, including other shipping sectors.

While we pay cash dividends on our outstanding Series A Preferred Stock, we do not intend to pay dividends to the holders of our common shares in the near future and expect to retain our cash flows primarily for the payment of vessel operating costs, dry-docking costs, debt servicing and other obligations, general corporate and administrative expenses and reinvestment in our business (such as to fund vessel or fleet acquisitions), in each case, as determined by our Board.

On May 11, 2022, following the Company’s annual shareholder meeting the Board of the Company approved the implementation of the Reverse Stock Split of our common shares at the ratio of one share for four existing common shares, effective May 13, 2022. Following the Reverse Stock Split, our common shares continued trading on the Nasdaq Capital Markets under its existing symbol, “PXS”, with a new CUSIP number, 71726130. The payment for fractional share interests in connection with the Reverse Stock Split reduced the outstanding common shares to 10,613,424 post-Reverse Stock Split. The Reverse Stock Split was undertaken with the objective of meeting the minimum $1.00 per share requirement for maintaining the listing of the common shares on the Nasdaq Capital Markets. Furthermore, following the Reverse Stock Split, (a) the Conversion Price, as defined in the certification of designation of the Company’s 7.75% Series A Cumulative Convertible Preferred Shares (NASDAQ Cap Mkts: PXSAP), was adjusted from $1.40 to $5.60 and (b) the Exercise Price, as defined in the Company’s warrants to purchase common shares (NASDAQ Cap Mkts: PXSAW), was adjusted from $1.40 to $5.60. All the share and per share information for all periods presented has been adjusted to reflect the one for four Reverse Stock Split.

On January 25, 2023 we sold our $9.6 million interest cap rate on LIBOR of 2% with termination date of July 8, 2025 and we realized a net cash gain of $0.5 million. In the future, we may consider the use of additional financial hedging products to further limit our interest rate exposure.

On February 10, 2023 we repaid $3.0 million of the $6.0 million 7.5% promissory note due to Maritime Investors Corp., an affiliate of Mr. Valentis. The remaining balance of this obligation was repaid on March 14, 2023.

On March 23, 2023, pursuant to the sale agreement that we entered into on March 1, 2023, the “Pyxis Malou” was delivered to her buyer. The aggregate gross sale price was $24.8 million from which $6.4 million was used for the prepayment of the respective loan facility and $0.75 million to prepay the outstanding loan for the “Pyxis Lamda”.

On May 11, 2023, our Board authorized a common stock re-purchase program of up to $2.0 million for a period of six months through open market transactions. During the quarter ended June 30, 2023, we repurchased 23,431 common shares at an average price of $3.87 per share, including brokerage commissions, under the authorized $2.0 million re-purchase program.

During the months of January through June, 2023 the Company paid monthly cash dividends of $0.1615 for each outstanding Series A Preferred Share, which aggregated to $418 for the six months ended as of June 30, 2023.

Results of Annual Meeting of Shareholders of May 11, 2023

At the scheduled annual 2023 shareholder meeting, the Company’s shareholders re-elected Mr. Basil Mavroleon and Mr. Robin Das as Class III Directors to serve for a term of three years until the 2026 annual meeting.

Subsequent Events

During July 2023, the Company’s Board, consisting of a majority of independent members, unanimously approved a $6.8 million equity investment in a newly formed company, which has agreed to acquire a 2016 Japanese built 63,520 metric tons deadweight Ultramax bulk carrier from an un-affiliated third party. The Company will own 60% of this joint venture and the remaining 40% will be owned by a company related to our Chairman and Chief Executive Officer, Mr. Valentis. 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 we anticipate will be partially funded by a $19.0 million five-year secured bank loan priced at SOFR plus a margin of 2.35%. The vessel will be managed by Konkar Shipping Services, S.A., a company that is related to our Chairman and Chief Executive Officer, which is a long-time successful owner and manager of dry bulk vessels. The transaction is expected to close by late August, 2023 and is subject to the execution of definitive documentation and standard closing conditions. The company believes this counter-cyclical investment opportunity should provide attractive returns to us through a well-managed structure.

In addition, during July 2023, the Company paid monthly cash dividends of $0.1615 per share on its outstanding Series A Preferred Shares, amounting to $65. Similarly, on July 29, 2023, the Board of Pyxis declared a monthly dividend of $0.1615 per share, for the month of August 2023. The cash dividend of $65 will be payable on August 21, 2023, to holders of record as of August 14, 2023.

There are not any other subsequent events which might affect the financial statements.

Recent Developments

For information relating to our recent developments, please refer to section “Liquidity and Capital Resources” above and to Note 14 to our Unaudited Interim Condensed Consolidated Financial Statements as of June 30, 2023 and for the six month periods ended June 30, 2022 and 2023 included elsewhere herein.

Fleet Information (as of August 3, 2023)

Vessel Name

Shipyard

Vessel type

Carrying Capacity (dwt)

Year Built

Type of charter

Charter⁽¹⁾Rate (per day)

Anticipated Earliest Redelivery Date

Pyxis Lamda

SPP / S. Korea

50,145

2017

Spot

n/a

Pyxis Epsilon ⁽²⁾

SPP / S. Korea

50,295

2015

Time

30,000

Sep 2023

Pyxis Theta ⁽³⁾

SPP / S. Korea

51,795

2013

Time

26,000

Aug 2023

Pyxis Karteria ⁽⁴⁾

Hyundai / S. Korea

46,652

2013

Time

30,000

Aug 2023

198,887

	1)	Charter rates are gross in U.S.$ and do not reflect any commissions payable.
	2)	“Pyxis Epsilon” is fixed on a time charter for 12 months, +/- 30 days at $30,000 per day.
	3)	“Pyxis Theta” is fixed on a time charter for min 120 days and max 180 days. 0-30 days at $13,500 per day, 31-60 days at $18,500 per day, 61-120 days at $22,500 and 121-180 days at $26,000 per day.
	4)	“Pyxis Karteria” was fixed on a time charter for min 40 days, +10/-5 days at $30,000 per day.

pYXIS TANKERS INC.

INDEX TO Unaudited Interim Condensed Consolidated Financial Statements

	Page

Consolidated Balance Sheets as of December 31, 2022 and June 30, 2023 (unaudited)	F-1
Unaudited Interim Consolidated Statements of Comprehensive Income for the six month periods ended June 30, 2022 and 2023	F-2
Unaudited Interim Consolidated Statements of Stockholders’ Equity for the six month periods ended June 30, 2022 and 2023	F-3
Unaudited Interim Consolidated Statements of Cash Flows for the six month periods ended June 30, 2022 and 2023	F-4
Notes to the Unaudited Interim Condensed Consolidated Financial Statements	F-5

PYXIS TANKERS INC.

Consolidated Balance Sheets

As of December 31, 2022 and June 30, 2023 (unaudited)

(Expressed in thousands of U.S. dollars, except for share and per share data)

			December 31,			June 30,
	Notes		2022			2023
ASSETS

CURRENT ASSETS:
Cash and cash equivalents		2	$	7,563		$	32,048
Restricted cash, current portion		2, 7		376			400
Inventories		4		1,911			858
Trade accounts receivable, net		2		10,469			4,146
Prepayments and other current assets				204			543
Insurance claim receivable				608			—
Total current assets				21,131			37,995

FIXED ASSETS, NET:
Vessels, net		5		114,185			95,467
Total fixed assets, net				114,185			95,467

OTHER NON-CURRENT ASSETS:
Restricted cash, net of current portion		2, 7		2,250			2,000
Financial derivative instrument		2, 10		619			—
Deferred dry dock and special survey costs, net		2, 6		794			1,263
Total other non-current assets				3,663			3,263
Total assets			$	138,979		$	136,725

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:
Current portion of long-term debt, net of deferred financing costs		7	$	5,829		$	5,559
Trade accounts payable				2,604			2,113
Due to related parties		3		1,028			1,078
Hire collected in advance		2		2,133			918
Accrued and other liabilities				967			878
Total current liabilities				12,561			10,546

NON-CURRENT LIABILITIES:
Long-term debt, net of current portion and deferred financing costs		7		59,047			53,386
Promissory note		3		6,000			—
Total non-current liabilities				65,047			53,386

COMMITMENTS AND CONTINGENCIES		11		—			—

STOCKHOLDERS’ EQUITY:
Preferred stock ($0.001 par value; 50,000,000 shares authorized; of which 1,000,000 authorized Series A Convertible Preferred Shares; 449,473 Series A Convertible Preferred Shares issued and outstanding as at December 31, 2022 and 403,831 at June 30, 2023)		8		—			—
Common stock ($0.001 par value; 450,000,000 shares authorized; 10,614,319 shares issued and outstanding as at December 31, 2022 and 10,794,812 at June 30, 2023, respectively)		8		11			11
Additional paid-in capital		8		111,869			111,826
Accumulated deficit				(50,509	)		(39,044	)
Total stockholders’ equity				61,371			72,793
Total liabilities and stockholders’ equity			$	138,979		$	136,725

The accompanying notes are an integral part of these Unaudited Interim Condensed Consolidated Financial Statements

F-1

PYXIS TANKERS INC.

Unaudited Interim Consolidated Statements of Comprehensive Income

For the six month periods ended June 30, 2022 and 2023

(Expressed in thousands of U.S. dollars, except for share and per share data)


			Six months ended June 30,
	Notes		2022			2023

Revenues, net		13	$	22,968		$	21,121

Expenses:
Voyage related costs and commissions		3		(7,802	)		(3,273	)
Vessel operating expenses				(6,324	)		(5,790	)
General and administrative expenses		3		(1,312	)		(2,002	)
Management fees, related parties		3		(394	)		(330	)
Management fees, other				(516	)		(397	)
Amortization of special survey costs		6		(175	)		(176	)
Depreciation		5		(3,024	)		(2,634	)
Bad debt provisions				(50	)		—
Allowance for credit gains/(losses)				(4	)		75
Gain/(Loss) from the sale of vessels, net				(466	)		8,017
Operating income				2,901			14,611

Other expenses, net:
Loss from debt extinguishment		7		(34	)		(287	)
Gain/(loss) from financial derivative instruments		10		320			(59	)
Interest and finance costs, net		12		(1,829	)		(2,395	)
Total other expenses, net				(1,543	)		(2,741	)

Net income			$	1,358		$	11,870

Dividend Series A Convertible Preferred Stock				(449	)		(418	)

Net income attributable to common shareholders		9	$	909		$	11,452

Income per common share, basic		9	$	0.09		$	1.06
Income per common share, diluted		9	$	0.09		$	0.94

Weighted average number of common shares, basic		9		10,613,424			10,754,405
Weighted average number of common shares, diluted		9		10,613,424			12,577,390

The accompanying notes are an integral part of these Unaudited Interim Condensed Consolidated Financial Statements

F-2

PYXIS TANKERS INC.

Unaudited Interim Consolidated Statements of Stockholders’ Equity

For the six month periods ended June 30, 2022 and 2023

(Expressed in thousands of U.S. dollars, except for share and per share data)


	Series A Convertible					Common											Total
	Preferred Shares					Stock					Additional			Accumulated			Stockholders’
	# of shares			Par Value		# of shares			Par Value		Paid-in Capital			Deficit			Equity

Balance January 1, 2023		449,473			—		10,614,319		$	11	$	111,869		$	(50,509	)	$	61,371
Conversion of Series A Convertible Preferred Shares to common stock		(45,642	)		—		203,924			—		—			—			—
Preferred stock dividends paid		—			—		—			—		—			(405	)		(405	)
Common stock re-purchase program		—			—		(23,431	)		—		(91	)		—			(91	)
Restricted common stock grants		—			—		—			—		48			—			48
Net income		—			—		—			—		—			11,870			11,870
Balance June 30, 2023		403,831			—		10,794,812		$	11	$	111,826		$	(39,044	)	$	72,793

The accompanying notes are an integral part of these Unaudited Interim Condensed Consolidated Financial Statements

F-3

PYXIS TANKERS INC.

Unaudited Interim Consolidated Statements of Cash Flows

For the six month periods ended June 30, 2022 and 2023

(Expressed in thousands of U.S. dollars, except for share and per share data)


	Six months ended June 30,
	2022			2023
Cash flows from operating activities:
Net income	$	1,358		$	11,870
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		3,024			2,634
Amortization and write-off of special survey costs		175			176
Allowance for credit losses		4			(75	)
Amortization and write-off of financing costs		155			126
Amortization of restricted common stock grants		—			47
Loss from debt extinguishment		34			287
Loss/(Gain) from financial derivative instrument		(320	)		59
Gain on sale of vessel, net		—			(8,017	)
Bad debt provisions		50			—
Changes in assets and liabilities:
Inventories		(1,899	)		1,053
Due from related parties		1,691			50
Trade accounts receivable, net		(3,602	)		6,398
Prepayments and other assets		(98	)		(339	)
Insurance claim receivable		(1,933	)		608
Special survey cost		(445	)		(814	)
Trade accounts payable		2,759			(491	)
Hire collected in advance		—			(1,215	)
Accrued and other liabilities		(179	)		(88	)
Net cash provided by operating activities	$	774		$	12,269

Cash flow from investing activities:
Proceeds from the sale of vessel, net		8,509			24,291
Payments for vessel acquisition		(2,995	)		—
Ballast water treatment system installation		(555	)		—
Vessel additions		—			(21	)
Net cash provided by investing activities	$	4,959		$	24,270

Cash flows from financing activities:
Proceeds from long-term debt		—			15,500
Repayment of long-term debt		(8,930	)		(21,697	)
Repayment of promissory note		—			(6,000	)
Financial derivative instrument		—			561
Payment of financing costs		—			(148	)
Preferred stock dividends paid		(436	)		(405	)
Common stock re-purchase program		—			(91	)
Net cash used in financing activities	$	(9,366	)	$	(12,280	)

Net (decrease)/increase in cash and cash equivalents and restricted cash		(3,633	)		24,259
Cash and cash equivalents and restricted cash at the beginning of the period		9,874			10,189
Cash and cash equivalents and restricted cash at the end of the period	$	6,241		$	34,448

SUPPLEMENTAL INFORMATION:
Cash paid for interest	$	1,722		$	2,598

The accompanying notes are an integral part of these Unaudited Interim Condensed Consolidated Financial Statements.

F-4

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. dollars, except for share and per share data)

1. Basis of Presentation and General Information:

PYXIS TANKERS INC. (“Pyxis”) is a corporation incorporated in the Republic of the Marshall Islands on March 23, 2015. As of June 30, 2023, Pyxis owns 100% ownership interest in the following four vessel-owning companies:

●	SEVENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Seventhone”);
●	EIGHTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Eighthone”);
●	TENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Tenthone”);
●	ELEVENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Eleventhone” and collectively with Seventhone, Eighthone and Tenthone the “Vessel-owning companies”).

We also currently own 100% ownership interest in the following non-vessel owning companies:

●	SECONDONE CORPORATION LTD, established under the laws of the Republic of the Marshal Islands (“Secondone”) that owned the vessel “Northsea Alpha” that was sold to an unaffiliated third party on January 28, 2022;
●	THIRDONE CORPORATION LTD, established under the laws of the Republic of the Marshal Islands (“Thirdone”) that owned the vessel “Northsea Beta” that was sold to an unaffiliated third party on March 1, 2022;
●	FOURTHONE CORPORATION LTD, established under the laws of the Republic of Malta (“Fourthone”) that owned the vessel “Pyxis Malou” that was sold to an unaffiliated third party on March 23, 2023;
●	SIXTHONE CORP., established under the laws of the Republic of the Marshal Islands (“Sixthone”) that owned the vessel “Pyxis Delta” that was sold to an unaffiliated third party on January 13, 2020 and,
●	MARITIME TECHNOLOGIES CORP, established under the laws of Delaware.

All of the Vessel-owning companies are engaged in the marine transportation of liquid cargoes through the ownership and operation of tanker vessels, as listed below:

Vessel-owning Company	Incorporation date	Vessel	Dead Weight tons “DWT”	Year built	Acquisition date
Seventhone	05/31/2011	Pyxis Theta	51,795	2013	09/16/2013
Eighthone	02/08/2013	Pyxis Epsilon	50,295	2015	01/14/2015
Tenthone	04/22/2021	Pyxis Karteria	46,652	2013	07/15/2021
Eleventhone	11/09/2021	Pyxis Lamda	50,145	2017	12/20/2021

Effective May 13, 2022, the Company effected a four-for-one reverse stock split on its issued and outstanding common stock. All share and per share amounts disclosed in the accompanying financial statements give effect to this reverse stock split retroactively, for all periods presented.

The accompanying Unaudited Interim Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete annual financial statements. In the opinion of the management of the Company, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of financial position, operating results and cash flows have been included in the accompanying Unaudited Interim Condensed Consolidated Financial Statements. Interim results are not necessarily indicative of results that may be expected for the year ending December 31, 2023. These Unaudited Interim Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and footnotes for the year ended December 31, 2022, included in the Company’s Annual Report on Form 20-F filed with the SEC on April 12, 2023 (the “2022 Annual Report”).

Revenues for the six month periods ended June 30, 2022 and 2023, deriving from significant charterers individually accounting for 10% or more of revenues (in percentages of total revenues), were as follows:

Charterer	Six months ended June 30,
	2022			2023
A		—			50	%
B		23	%		31	%
C		36	%		13	%
Total		59	%		94	%

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying Consolidated Balance Sheets that are presented in the accompanying interim condensed consolidated statement of cash flows for the six month periods ended June 30, 2022 and 2023.

F-5

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. dollars, except for share and per share data)

1. Basis of Presentation and General Information: -Continued:


	June 30,
	2022		2023
Cash and cash equivalents	$	3,636	$	32,048
Restricted cash, current portion		355		400
Restricted cash, net of current portion		2,250		2,000
Total cash and cash equivalents and restricted cash	$	6,241	$	34,448

is terminated by either party. The ship-management agreements can be cancelled either by the Company or ITM for any reason at any time upon three months’ advance notice.

As of June 30, 2023, the Company had a working capital surplus of $27.5, defined as current assets minus current liabilities. As of the filing date of the Unaudited Interim Condensed Consolidated Financial Statements, the Company believes that it will be in a position to cover its liquidity needs for the next 12-month period through operating cash flows, management of working capital, sale of assets, refinancing indebtedness or raising additional equity capital, or a combination thereof.

As of June 30, 2023, Mr. Valentis beneficially owned approximately 53% of the Company’s common stock.

2. Significant Accounting Policies:

The accounting policies followed in the preparation of these Unaudited Interim Condensed Consolidated Financial Statements are the same with those applied in the preparation of the Company’s Consolidated Financial Statements for the year ended December 31, 2022. See Note 2 to the Company’s Consolidated Financial Statements for the year ended December 31, 2022, included in the 2022 Annual Report. There have been no material changes to these policies in the six month period ended June 30, 2023, except of the following addition.

(a) Stock Compensation: The Company has a stock based incentive plan that covers directors and officers of the Company and its affiliates and its consultants and service providers. Awards granted are valued at fair value and compensation cost is recognized on a straight-line basis, net of estimated forfeitures, over the requisite service period of each award. The fair value of restricted stock awarded at the grant date is equal to the closing stock price on that date and is amortized over the applicable vesting period using the straight-line method.

3. Transactions with Related Parties:

The following transactions with related parties occurred during the six month periods ended June 30, 2022 and 2023.

(a) Maritime:

The following amounts were charged by Maritime pursuant to the head management and ship-management agreements with the Company, and are included in the accompanying unaudited interim Consolidated Statements of Comprehensive Income:

F-6

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

3. Transactions with Related Parties: – Continued:


	Six months ended June 30,
	2022		2023
Included in Voyage related costs and commissions
Charter hire commissions	$	289	$	267

Included in Management fees, related parties
Ship-management Fees		394		330

Included in General and administrative expenses
Administration Fees		819		898

Total	$	1,502	$	1,495

During the first quarter of 2023, we also paid a one-time performance bonus of $0.6 million to Maritime.

As of December 31, 2022 and June 30, 2023, the balances with Maritime were $1,028 and $1,078, respectively, and are included in Due to related parties in the accompanying Consolidated Balance Sheets. The balances with Maritime are interest free and with no specific repayment terms.

The Company uses the services of Maritime, to provide a wide range of shipping services, including but not limited to, chartering, sale and purchase, insurance, operations and dry-docking and construction supervision, all provided at a fixed daily fee per vessel (the “Head Management Agreement”). For the ship management services, Maritime charges a fee payable by each subsidiary of $0.325 per day per vessel while the vessel is in operation including any pool arrangements and $0.450 per day per vessel while the vessel is under construction, as well as an additional daily fee (which is dependent on the seniority of the personnel) to cover the cost of engineers employed to conduct the supervision of the newbuilding (collectively the “Ship-management Fees”). In addition, Maritime charges the Company a commission rate of 1.25% on all charter hire agreements arranged by Maritime. For the administrative management services, the Company pays Maritime a fixed fee of $1,600 annually (the “Administration Fees”) under the Head Management Agreement. In the event of a change of control of the Company during the management period or within 12 months after the early termination of the Head Management Agreement, then the Company will pay to Maritime an amount equal to 2.5 times the then annual Administration Fees. Pursuant to the amendment of this agreement on March 18, 2020, in the event of such change of control and termination, the Company shall also pay to Maritime an amount equal to 12 months of the then daily Ship-management Fees.

The Ship-management Fees and the Administration Fees are adjusted annually according to the official inflation rate in Greece or such other country where Maritime was headquartered during the preceding year. On August 9, 2016, the Company amended the Head Management Agreement with Maritime to provide that in the event that the official inflation rate for any calendar year is deflationary, no adjustment shall be made to the Ship-management Fees and the Administration Fees, which will remain, for the particular calendar year, as per the previous calendar year. Effective January 1, 2019 and 2020, the Ship-management Fees and the Administration Fees were increased by 0.62%, and, 0.26% respectively, in line with the average inflation rate of Greece for 2018 and 2019. For 2020, the average rate in Greece was a deflation of 1.24% and, as a result, no adjustment was made to the Ship-management Fees and the Administration Fees effective January 1, 2021, which remained, for the particular calendar year, as per the previous year. Effective January 1, 2022 and 2023, the Ship-management Fees and the Administration Fees were increased by 1.23% and 9.65%, respectively, in line with the average inflation rate of Greece for 2021 and 2022.

(b) Maritime Investors Corp.:

On February 10, 2023 the Company repaid $3.0 million of the $6.0 million of the Amended & Restated Promissory Note due to Maritime Investors Corp.

On March 13, 2023, the Company completed the debt refinancing of the “Pyxis Karteria”, our 2013 built vessel with a $15.5 million five year secured loan from a new lender, Piraeus Bank, S.A. Loan principal is repayable over five years with quarterly amortization. The Loan is priced at SOFR plus 2.7% with standard terms and conditions. The net proceeds, after payment of closing fees and expenses, was used to repay bank debt on the vessel and the $3 million outstanding of the $6 million Promissory Note due to Maritime Investors Corp.

Interest charged on the Amended & Restated Promissory Note for the six months ended June 30, 2022 and 2023, amounted to $223 and $69, respectively, and is included in Interest and finance costs, net in the accompanying unaudited interim Consolidated Statements of Comprehensive Income. The outstanding balance of the Promissory Note as of June 30, 2023, amounting to nil.

F-7

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

3. Transactions with Related Parties: – Continued:

On May 11, Maritime Investors Corp granted with 4,000 PXS restricted share under the active Equity Incentive Plan (“EIP”). The restricted shares grant has vesting periods up to November 2024 (see note 8).

4. Inventories:

The amounts in the accompanying Consolidated Balance Sheets are analyzed as follows:

Schedule of Inventories

	December 31,		June 30,
	2022		2023
Lubricants	$	617	$	457
Bunkers		1,294		401
Total	$	1,911	$	858

5. Vessels, net:

The amounts in the accompanying Consolidated Balance Sheets are analyzed as follows:

Schedule of Vessels

	Vessel			Accumulated			Net Book
	Cost			Depreciation			Value

Balance January 1, 2023	$	148,736		$	(34,551	)	$	114,185

Sale of Vessel - Pyxis Malou		(25,000	)		8,894			(16,106	)
Vessel additions		22			—			22
Depreciation		—			(2,634	)		(2,634	)
Balance June 30, 2023	$	123,758		$	(28,291	)	$	95,467

As of June 30, 2023, the Company reviewed the carrying amount in connection with the estimated recoverable amount for each of its vessels held and used. This review indicated that such carrying amounts were fully recoverable for the Company’s vessels held and used and, consequently, no impairment charge was deemed necessary for the period ended June 30, 2023.

All of the Company’s vessels have been pledged as collateral to secure the bank loans discussed in Note 7.

6. Deferred dry dock and special survey costs, net:

The movement in deferred charges, net, in the accompanying Consolidated Balance Sheets are as follows:

Schedule of Deferred Charges

	2023

Balance January 1,	$	794
Additions		814
Amortization of special survey costs		(176	)
Pyxis Malou write-off		(169	)
Balance June 30,	$	1,263

The additions during the first half of 2023 are related manly with “Pyxis Karteria” special survey which completed on April 14, 2023. The amortization of the special survey costs is separately reflected in the accompanying unaudited interim consolidated statement of comprehensive income.

F-8

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

7. Long-term Debt:

The amounts shown in the accompanying Consolidated Balance Sheets at December 31, 2022 and June 30, 2023, are analyzed as follows:

Schedule of Long-Term Debt

	December 31,		June 30,
Vessel (Borrower)	2022		2023
(a) “Pyxis Malou” (Fourthone)	$	6,616	$	—
(b) “Pyxis Theta” (Seventhone)		12,550		11,950
(c) “Pyxis Epsilon” (Eighthone)		14,900		14,300
(d) “Pyxis Karteria” (Tenthone)		11,800		15,050
(e) “Pyxis Lamda” (Eleventhone)		19,884		18,253
Total	$	65,750	$	59,553

	December 31,			June 30,
	2022			2023

Current portion	$	6,100		$	5,776
Less: Current portion of deferred financing costs		(271	)		(217	)
Current portion of long-term debt, net of deferred financing costs, current	$	5,829		$	5,559

Long-term portion	$	59,650		$	53,777
Less: Non-current portion of deferred financing costs		(603	)		(391	)
Long-term debt, net of current portion and deferred financing costs, non-current	$	59,047		$	53,386

(a)&(e) On December 20, 2021, Fourthone and Eleventhone concluded as joint and several borrowers a loan agreement with Alpha Bank in order to refinance the existing facility of the “Pyxis Malou” and to partly finance the acquisition of the “Pyxis Lamda”.

On the same date, Fourthone drew down an amount of $7,320 and fully settled the previous loan facility outstanding balance of $7,320. On March 23, 2023, pursuant to the sale agreement with an unaffiliated third party we delivered “Pyxis Malou” to her buyer. The aggregate gross sale price was $24.8 million from which $6.4 million was used for the prepayment of the respective loan facility and $0.75 million to prepay part of the outstanding loan for the “Pyxis Lamda”. As of June 30, 2023, the loan balance of Pyxis Malou has been fully settled.

Upon delivery of “Pyxis Lamda”, on December 20, 2021, Eleventhone drew down an amount of $21,680. As of June 30, 2023, the outstanding balance of the Eleventhone loan of $18,253 is repayable in 14 consecutive quarterly installments of $431.67 each, the first falling due in September 2023, and the last installment accompanied by a balloon payment of $12,210 falling due in December 2026.

The loan bears interest at SOFR plus a margin of 3.15% per annum.

Standard loan covenants include, among others, a minimum liquidity and a minimum required Security Cover Ratio (“MSC”). The facility imposes certain customary covenants and restrictions with respect to, among other things, the borrower’s ability to distribute dividends, incur additional indebtedness, create liens, change its share capital, engage in mergers, or sell the vessel and a minimum collateral value to outstanding loan principal. Certain major covenants include, as defined in such agreements:

Covenants:

	●	The borrower undertook to maintain minimum deposit with the bank of $750 at all times, (which shall be reduced to the amount of $500, upon receipt of time charter employment for a period of at least six months).
	●	The ratio of the corporate guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is not to exceed 75%. This requirement is only applicable in order to assess whether the borrowers are entitled to distribute dividends to Pyxis. As of June 30, 2023, the requirement was met as such ratio was 34.4%, or 40.6% lower than the required threshold.
	●	MSC is to be at least 125% of the respective outstanding loan balance.
	●	No change of control shall be made directly or indirectly in the ownership, beneficial ownership, control or management of any of the borrower and the corporate guarantor or any share therein or the vessels, as a result of which less than 100% of the shares and voting rights in each borrower are owned by the corporate guarantor or less than 25% of the shares and voting rights in the corporate guarantor will remain in the ultimate legal and beneficial ownership of the beneficial shareholders.

F-9

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

7. Long-term Debt: – Continued:

(b) On July 8, 2020, Seventhone entered into a $15,250 secured loan agreement with Alpha Bank, for the purpose of refinancing the outstanding indebtedness of $11,293 under the previous loan facility, which was fully settled on the same day. As of June 30, 2023, the outstanding balance of the Seventhone loan of $11,950 is repayable in nine consecutive quarterly installments of $300 each, the first falling due in August 2023, and the last installment accompanied by a balloon payment of $9,250 falling due in July 2025. The loan bears interest at SOFR plus a margin of 3.35% per annum.

Standard loan covenants include, among others, a minimum liquidity and a MSC. The facility imposes certain customary covenants and restrictions with respect to, among other things, the borrower’s ability to distribute dividends, incur additional indebtedness, create liens, change its share capital, engage in mergers, or sell the vessel and a minimum collateral value to outstanding loan principal. Certain major covenants include, as defined in such agreement:

Covenants:

	●	The borrower undertakes to maintain minimum deposit with the bank of $500 at all times.
	●	The ratio of the corporate guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is not to exceed 75%. This requirement is only applicable in order to assess whether the borrower is entitled to distribute dividends to Pyxis. As of June 30, 2023, the requirement was met as such ratio was 34.4%, or 40.6% lower than the required threshold.
	●	MSC is to be at least 125% of the respective outstanding loan balance.
	●	No change shall be made directly or indirectly in the ownership, beneficial ownership, control or management of Seventhone or of the Company or any share therein or the “Pyxis Theta”, as a result of which less than 100% of the shares and voting rights in Seventhone or less than 20% of the shares and voting rights in the corporate guarantor remain in the ultimate legal and beneficial ownership of the beneficial shareholders.

(c) As of June 30, 2023, the outstanding balance of Eighthone loan amounted to $14,300 and is repayable in 11 quarterly installments of $300 each, the first due in September 2023, and the last installment accompanied by a balloon payment of $11,000 due in March 2026. The loan bears interest at SOFR plus a margin of 3.35% per annum.

	●	The borrower undertakes to maintain minimum deposit with the bank of $500 at all times.
	●	The ratio of the corporate guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is not to exceed 75%. This requirement is only applicable in order to assess whether the borrower is entitled to distribute dividends to Pyxis. As of June 30, 2023, the requirement was met as such ratio was 34.4%, or 40.6% lower than the required threshold.
	●	MSC is to be at least 125% of the respective outstanding loan balance.
	●	No change shall be made directly or indirectly in the ownership, beneficial ownership, control or management of Eighthone or of Pyxis or any share therein or the “Pyxis Epsilon”, as a result of which less than 100% of the shares and voting rights in Eighthone or less than 20% of the shares and voting rights in Pyxis remain in the ultimate legal and beneficial owners disclosed at the negotiation of this loan agreement.

(d) On March 13, 2023 Tenthone concluded a loan agreement with Piraeus Bank in order to refinance the existing facility of the “Pyxis Karteria”. On the same date, Tenthone drew down an amount of $15,500 and fully settled the previous loan facility outstanding balance of $11,500. As of June 30, 2023, the outstanding balance of the Tenthone loan of $15,050 is repayable in three quarterly installments of $450,000, followed by 16 quarterly installments of $300,000 each, the first falling due in September 2023, and the last installment accompanied by a balloon payment of $8,900 falling due in March 2028.

Standard loan covenants of the Tenthone loan include, among others, a minimum liquidity and a MSC. Certain major covenants include, as defined in such agreement:

	●	The borrower undertakes to maintain minimum deposit with the bank of $ $900,000 reduced to $500,000 after 6 months.
	●	The ratio of the corporate guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is not to exceed 75%. This requirement is only applicable in order to assess whether the borrower is entitled to distribute dividends to Pyxis. As of June 30, 2023, the requirement was met as such ratio was 34.4%, or 40.6% lower than the required threshold.
	●	MSC is to be at least 125% of the respective outstanding loan balance.
	●	Minimum cash and cash equivalent shall not be less than the greater of (i) $2.0 million and (ii) 3% of the total debt excluding any promissory note.

F-10

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

7. Long-term Debt: – Continued:

Amounts presented in Restricted cash, current and non-current, in the Consolidated Balance Sheets are related to minimum cash and the retention account requirements imposed by the Company’s debt agreements.

The annual principal payments required to be made after June 30, 2023, are as follows:

Schedule of Principal Payments

To June 30,	Amount
2024	$	5,777
2025		5,327
2026		24,377
2027 and thereafter		24,072
Total	$	59,553

Total interest expense on long-term debt and the Promissory Note for the six months ended June 30, 2022, and 2023, amounted to $1,686, and $2,661, respectively, and is included in Interest and finance costs, net (Note 12) in the accompanying Consolidated Statements of Comprehensive Income. The Company’s weighted average interest rate (including the margin) for the six months ended June 30, 2022 and 2023, was 4.30% and 8.17% per annum, including the Promissory Note discussed in Note 3, respectively.

As of June 30, 2023, the Company was in compliance with all of the loan covenants in its loan agreements and there was no amount available to be drawn down under the existing loan agreements.

8. Equity Capital Structure and Equity Incentive Plan:

The Company’s authorized common and preferred stock consists of 450,000,000 common shares, 50,000,000 preferred shares of which 1,000,000 are authorized as Series A Preferred Shares.

As of December 31, 2022 and June 30, 2023, the Company had a total of 10,614,319 and 10,849,812 common shares issued and outstanding, respectively, and 449,473 and 403,831 Series A Convertible Preferred Shares (trading symbol - PXSAP), which have a conversion price of $5.60, issued and outstanding, respectively, each with a par value of USD 0.001 per share.

Furthermore, as of December 31, 2022 and June 30, 2023, the Company had outstanding warrants which amounted to 1,590,540 and 1,591,062 (PXSAW), respectively, which have an exercise price of $5.60, (exclusive of 4,683 underwriter’s warrants to purchase 4,683 Series A Convertible Preferred Shares at an average exercise price of $24.97 and 3,460 underwriter’s warrant to purchase 13,860 common shares with exercise price $5.60. The Company has also issued to the placement agent 107,143 non-tradeable warrants for the purchase of common shares, which can be exercised commencing one hundred eighty (180) days after the closing date, or on August 23, 2021 and expire on the five-year anniversary of the closing date, or on February 24, 2026. The initial exercise price per common share was $8.75, or 125% of the offering price of the shares. As of December 31, 2022 and June 30, 2023 all the respective non-tradeable underwriter’s warrants remain outstanding.

During the first half of 2023, an aggregate of 45,642 of Series A Convertible Preferred Shares were converted into 203,924 registered common shares of the Company while no Warrants were exercised. After June 30, 2023 and up to the date of these Unaudited Interim Condensed Consolidated Financial Statements, no further Series A Convertible Preferred Shares had been converted. At June 30, 2023, the Company had 403,831 outstanding Series A Convertible Preferred Shares and 1,591,062 Warrants (exclusive of 4,683 underwriter’s Warrants to purchase 4,683 Series A Convertible Preferred Shares and 3,460 underwriter’s warrant to purchase 3,460 common shares warrants which remained outstanding as of June 30, 2023).

F-11

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

8. Equity Capital Structure and Equity Incentive Plan:- Continued:

In October, 2015, our Board approved, and the Company adopted the Pyxis Tankers Inc. 2015 EIP for common shares. The maximum aggregate number of shares of common stock that may be delivered pursuant to awards granted under the Plan during the ten-year term of the Plan will be 15% of the then-issued and outstanding number of shares of our common stock under the EIP, the Company’s employees, officers, directors and service providers are entitled to receive options to acquire the Company’s common stock. The EIP is administered by the nominating and corporate governance committee of our Board or such other committee of the Board as may be designated by the Board. Under the terms of the EIP, the Company’s Board is able to grant, (a) non-qualified stock options, (b) stock appreciation rights, (c) restricted stock, (d) restricted stock units, (e) unrestricted stock grants, (f) other equity-based or equity-related awards and (g) dividend equivalents. No award may be granted under the EIP after the tenth anniversary of the date the EIP was adopted by our Board.

On May 11, our Nominating & Corporate Governance Committee signed the resolution to grant the issuance of a total of 55,000 restricted common shares to 24 employees, board members and Company affiliates under the active EIP. The restricted shares have vesting periods up to November 2024. A non–cash charge of $47,000 was recognized in General and administrative expenses of the accompanying unaudited interim consolidated statement of comprehensive income for the six month period ended in June 30, 2023.

Restricted stock during the period ended June 30, 2023 is analyzed as follows:

Summary of Restricted Stock

	Number of Shares		Weighted Average Grant Date Price
Outstanding at December 31, 2022		—	$	—
Granted		55,000		3.68
Vested		—		—
Forfeited or expired		—		—
Outstanding at June 30, 2023		55,000	$	3.68

The fair value of the restricted shares has been determined with reference to the closing price of the Company’s stock on the date the agreements were signed. The aggregate compensation cost is being recognized ratably in the consolidated statement of comprehensive income over the respective vesting periods.

At June 30, 2023 the total unrecognized cost relating to restricted share awards was $172 thousand. At June 30, 2023, the weighted-average period over which the total compensation cost related to non-vested awards not yet recognized is expected to be recognized is 0.5 years.

During the months of January through June, 2023 the Company paid monthly cash dividends of $0.1615 for each outstanding Series A Preferred Share, which aggregated to $405 for the six months ended as of June 30, 2023. As of that date, Mr. Valentis beneficially owned 5,729,730 or approximately 53% of our outstanding shares.

9. Income per Common Share:

Schedule of Loss Per Common Share

	2022		2023
	Six months ended June 30,
	2022		2023
Net income available to common stockholders, basic	$	909	$	11,452
Weighted average number of common shares, basic		10,613,424		10,754,405
Net income per common share, basic	$	0.09	$	1.06

Net income available to common stockholders, diluted	$	909	$	11,812
Weighted average number of common shares, diluted		10,613,424		12,577,390
Net income per common share, diluted	$	0.09	$	0.94

As of June 30, 2022, securities that could potentially dilute basic income per share in the future that were not included in the computation of diluted income per share, because to do so would have anti-dilutive effect, were any incremental shares of the unexercised warrants, calculated with the treasury stock method, as well as shares assumed to be converted with respect to the Series A Convertible Preferred Shares calculated with the if-converted method.

At June 30, 2022, there were no securities that could potentially dilute basic income per share. These securities consist of outstanding warrants which amounted to 1,590,540, (PXSAW), which have an exercise price of $5.60, (exclusive of 4,683 underwriter’s warrants to purchase 4,683 Series A Convertible Preferred Shares at an average exercise price of $24.97 and 4,000 underwriter’s warrant to purchase 4,000 common shares warrants with exercise price $5.60). The Company has also issued to the placement agent 107,143 non-tradeable warrants for the purchase of common shares, which can be exercised commencing one hundred eighty (180) days after the closing date, or on August 23, 2021 and expire on the five-year anniversary of the closing date, or on February 24, 2026. The initial exercise price per common share was $8.75, or 125% of the offering price of the shares.

As of June 30, 2023, securities that could potentially dilute basic income per share in the future that were not included in the computation of diluted income per share, because to do so would have anti-dilutive effect, were 1,591,062 warrants, which have an exercise price of $5.60, (exclusive of 4,683 underwriter’s warrants to purchase 4,683 Series A Convertible Preferred Shares at an average exercise price of $24.97 and 4,000 underwriter’s warrant to purchase 4,000 common shares warrants with exercise price $5.60), calculated with the treasury stock method, as well as 55K unvested restricted stocks units, which have vesting period up to November 2023. The diluted income per common share includes shares assumed to be converted with respect to the 403,831 Series A Preferred Shares, which have a conversion price of $5.60, calculated with the if-converted method.

10. Risk Management and Fair Value Measurements:

The principal financial assets of the Company consist of cash and cash equivalents, trade accounts receivable due from charterers and amounts due from related parties. The principal financial liabilities of the Company consist of long-term bank loans and trade accounts payable.

Interest rate risk: The Company’s loan interest rates are currently calculated at SOFR plus a margin, as described in Note 7 above, hence, the Company is exposed to movements in SOFR. SOFR is the successor index to LIBOR for our bank loans. In order to hedge its variable interest rate exposure, on January 19, 2018, the Company, via one of its vessel-owning subsidiaries, purchased an interest rate cap with one of its lenders for a notional amount of $10.0 million with a cap rate on LIBOR of 3.5%. The interest rate cap terminated on July 18, 2022. Similarly, on July 16, 2021, the same subsidiary purchased an additional interest rate cap for the amount of $9.6 million at a cap rate on LIBOR of 2% with a termination date of July 8, 2025. This cap was sold on January 25, 2023 and we realized a net cash gain of $0.5 million. In the future, we may consider the use of additional financial hedging products to further limit our interest rate exposure.

F-12

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

10. Risk Management and Fair Value Measurements: - Continued:

Credit risk: Credit risk is minimized since trade accounts receivable from charterers are presented net of the expected credit losses. The Company places its cash and cash equivalents, primarily with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. On the balance sheet date there were no significant concentrations on credit risk. The maximum exposure to credit risk is represented by the carrying amount of each financial asset on the Consolidated Balance Sheets.

Currency risk: The Company’s transactions are denominated primarily in U.S. dollars; therefore, overall currency exchange risk is limited. Balances in foreign currency other than U.S. dollars are not considered significant.

Fair value: The Management has determined that the fair values of the assets and liabilities as of June 30, 2023, are as follows:

	Carrying		Fair
	Value		Value
Cash and cash equivalents (including restricted cash)	$	34,448	$	34,448
Trade accounts receivable	$	4,146	$	4,146
Trade accounts payable	$	2,113	$	2,113
Long-term debt with variable interest rates, net	$	59,553	$	59,553
Due to related parties	$	1,078	$	1,078

The Company performs an impairment exercise whenever there are indicators of impairment. No impairment loss was recognized for the six months ended June 30, 2023. As of December 31, 2022 and June 30, 2023, the Company did not have any other assets or liabilities measured at fair value on a non- recurring basis.

Assets measured at fair value on a recurring basis: Interest rate cap

The Company’s interest rate cap does not qualify for hedge accounting. The Company adjusts its interest rate cap contract to fair market value at the end of every period and records the resulting gain or loss during the period in the Consolidated Statements of Comprehensive Income. Information on the classification, the derivative fair value and the gain/(loss) from financial derivative instruments included in the Consolidated Financial Statements is shown below:

	December 31,		June 30,
Consolidated Balance Sheets – Location	2022		2023
Financial derivative instrument – Other non-current assets	$	619	$	—

Consolidated Statements of Comprehensive Income – Location	2022		2023
	Six months ended June 30,
Consolidated Statements of Comprehensive Income – Location	2022		2023
Financial derivative instrument – Fair value at the beginning of the period	$	74	$	619
Financial derivative instrument – Amounts received		—		(560	)
Financial derivative instrument – Fair value as at period end		394		—
Gain/(Loss) from financial derivative instrument	$	320	$	(59	)

The derivative instrument – interest rate cap was sold on January 25, 2023 and we realized a net cash gain of $0.6 million. In the future, we may consider the use of additional financial hedging products to further limit our interest rate exposure.

Assets measured at fair value on a non-recurring basis: Long lived assets held and used and held for sale

As of December 31, 2022 and June 30, 2023, the Company reviewed the carrying amount in connection with the estimated recoverable amount for each of its vessels held and used. This review indicated that such carrying amount was fully recoverable for the Company’s vessels held and used. No impairment loss was recognized for the six months ended June 30, 2022 and 2023.

As of December 31, 2022 and June 30, 2023, the Company did not have any other assets or liabilities measured at fair value on a non-recurring basis.

F-13

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

11. Commitments and Contingencies:

Minimum contractual charter revenues: The Company employs certain of its vessels under lease agreements. Time charters typically may provide for variable lease payments, charterers’ options to extend the lease terms at higher rates and termination clauses. The Company’s contracted time charters as of June 30, 2023, range from one to six months, with varying extension periods at the charterers’ option and do not provide for variable lease payments. Our time charters contain customary termination clauses which protect either the Company or the charterers from material adverse situations.

Future minimum contractual charter revenues, gross of 1.25% address commission and 1.25% brokerage commissions to Maritime and of any other brokerage commissions to third parties, based on the vessels’ committed, non-cancelable, long-term time charter contracts as of June 30, 2023, are $3,498.

Other: Various claims, suits and complaints, including those involving government regulations and environmental liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company’s vessels. Currently, management is not aware of any such claims not covered by insurance or contingent liabilities, which should be disclosed, or for which a provision has not been established in the accompanying Consolidated Financial Statements.

The Company accrues for the cost of environmental and other liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. As of June 30, 2023 and as of the date of the issuance of the Unaudited Interim Condensed Consolidated Financial Statements, management is not aware of any other claims or contingent liabilities, which should be disclosed or for which a provision should be established in the accompanying Unaudited Interim Condensed Consolidated Financial Statements. The Company is covered for liabilities associated with the individual vessels’ actions to the maximum limits as provided by Protection and Indemnity (P&I) Clubs, members of the International Group of P&I Clubs.

12. Interest and Finance Costs, net:

The amounts in the accompanying unaudited interim Consolidated Statements of Comprehensive Income are analyzed as follows:

Schedule of Interest and Finance Costs

	2022			2023
	Six months ended June 30,
	2022			2023
Interest on long-term debt (Note 7)	$	1,463		$	2,592
Interest on Promissory Note (Note 3)		223			69
Amortization of financing costs		155			126
Financing fees and charges		(12	)		21
Interest from time deposits		—			(413	)
Total	$	1,829		$	2,395

13. Revenues, net:

The Company disaggregates its revenue from contracts with customers by the type of charter (time charters and spot charters). The following table presents the Company’s revenue disaggregated by revenue source for the six month periods ended June 30, 2022 and 2023:

	2022		2023
	Six months ended June 30,
	2022		2023
Revenues derived from spot charters, net	$	17,194	$	3,962
Revenues derived from time charters, net		5,774		17,159
Revenues, net	$	22,968	$	21,121

The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less, in accordance with the optional exception in ASC 606.

The following table presents the Company’s net trade accounts receivable disaggregated by revenue source as December 31, 2022 and June 30, 2023:

F-14

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

13. Revenues, net: - Continued:

	December 31, 2022			June 30, 2023
Accounts receivable trade from spot charters	$	10,598		$	3,852
Accounts receivable trade from time charters		35			383
Less: Bad debt provisions		(26	)		(26	)
Less: Allowance for credit losses		(138	)		(63	)
Total	$	10,469		$	4,146

14. Subsequent Events:

Dividend payment: During July 2023, the Company paid monthly cash dividends of $0.1615 per share on its outstanding Series A Preferred Shares, amounting to $65. Similarly, on July 29, 2023, the Board of Pyxis declared a monthly dividend of $0.1615 per share, for the month of August 2023. The cash dividend of $65 will be payable on August 21, 2023, to holders of record as of August 14, 2023.

Formation of a 60% Drybulk Joint Venture: During July 2023, the Company’s Board, consisting of a majority of independent members, unanimously approved a $6.8 million equity investment in a newly formed company, which has agreed to acquire a 2016 Japanese built 63,520 metric tons deadweight Ultramax bulk carrier from an un-affiliated third party. The Company will own 60% of this joint venture and the remaining 40% will be owned by a company related to our Chairman and Chief Executive Officer, Mr. Valentis. 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 we anticipate will be partially funded by a $19.0 million five-year secured bank loan priced at SOFR plus a margin of 2.35%. The vessel will be managed by Konkar Shipping Services, S.A., a company that is related to our Chairman and Chief Executive Officer, which is a long-time successful owner and manager of dry bulk vessels. The transaction is expected to close by late August, 2023 and is subject to the execution of definitive documentation and standard closing conditions.

F-15

Cover	6 Months Ended
Cover	Jun. 30, 2023
Cover [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	001-37611
Entity Registrant Name	Pyxis Tankers Inc.
Entity Central Index Key	0001640043
Entity Address, Address Line One	59 K. Karamanli Street
Entity Address, City or Town	Maroussi
Entity Address, Country	GR
Entity Address, Postal Zip Code	15125
City Area Code	30
Local Phone Number	210 638 0200

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 32,048	$ 7,563
Restricted cash, current portion	400	376
Inventories	858	1,911
Trade accounts receivable, net	4,146	10,469
Prepayments and other current assets	543	204
Insurance claim receivable		608
Total current assets	37,995	21,131
FIXED ASSETS, NET:
Vessels, net	95,467	114,185
Total fixed assets, net	95,467	114,185
OTHER NON-CURRENT ASSETS:
Restricted cash, net of current portion	2,000	2,250
Financial derivative instrument		619
Deferred dry dock and special survey costs, net	1,263	794
Total other non-current assets	3,263	3,663
Total assets	136,725	138,979
CURRENT LIABILITIES:
Current portion of long-term debt, net of deferred financing costs	5,559	5,829
Trade accounts payable	2,113	2,604
Hire collected in advance	918	2,133
Accrued and other liabilities	878	967
Total current liabilities	10,546	12,561
NON-CURRENT LIABILITIES:
Long-term debt, net of current portion and deferred financing costs	53,386	59,047
Promissory note		6,000
Total non-current liabilities	53,386	65,047
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Preferred stock ($0.001 par value; 50,000,000 shares authorized; of which 1,000,000 authorized Series A Convertible Preferred Shares; 449,473 Series A Convertible Preferred Shares issued and outstanding as at December 31, 2022 and 403,831 at June 30, 2023)
Common stock ($0.001 par value; 450,000,000 shares authorized; 10,614,319 shares issued and outstanding as at December 31, 2022 and 10,794,812 at June 30, 2023, respectively)	11	11
Additional paid-in capital	111,826	111,869
Accumulated deficit	(39,044)	(50,509)
Total stockholders’ equity	72,793	61,371
Total liabilities and stockholders’ equity	136,725	138,979
Related Party [Member]
CURRENT LIABILITIES:
Due to related parties	$ 1,078	$ 1,028

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	50,000,000	50,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	450,000,000	450,000,000
Common stock, shares issued	10,794,812	10,614,319
Common stock, shares outstanding	10,794,812	10,614,319
Series A Convertible Preferred Shares [Member]
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	403,831	449,473
Preferred stock, shares outstanding	403,831	449,473

Interim Consolidated Statements of Comprehensive Income / (Loss) (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenues, net	$ 21,121	$ 22,968
Expenses:
Voyage related costs and commissions	(3,273)	(7,802)
Vessel operating expenses	(5,790)	(6,324)
General and administrative expenses	(2,002)	(1,312)
Management fees, related parties	(330)	(394)
Management fees, other	(397)	(516)
Amortization of special survey costs	(176)	(175)
Depreciation	(2,634)	(3,024)
Bad debt provisions		(50)
Allowance for credit gains/(losses)	75	(4)
Gain/(Loss) from the sale of vessels, net	8,017	(466)
Operating income	14,611	2,901
Other expenses, net:
Loss from debt extinguishment	(287)	(34)
Gain/(loss) from financial derivative instruments	(59)	320
Interest and finance costs, net	(2,395)	(1,829)
Total other expenses, net	(2,741)	(1,543)
Net income	11,870	1,358
Dividend Series A Convertible Preferred Stock	(418)	(449)
Net income attributable to common shareholders	$ 11,452	$ 909
Income per common share, basic	$ 1.06	$ 0.09
Income per common share, diluted	$ 0.94	$ 0.09
Weighted average number of common shares, basic	10,754,405	10,613,424
Weighted average number of common shares, diluted	12,577,390	10,613,424

Interim Consolidated Statements of Stockholders' Equity (Unaudited) - 6 months ended Jun. 30, 2023 - USD ($) $ in Thousands	Series A Convertible Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2022		$ 11	$ 111,869	$ (50,509)	$ 61,371
Beginning balance, shares at Dec. 31, 2022	449,473	10,614,319
Conversion of Series A Convertible Preferred Shares to common stock
Conversion of Series A Convertible Preferred Shares to common stock, shares	(45,642)	203,924
Preferred stock dividends paid				(405)	(405)
Common stock re-purchase program			(91)		(91)
Stock repurchased during period shares		(23,431)
Restricted common stock grants			48		48
Net income				11,870	11,870
Ending balance, value at Jun. 30, 2023		$ 11	$ 111,826	$ (39,044)	$ 72,793
Ending balance, shares at Jun. 30, 2023	403,831	10,794,812

Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 11,870	$ 1,358
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	2,634	3,024
Amortization and write-off of special survey costs	176	175
Allowance for credit losses	(75)	4
Amortization and write-off of financing costs	126	155
Amortization of restricted common stock grants	47
Loss from debt extinguishment	287	34
Loss/(Gain) from financial derivative instrument	59	(320)
Gain on sale of vessel, net	(8,017)
Bad debt provisions		50
Changes in assets and liabilities:
Inventories	1,053	(1,899)
Due from related parties	50	1,691
Trade accounts receivable, net	6,398	(3,602)
Prepayments and other assets	(339)	(98)
Insurance claim receivable	608	(1,933)
Special survey cost	(814)	(445)
Trade accounts payable	(491)	2,759
Hire collected in advance	(1,215)
Accrued and other liabilities	(88)	(179)
Net cash provided by operating activities	12,269	774
Cash flow from investing activities:
Proceeds from the sale of vessel, net	24,291	8,509
Payments for vessel acquisition		(2,995)
Ballast water treatment system installation		(555)
Vessel additions	(21)
Net cash provided by investing activities	24,270	4,959
Cash flows from financing activities:
Proceeds from long-term debt	15,500
Repayment of long-term debt	(21,697)	(8,930)
Repayment of promissory note	(6,000)
Financial derivative instrument	561
Payment of financing costs	(148)
Preferred stock dividends paid	(405)	(436)
Common stock re-purchase program	(91)
Net cash used in financing activities	(12,280)	(9,366)
Net (decrease)/increase in cash and cash equivalents and restricted cash	24,259	(3,633)
Cash and cash equivalents and restricted cash at the beginning of the period	10,189	9,874
Cash and cash equivalents and restricted cash at the end of the period	34,448	6,241
SUPPLEMENTAL INFORMATION:
Cash paid for interest	$ 2,598	$ 1,722

Basis of Presentation and General Information

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Basis of Presentation and General Information

1. Basis of Presentation and General Information:

●	SEVENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Seventhone”);
●	EIGHTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Eighthone”);
●	TENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Tenthone”);
●	ELEVENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Eleventhone” and collectively with Seventhone, Eighthone and Tenthone the “Vessel-owning companies”).

We also currently own 100% ownership interest in the following non-vessel owning companies:

●	SECONDONE CORPORATION LTD, established under the laws of the Republic of the Marshal Islands (“Secondone”) that owned the vessel “Northsea Alpha” that was sold to an unaffiliated third party on January 28, 2022;
●	THIRDONE CORPORATION LTD, established under the laws of the Republic of the Marshal Islands (“Thirdone”) that owned the vessel “Northsea Beta” that was sold to an unaffiliated third party on March 1, 2022;
●	FOURTHONE CORPORATION LTD, established under the laws of the Republic of Malta (“Fourthone”) that owned the vessel “Pyxis Malou” that was sold to an unaffiliated third party on March 23, 2023;
●	SIXTHONE CORP., established under the laws of the Republic of the Marshal Islands (“Sixthone”) that owned the vessel “Pyxis Delta” that was sold to an unaffiliated third party on January 13, 2020 and,
●	MARITIME TECHNOLOGIES CORP, established under the laws of Delaware.

All of the Vessel-owning companies are engaged in the marine transportation of liquid cargoes through the ownership and operation of tanker vessels, as listed below:

Vessel-owning Company	Incorporation date	Vessel	Dead Weight tons “DWT”	Year built	Acquisition date
Seventhone	05/31/2011	Pyxis Theta	51,795	2013	09/16/2013
Eighthone	02/08/2013	Pyxis Epsilon	50,295	2015	01/14/2015
Tenthone	04/22/2021	Pyxis Karteria	46,652	2013	07/15/2021
Eleventhone	11/09/2021	Pyxis Lamda	50,145	2017	12/20/2021

Charterer	Six months ended June 30,
	2022			2023
A		—			50	%
B		23	%		31	%
C		36	%		13	%
Total		59	%		94	%

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. dollars, except for share and per share data)

1. Basis of Presentation and General Information: -Continued:


	June 30,
	2022		2023
Cash and cash equivalents	$	3,636	$	32,048
Restricted cash, current portion		355		400
Restricted cash, net of current portion		2,250		2,000
Total cash and cash equivalents and restricted cash	$	6,241	$	34,448

is terminated by either party. The ship-management agreements can be cancelled either by the Company or ITM for any reason at any time upon three months’ advance notice.

As of June 30, 2023, Mr. Valentis beneficially owned approximately 53% of the Company’s common stock.

Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies:

Transactions with Related Parties

6 Months Ended

Jun. 30, 2023

Transactions with Related Parties

3. Transactions with Related Parties:

The following transactions with related parties occurred during the six month periods ended June 30, 2022 and 2023.

(a) Maritime:

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

3. Transactions with Related Parties: – Continued:


	Six months ended June 30,
	2022		2023
Included in Voyage related costs and commissions
Charter hire commissions	$	289	$	267

Included in Management fees, related parties
Ship-management Fees		394		330

Included in General and administrative expenses
Administration Fees		819		898

Total	$	1,502	$	1,495

During the first quarter of 2023, we also paid a one-time performance bonus of $0.6 million to Maritime.

(b) Maritime Investors Corp.:

On February 10, 2023 the Company repaid $3.0 million of the $6.0 million of the Amended & Restated Promissory Note due to Maritime Investors Corp.

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

3. Transactions with Related Parties: – Continued:

Inventories

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Inventories

4. Inventories:

The amounts in the accompanying Consolidated Balance Sheets are analyzed as follows:

Schedule of Inventories

	December 31,		June 30,
	2022		2023
Lubricants	$	617	$	457
Bunkers		1,294		401
Total	$	1,911	$	858

Vessels, net

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Vessels, net

5. Vessels, net:

The amounts in the accompanying Consolidated Balance Sheets are analyzed as follows:

Schedule of Vessels

	Vessel			Accumulated			Net Book
	Cost			Depreciation			Value

Balance January 1, 2023	$	148,736		$	(34,551	)	$	114,185

Sale of Vessel - Pyxis Malou		(25,000	)		8,894			(16,106	)
Vessel additions		22			—			22
Depreciation		—			(2,634	)		(2,634	)
Balance June 30, 2023	$	123,758		$	(28,291	)	$	95,467

All of the Company’s vessels have been pledged as collateral to secure the bank loans discussed in Note 7.

Deferred dry dock and special survey costs, net

6 Months Ended

Jun. 30, 2023

Deferred Dry Dock And Special Survey Costs Net

Deferred dry dock and special survey costs, net

6. Deferred dry dock and special survey costs, net:

The movement in deferred charges, net, in the accompanying Consolidated Balance Sheets are as follows:

Schedule of Deferred Charges

	2023

Balance January 1,	$	794
Additions		814
Amortization of special survey costs		(176	)
Pyxis Malou write-off		(169	)
Balance June 30,	$	1,263

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

Long-term Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Long-term Debt

7. Long-term Debt:

The amounts shown in the accompanying Consolidated Balance Sheets at December 31, 2022 and June 30, 2023, are analyzed as follows:

Schedule of Long-Term Debt

	December 31,		June 30,
Vessel (Borrower)	2022		2023
(a) “Pyxis Malou” (Fourthone)	$	6,616	$	—
(b) “Pyxis Theta” (Seventhone)		12,550		11,950
(c) “Pyxis Epsilon” (Eighthone)		14,900		14,300
(d) “Pyxis Karteria” (Tenthone)		11,800		15,050
(e) “Pyxis Lamda” (Eleventhone)		19,884		18,253
Total	$	65,750	$	59,553

	December 31,			June 30,
	2022			2023

Current portion	$	6,100		$	5,776
Less: Current portion of deferred financing costs		(271	)		(217	)
Current portion of long-term debt, net of deferred financing costs, current	$	5,829		$	5,559

Long-term portion	$	59,650		$	53,777
Less: Non-current portion of deferred financing costs		(603	)		(391	)
Long-term debt, net of current portion and deferred financing costs, non-current	$	59,047		$	53,386

The loan bears interest at SOFR plus a margin of 3.15% per annum.

Covenants:

	●	The borrower undertook to maintain minimum deposit with the bank of $750 at all times, (which shall be reduced to the amount of $500, upon receipt of time charter employment for a period of at least six months).
	●	The ratio of the corporate guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is not to exceed 75%. This requirement is only applicable in order to assess whether the borrowers are entitled to distribute dividends to Pyxis. As of June 30, 2023, the requirement was met as such ratio was 34.4%, or 40.6% lower than the required threshold.
	●	MSC is to be at least 125% of the respective outstanding loan balance.
	●	No change of control shall be made directly or indirectly in the ownership, beneficial ownership, control or management of any of the borrower and the corporate guarantor or any share therein or the vessels, as a result of which less than 100% of the shares and voting rights in each borrower are owned by the corporate guarantor or less than 25% of the shares and voting rights in the corporate guarantor will remain in the ultimate legal and beneficial ownership of the beneficial shareholders.

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

7. Long-term Debt: – Continued:

Covenants:

	●	The borrower undertakes to maintain minimum deposit with the bank of $500 at all times.
	●	The ratio of the corporate guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is not to exceed 75%. This requirement is only applicable in order to assess whether the borrower is entitled to distribute dividends to Pyxis. As of June 30, 2023, the requirement was met as such ratio was 34.4%, or 40.6% lower than the required threshold.
	●	MSC is to be at least 125% of the respective outstanding loan balance.
	●	No change shall be made directly or indirectly in the ownership, beneficial ownership, control or management of Seventhone or of the Company or any share therein or the “Pyxis Theta”, as a result of which less than 100% of the shares and voting rights in Seventhone or less than 20% of the shares and voting rights in the corporate guarantor remain in the ultimate legal and beneficial ownership of the beneficial shareholders.

	●	The borrower undertakes to maintain minimum deposit with the bank of $500 at all times.
	●	The ratio of the corporate guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is not to exceed 75%. This requirement is only applicable in order to assess whether the borrower is entitled to distribute dividends to Pyxis. As of June 30, 2023, the requirement was met as such ratio was 34.4%, or 40.6% lower than the required threshold.
	●	MSC is to be at least 125% of the respective outstanding loan balance.
	●	No change shall be made directly or indirectly in the ownership, beneficial ownership, control or management of Eighthone or of Pyxis or any share therein or the “Pyxis Epsilon”, as a result of which less than 100% of the shares and voting rights in Eighthone or less than 20% of the shares and voting rights in Pyxis remain in the ultimate legal and beneficial owners disclosed at the negotiation of this loan agreement.

Standard loan covenants of the Tenthone loan include, among others, a minimum liquidity and a MSC. Certain major covenants include, as defined in such agreement:

	●	The borrower undertakes to maintain minimum deposit with the bank of $ $900,000 reduced to $500,000 after 6 months.
	●	The ratio of the corporate guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is not to exceed 75%. This requirement is only applicable in order to assess whether the borrower is entitled to distribute dividends to Pyxis. As of June 30, 2023, the requirement was met as such ratio was 34.4%, or 40.6% lower than the required threshold.
	●	MSC is to be at least 125% of the respective outstanding loan balance.
	●	Minimum cash and cash equivalent shall not be less than the greater of (i) $2.0 million and (ii) 3% of the total debt excluding any promissory note.

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

7. Long-term Debt: – Continued:

The annual principal payments required to be made after June 30, 2023, are as follows:

Schedule of Principal Payments

To June 30,	Amount
2024	$	5,777
2025		5,327
2026		24,377
2027 and thereafter		24,072
Total	$	59,553

As of June 30, 2023, the Company was in compliance with all of the loan covenants in its loan agreements and there was no amount available to be drawn down under the existing loan agreements.

Equity Capital Structure and Equity Incentive Plan

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Equity Capital Structure and Equity Incentive Plan

8. Equity Capital Structure and Equity Incentive Plan:

The Company’s authorized common and preferred stock consists of 450,000,000 common shares, 50,000,000 preferred shares of which 1,000,000 are authorized as Series A Preferred Shares.

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

8. Equity Capital Structure and Equity Incentive Plan:- Continued:

Restricted stock during the period ended June 30, 2023 is analyzed as follows:

Summary of Restricted Stock

	Number of Shares		Weighted Average Grant Date Price
Outstanding at December 31, 2022		—	$	—
Granted		55,000		3.68
Vested		—		—
Forfeited or expired		—		—
Outstanding at June 30, 2023		55,000	$	3.68

Income per Common Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Income per Common Share

9. Income per Common Share:

Schedule of Loss Per Common Share

	2022		2023
	Six months ended June 30,
	2022		2023
Net income available to common stockholders, basic	$	909	$	11,452
Weighted average number of common shares, basic		10,613,424		10,754,405
Net income per common share, basic	$	0.09	$	1.06

Net income available to common stockholders, diluted	$	909	$	11,812
Weighted average number of common shares, diluted		10,613,424		12,577,390
Net income per common share, diluted	$	0.09	$	0.94

Risk Management and Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Risk Management And Fair Value Measurements

Risk Management and Fair Value Measurements

10. Risk Management and Fair Value Measurements:

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

10. Risk Management and Fair Value Measurements: - Continued:

Fair value: The Management has determined that the fair values of the assets and liabilities as of June 30, 2023, are as follows:

	Carrying		Fair
	Value		Value
Cash and cash equivalents (including restricted cash)	$	34,448	$	34,448
Trade accounts receivable	$	4,146	$	4,146
Trade accounts payable	$	2,113	$	2,113
Long-term debt with variable interest rates, net	$	59,553	$	59,553
Due to related parties	$	1,078	$	1,078

Assets measured at fair value on a recurring basis: Interest rate cap

	December 31,		June 30,
Consolidated Balance Sheets – Location	2022		2023
Financial derivative instrument – Other non-current assets	$	619	$	—

Consolidated Statements of Comprehensive Income – Location	2022		2023
	Six months ended June 30,
Consolidated Statements of Comprehensive Income – Location	2022		2023
Financial derivative instrument – Fair value at the beginning of the period	$	74	$	619
Financial derivative instrument – Amounts received		—		(560	)
Financial derivative instrument – Fair value as at period end		394		—
Gain/(Loss) from financial derivative instrument	$	320	$	(59	)

Assets measured at fair value on a non-recurring basis: Long lived assets held and used and held for sale

As of December 31, 2022 and June 30, 2023, the Company did not have any other assets or liabilities measured at fair value on a non-recurring basis.

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

11. Commitments and Contingencies:

Interest and Finance Costs, net

6 Months Ended

Jun. 30, 2023

Interest And Finance Costs Net

Interest and Finance Costs, net

12. Interest and Finance Costs, net:

The amounts in the accompanying unaudited interim Consolidated Statements of Comprehensive Income are analyzed as follows:

Schedule of Interest and Finance Costs

	2022			2023
	Six months ended June 30,
	2022			2023
Interest on long-term debt (Note 7)	$	1,463		$	2,592
Interest on Promissory Note (Note 3)		223			69
Amortization of financing costs		155			126
Financing fees and charges		(12	)		21
Interest from time deposits		—			(413	)
Total	$	1,829		$	2,395

Revenues, net

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenues, net

13. Revenues, net:

	2022		2023
	Six months ended June 30,
	2022		2023
Revenues derived from spot charters, net	$	17,194	$	3,962
Revenues derived from time charters, net		5,774		17,159
Revenues, net	$	22,968	$	21,121

The following table presents the Company’s net trade accounts receivable disaggregated by revenue source as December 31, 2022 and June 30, 2023:

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

13. Revenues, net: - Continued:

	December 31, 2022			June 30, 2023
Accounts receivable trade from spot charters	$	10,598		$	3,852
Accounts receivable trade from time charters		35			383
Less: Bad debt provisions		(26	)		(26	)
Less: Allowance for credit losses		(138	)		(63	)
Total	$	10,469		$	4,146

Subsequent Events

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

14. Subsequent Events:

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Stock Compensation

Basis of Presentation and General Information (Tables)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Schedule of Ownership and Operation of Tanker Vessels

All of the Vessel-owning companies are engaged in the marine transportation of liquid cargoes through the ownership and operation of tanker vessels, as listed below:

Vessel-owning Company	Incorporation date	Vessel	Dead Weight tons “DWT”	Year built	Acquisition date
Seventhone	05/31/2011	Pyxis Theta	51,795	2013	09/16/2013
Eighthone	02/08/2013	Pyxis Epsilon	50,295	2015	01/14/2015
Tenthone	04/22/2021	Pyxis Karteria	46,652	2013	07/15/2021
Eleventhone	11/09/2021	Pyxis Lamda	50,145	2017	12/20/2021

Summary of Revenue from Significant Charterers for 10% or More of Revenue

Charterer	Six months ended June 30,
	2022			2023
A		—			50	%
B		23	%		31	%
C		36	%		13	%
Total		59	%		94	%

Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. dollars, except for share and per share data)

1. Basis of Presentation and General Information: -Continued:


	June 30,
	2022		2023
Cash and cash equivalents	$	3,636	$	32,048
Restricted cash, current portion		355		400
Restricted cash, net of current portion		2,250		2,000
Total cash and cash equivalents and restricted cash	$	6,241	$	34,448

Transactions with Related Parties (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Loss

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

3. Transactions with Related Parties: – Continued:


	Six months ended June 30,
	2022		2023
Included in Voyage related costs and commissions
Charter hire commissions	$	289	$	267

Included in Management fees, related parties
Ship-management Fees		394		330

Included in General and administrative expenses
Administration Fees		819		898

Total	$	1,502	$	1,495

Inventories (Tables)

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories

The amounts in the accompanying Consolidated Balance Sheets are analyzed as follows:

Schedule of Inventories

	December 31,		June 30,
	2022		2023
Lubricants	$	617	$	457
Bunkers		1,294		401
Total	$	1,911	$	858

Vessels, net (Tables)

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of Vessels

The amounts in the accompanying Consolidated Balance Sheets are analyzed as follows:

Schedule of Vessels

	Vessel			Accumulated			Net Book
	Cost			Depreciation			Value

Balance January 1, 2023	$	148,736		$	(34,551	)	$	114,185

Sale of Vessel - Pyxis Malou		(25,000	)		8,894			(16,106	)
Vessel additions		22			—			22
Depreciation		—			(2,634	)		(2,634	)
Balance June 30, 2023	$	123,758		$	(28,291	)	$	95,467

Deferred dry dock and special survey costs, net (Tables)

6 Months Ended

Jun. 30, 2023

Deferred Dry Dock And Special Survey Costs Net

Schedule of Deferred Charges

The movement in deferred charges, net, in the accompanying Consolidated Balance Sheets are as follows:

Schedule of Deferred Charges

	2023

Balance January 1,	$	794
Additions		814
Amortization of special survey costs		(176	)
Pyxis Malou write-off		(169	)
Balance June 30,	$	1,263

Long-term Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

The amounts shown in the accompanying Consolidated Balance Sheets at December 31, 2022 and June 30, 2023, are analyzed as follows:

Schedule of Long-Term Debt

	December 31,		June 30,
Vessel (Borrower)	2022		2023
(a) “Pyxis Malou” (Fourthone)	$	6,616	$	—
(b) “Pyxis Theta” (Seventhone)		12,550		11,950
(c) “Pyxis Epsilon” (Eighthone)		14,900		14,300
(d) “Pyxis Karteria” (Tenthone)		11,800		15,050
(e) “Pyxis Lamda” (Eleventhone)		19,884		18,253
Total	$	65,750	$	59,553

	December 31,			June 30,
	2022			2023

Current portion	$	6,100		$	5,776
Less: Current portion of deferred financing costs		(271	)		(217	)
Current portion of long-term debt, net of deferred financing costs, current	$	5,829		$	5,559

Long-term portion	$	59,650		$	53,777
Less: Non-current portion of deferred financing costs		(603	)		(391	)
Long-term debt, net of current portion and deferred financing costs, non-current	$	59,047		$	53,386

Schedule of Principal Payments

The annual principal payments required to be made after June 30, 2023, are as follows:

Schedule of Principal Payments

To June 30,	Amount
2024	$	5,777
2025		5,327
2026		24,377
2027 and thereafter		24,072
Total	$	59,553

Equity Capital Structure and Equity Incentive Plan (Tables)

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Summary of Restricted Stock

Restricted stock during the period ended June 30, 2023 is analyzed as follows:

Summary of Restricted Stock

	Number of Shares		Weighted Average Grant Date Price
Outstanding at December 31, 2022		—	$	—
Granted		55,000		3.68
Vested		—		—
Forfeited or expired		—		—
Outstanding at June 30, 2023		55,000	$	3.68

Income per Common Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Loss Per Common Share

	2022		2023
	Six months ended June 30,
	2022		2023
Net income available to common stockholders, basic	$	909	$	11,452
Weighted average number of common shares, basic		10,613,424		10,754,405
Net income per common share, basic	$	0.09	$	1.06

Net income available to common stockholders, diluted	$	909	$	11,812
Weighted average number of common shares, diluted		10,613,424		12,577,390
Net income per common share, diluted	$	0.09	$	0.94

Risk Management and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Risk Management And Fair Value Measurements

Schedule of Fair Value of Assets and Liabilities

Fair value: The Management has determined that the fair values of the assets and liabilities as of June 30, 2023, are as follows:

	Carrying		Fair
	Value		Value
Cash and cash equivalents (including restricted cash)	$	34,448	$	34,448
Trade accounts receivable	$	4,146	$	4,146
Trade accounts payable	$	2,113	$	2,113
Long-term debt with variable interest rates, net	$	59,553	$	59,553
Due to related parties	$	1,078	$	1,078

Schedule of Financial Derivative Instrument Location

	December 31,		June 30,
Consolidated Balance Sheets – Location	2022		2023
Financial derivative instrument – Other non-current assets	$	619	$	—

Schedule of Gains Losses on Derivative Instruments

Consolidated Statements of Comprehensive Income – Location	2022		2023
	Six months ended June 30,
Consolidated Statements of Comprehensive Income – Location	2022		2023
Financial derivative instrument – Fair value at the beginning of the period	$	74	$	619
Financial derivative instrument – Amounts received		—		(560	)
Financial derivative instrument – Fair value as at period end		394		—
Gain/(Loss) from financial derivative instrument	$	320	$	(59	)

Interest and Finance Costs, net (Tables)

6 Months Ended

Jun. 30, 2023

Interest And Finance Costs Net

Schedule of Interest and Finance Costs

The amounts in the accompanying unaudited interim Consolidated Statements of Comprehensive Income are analyzed as follows:

Schedule of Interest and Finance Costs

	2022			2023
	Six months ended June 30,
	2022			2023
Interest on long-term debt (Note 7)	$	1,463		$	2,592
Interest on Promissory Note (Note 3)		223			69
Amortization of financing costs		155			126
Financing fees and charges		(12	)		21
Interest from time deposits		—			(413	)
Total	$	1,829		$	2,395

Revenues, net (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Revenue Disaggregated by Revenue Source

	2022		2023
	Six months ended June 30,
	2022		2023
Revenues derived from spot charters, net	$	17,194	$	3,962
Revenues derived from time charters, net		5,774		17,159
Revenues, net	$	22,968	$	21,121

Schedule of Accounts Receivable Disaggregated Revenue

The following table presents the Company’s net trade accounts receivable disaggregated by revenue source as December 31, 2022 and June 30, 2023:

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

13. Revenues, net: - Continued:

	December 31, 2022			June 30, 2023
Accounts receivable trade from spot charters	$	10,598		$	3,852
Accounts receivable trade from time charters		35			383
Less: Bad debt provisions		(26	)		(26	)
Less: Allowance for credit losses		(138	)		(63	)
Total	$	10,469		$	4,146

Schedule of Ownership and Operation of Tanker Vessels (Details) - Vessels [Member] Integer in Thousands	6 Months Ended
	Jun. 30, 2023 Integer
Seventhone Corp [Member]
Property, Plant and Equipment [Line Items]
Entity incorporation date of incorporation	May 31, 2011
Vessel	Pyxis Theta
DWT	51,795
Year built	2013
Acquisition date	Sep. 16, 2013
Eighthone Corp [Member]
Property, Plant and Equipment [Line Items]
Entity incorporation date of incorporation	Feb. 08, 2013
Vessel	Pyxis Epsilon
DWT	50,295
Year built	2015
Acquisition date	Jan. 14, 2015
Tenthone Corp [Member]
Property, Plant and Equipment [Line Items]
Entity incorporation date of incorporation	Apr. 22, 2021
Vessel	Pyxis Karteria
DWT	46,652
Year built	2013
Acquisition date	Jul. 15, 2021
Eleventhone Corp [Member]
Property, Plant and Equipment [Line Items]
Entity incorporation date of incorporation	Nov. 09, 2021
Vessel	Pyxis Lamda
DWT	50,145
Year built	2017
Acquisition date	Dec. 20, 2021

Summary of Revenue from Significant Charterers for 10% or More of Revenue (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member]	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Charterer A [Member]
Product Information [Line Items]
Total	50.00%
Charterer B [Member]
Product Information [Line Items]
Total	31.00%	23.00%
Charterer C [Member]
Product Information [Line Items]
Total	13.00%	36.00%
Charterers [Member]
Product Information [Line Items]
Total	94.00%	59.00%

Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 32,048	$ 7,563	$ 3,636
Restricted cash, current portion	400		355
Restricted cash, net of current portion	2,000		2,250
Total cash and cash equivalents and restricted cash	$ 34,448		$ 6,241

Basis of Presentation and General Information (Details Narrative) $ in Thousands	Jun. 30, 2023 USD ($) Integer
Working capital deficit \| $	$ 27,500
Mr Valentis [Member]
Percentage of beneficially owned common stock	53.00%
Vessel Ownership [Member]
Number of vessel ownership interest entities \| Integer	4
Vessels [Member]
Entity ownership interest	100.00%
Non Vessels [Member]
Entity ownership interest	100.00%

Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Loss (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Ship-management Fees	$ 330	$ 394
Total	5,790	6,324
Related Party [Member]
Related Party Transaction [Line Items]
Charter hire commissions	267	289
Ship-management Fees	330	394
Administration Fees	898	819
Total	$ 1,495	$ 1,502

Transactions with Related Parties (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands					6 Months Ended
	May 11, 2023	Mar. 23, 2023	Mar. 13, 2023	Feb. 10, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Performance bonus					$ 600
Prepayment for loan facility		$ 6,400
Interest on debt					69	$ 223
Promissory notes outstanding amount							$ 6,000
Maritime Investors Corp [Member] \| Equity Incentive Plan [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, Employee Stock Purchase Plans	4,000
Pyxis Karteria [Member]
Related Party Transaction [Line Items]
Prepayment for loan facility			$ 15,500
Pyxis Karteria [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Related Party Transaction [Line Items]
Interest rate			2.70%
Promissory Note [Member]
Related Party Transaction [Line Items]
Repayments of Debt				$ 3,000
Senior loan facility				$ 6,000
Promissory notes outstanding amount
Maritime Investors Corp [Member]
Related Party Transaction [Line Items]
Senior loan facility			$ 3,000
Prepayment for loan facility			$ 6,000
Related Party [Member]
Related Party Transaction [Line Items]
Other Liabilities					$ 1,078		$ 1,028
Pyxis Maritime Corporation [Member]
Related Party Transaction [Line Items]
Ship management services per day per vessel					$ 0.325
Charter hire agreement commission rate					1.25%
Administration fees payable to related party					$ 1,600
Head management agreement, terms and manner of settlement					In the event of a change of control of the Company during the management period or within 12 months after the early termination of the Head Management Agreement, then the Company will pay to Maritime an amount equal to 2.5 times the then annual Administration Fees. Pursuant to the amendment of this agreement on March 18, 2020, in the event of such change of control and termination, the Company shall also pay to Maritime an amount equal to 12 months of the then daily Ship-management Fees.
Ship-management and administration fees percentage increase					Effective January 1, 2019 and 2020, the Ship-management Fees and the Administration Fees were increased by 0.62%, and, 0.26% respectively, in line with the average inflation rate of Greece for 2018 and 2019. For 2020, the average rate in Greece was a deflation of 1.24% and, as a result, no adjustment was made to the Ship-management Fees and the Administration Fees effective January 1, 2021, which remained, for the particular calendar year, as per the previous year. Effective January 1, 2022 and 2023, the Ship-management Fees and the Administration Fees were increased by 1.23% and 9.65%, respectively, in line with the average inflation rate of Greece for 2021 and 2022.
Pyxis Maritime Corporation [Member] \| While Vessel is Under Construction [Member]
Related Party Transaction [Line Items]
Ship management services per day per vessel					$ 0.450

Schedule of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory [Line Items]
Inventories	$ 858	$ 1,911
Lubricants [Member]
Inventory [Line Items]
Inventories	457	617
Bunkers [Member]
Inventory [Line Items]
Inventories	$ 401	$ 1,294

Schedule of Vessels (Details) - USD ($) $ in Thousands	6 Months Ended
Schedule of Vessels (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Line Items]
Net book value beginning balance	$ 114,185
Depreciation	(2,634)	$ (3,024)
Net book value, ending balance	95,467
Vessel Cost [Member]
Property, Plant and Equipment [Line Items]
Vessel cost, beginning balance	148,736
Vessel additions	(25,000)
Vessel additions	22
Depreciation
Vessel cost, ending balance	123,758
Accumulated Depreciation [Member]
Property, Plant and Equipment [Line Items]
Accumulated depreciation, beginning balance	(34,551)
Vessel additions	8,894
Vessel additions
Depreciation	(2,634)
Accumulated depreciation, ending balance	(28,291)
Net Book Value [Member]
Property, Plant and Equipment [Line Items]
Net book value beginning balance	114,185
Vessel additions	(16,106)
Vessel additions	22
Depreciation	(2,634)
Net book value, ending balance	$ 95,467

Vessels, net (Details Narrative) $ in Thousands	Mar. 23, 2023 USD ($)
Property, Plant and Equipment [Abstract]
Aggregate sale price for the vessels	$ 24,800
Prepayment for loan facility	6,400
Line of credit facility average outstanding amount	$ 750

Schedule of Deferred Charges (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Deferred Dry Dock And Special Survey Costs Net
Balance January 1,	$ 794
Additions	814
Amortization of special survey costs	(176)	$ (175)
Pyxis Malou write-off	(169)
Balance June 30,	$ 1,263

Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total	$ 59,553	$ 65,750
Current portion	5,776	6,100
Less: Current portion of deferred financing costs	(217)	(271)
Current portion of long-term debt, net of deferred financing costs, current	5,559	5,829
Long-term portion	53,777	59,650
Less: Non-current portion of deferred financing costs	(391)	(603)
Long-term debt, net of current portion and deferred financing costs, non-current	53,386	59,047
Pyxis Malou [Member] \| Fourthone Corporation Ltd [Member]
Property, Plant and Equipment [Line Items]
Total		6,616
Pyxis Theta Vessel [Member] \| Seventhone Corp [Member]
Property, Plant and Equipment [Line Items]
Total	11,950	12,550
Pyxis Epsilon Vessel [Member] \| Eighthone Corp [Member]
Property, Plant and Equipment [Line Items]
Total	14,300	14,900
Pyxis Karteria Vessel [Member] \| Tenthone Corp [Member]
Property, Plant and Equipment [Line Items]
Total	15,050	11,800
Pyxis Lamda Vessel [Member] \| Eleventhone Corp [Member]
Property, Plant and Equipment [Line Items]
Total	$ 18,253	$ 19,884

Schedule of Principal Payments (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 5,777
2025	5,327
2026	24,377
2027 and thereafter	24,072
Total	$ 59,553

Long-term Debt (Details Narrative)						6 Months Ended
Long-term Debt (Details Narrative)	Jun. 30, 2023 USD ($)	Mar. 23, 2023 USD ($)	Mar. 13, 2023 USD ($)	Dec. 20, 2021 USD ($)	Jul. 08, 2020 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 23, 2023	Jun. 13, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Outstanding balance	$ 59,553,000					$ 59,553,000				$ 65,750,000
Total long-term debt outstanding	$ 59,553,000					$ 59,553,000
Long-term debt, weighted average interest rate, at point in time	8.17%					8.17%	4.30%
Long Term Debt and Promissory Note [Member]
Debt Instrument [Line Items]
Interest expense on long-term debt and promissory note						$ 2,661,000	$ 1,686,000
Secured Loan Fourthone Corp [Member]
Debt Instrument [Line Items]
Minimum cash deposits.	$ 750,000					750,000
Reduced minimum cash deposits	$ 500,000					$ 500,000
Maximum required leverage ratio	75.00%					75.00%
Maximum required leverage ratio	34.40%					34.40%
Maximum required leverage ratio	40.60%					40.60%
Minimum security collateral cover required						125.00%
Secured Loan - Seventhone Corp. [Member]
Debt Instrument [Line Items]
Long term debt balloon payment	$ 11,000,000		$ 8,900,000		$ 9,250,000	$ 11,000,000
Maximum required leverage ratio	75.00%					75.00%		75.00%
Maximum required leverage ratio	34.40%					34.40%
Maximum required leverage ratio	40.60%					40.60%
Minimum security collateral cover required						125.00%
Total long-term debt					15,250,000
Total long-term debt outstanding	$ 11,950,000		$ 15,050,000			$ 11,950,000
Quarterly installments payable (15 installments)					$ 300,000
Maturity date	March 2026		March 2028		July 2025
Secured Loan - Seventhone Corp. [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument [Line Items]
Interest rate margin	3.35				3.35	3.35
Previous Secured Loan - Seventhone Corp [Member]
Debt Instrument [Line Items]
Total long-term debt					$ 11,293,000
Secured Loan Eightth one Corp [Member]
Debt Instrument [Line Items]
Minimum cash deposits.	$ 500,000					$ 500,000
Secured Loan Eighthone Corp [Member]
Debt Instrument [Line Items]
Minimum cash deposits.	$ 500,000					$ 500,000
Maximum required leverage ratio	75.00%					75.00%
Maximum required leverage ratio	34.40%					34.40%
Maximum required leverage ratio	40.60%					40.60%
Minimum security collateral cover required						125.00%
Secured Loan Tenthone Corp [Member]
Debt Instrument [Line Items]
Loan amount			$ 15,500,000
Minimum cash deposits.	$ 900,000,000					$ 900,000,000
Maximum required leverage ratio	125.00%					125.00%
Loan amount			$ 11,500,000
Minimum cash and cash equivalents	$ 2,000,000.0					$ 2,000,000.0
[custom:DebtToMarketValueOfAdjustedAssetsMinimumRequiredRatio-0]	300.00%					300.00%
Secured Loan Tenthone Corp [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Minimum cash deposits.	$ 500,000,000					$ 500,000,000
Fourthone [Member]
Debt Instrument [Line Items]
Loan amount				$ 7,320,000
Outstanding balance				7,320,000
Fourthone [Member] \| Pyxis Malou Vessel [Member]
Debt Instrument [Line Items]
Gross proceeds		$ 24,800,000
Payment of debt		6,400,000
Fourthone [Member] \| Pyxis Lamda Vessel [Member]
Debt Instrument [Line Items]
Payment of debt		$ 750,000
Eleventhone [Member]
Debt Instrument [Line Items]
Loan amount				21,680,000
Outstanding balance				$ 18,253,000
Quarterly installments	431.67					431.67
Long term debt balloon payment	12,210,000					12,210,000
Interest rate margin				3.15
Eleventhone [Member] \| Pyxis Lamda Vessel [Member]
Debt Instrument [Line Items]
Long term debt balloon payment year				2026-12
Eighthone [Member]
Debt Instrument [Line Items]
Loan amount	14,300,000					14,300,000
Quarterly installments	300,000					300,000
Tenthone [Member]
Debt Instrument [Line Items]
Quarterly installments									$ 300,000,000
Tenthone [Member] \| Secured Loan - Seventhone Corp. [Member]
Debt Instrument [Line Items]
Quarterly installments	$ 450,000,000					$ 450,000,000

Summary of Restricted Stock (Details) - Restricted Stock [Member]	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares, outstanding beginning balance \| shares
Weighted average grant date price, outstanding beginning balance \| $ / shares
Number of shares, granted \| shares	55,000
Weighted average grant date price, granted \| $ / shares	$ 3.68
Number of shares, vested \| shares
Weighted average grant date price, vested \| $ / shares
Number of shares, forfeited or expired \| shares
Weighted average grant date price, forfeited or expired \| $ / shares
Number of shares, outstanding ending balance \| shares	55,000
Weighted average grant date price, outstanding ending balance \| $ / shares	$ 3.68

Equity Capital Structure and Equity Incentive Plan (Details Narrative) - USD ($)		1 Months Ended	6 Months Ended
	May 11, 2023	Oct. 31, 2015	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Aug. 23, 2021
Common stock, shares authorized			450,000,000		450,000,000
Preferred stock, shares authorized			50,000,000		50,000,000
Common stock shares outstanding			10,794,812		10,614,319
Preferred stock par value			$ 0.001		$ 0.001
Warrants outstanding			1,591,062	1,590,540	1,590,540
Warrant exercise price per shares			$ 5.60	$ 5.60			$ 8.75
Number of non-tradable warrant to purchase shares of common stock							107,143
General and Administrative Expense			$ 2,002,000	$ 1,312,000
Restricted Stock [Member]
Total unrecognized cost related to restricted share awards			$ 172,000
Unrecognized total compensation cost, over weighted-average period			6 months
Equity Incentive Plan [Member]
Awards granted expiration term		10 years
Description of terms of awards		Under the terms of the EIP, the Company’s Board is able to grant, (a) non-qualified stock options, (b) stock appreciation rights, (c) restricted stock, (d) restricted stock units, (e) unrestricted stock grants, (f) other equity-based or equity-related awards and (g) dividend equivalents. No award may be granted under the EIP after the tenth anniversary of the date the EIP was adopted by our Board.
Mr Valentis [Member]
Non controling ownership percentage			53.00%				125.00%
Over-Allotment Option [Member]
Warrants outstanding			4,683	4,683
Employee Stock [Member]
General and Administrative Expense	$ 47,000
Common Stock [Member]
Common stock shares outstanding			10,849,812		10,614,319
Converted Preferred shares			203,924
Preferred shares outstanding			10,794,812		10,614,319
Series A Convertible Preferred Shares [Member]
Preferred stock shares outstanding			403,831		449,473
Preferred stock, shares issued			403,831		449,473
Preferred stock shares conversion price			$ 5.60
Converted Preferred shares			403,831
Series A Convertible Preferred Stock [Member]
Warrants outstanding			4,683
Converted Preferred shares			45,642
Preferred shares outstanding			403,831		449,473
Underwriters Warrants [Member]
Warrants outstanding			3,460
Warrants outstanding			3,460
Warrants outstanding			4,683
Series A Convertible Preferred Shares [Member]
Preferred stock, shares authorized			1,000,000		1,000,000
Preferred stock shares outstanding			403,831		449,473
Preferred stock, shares issued			403,831		449,473
Warrants outstanding						1,591,062
Preferred shares outstanding			403,831
Series A Convertible Preferred Shares and Detachable Warrants [Member]
Preferred stock, shares issued			5,729,730
Warrant exercise price per shares			$ 24.97	$ 24.97
Warrants issued to purchase of securities			4,683	4,683
Cash dividend per share			$ 0.1615
Dividend payable			$ 405,000
Underwriters Warrant [Member]
Warrants issued to purchase of securities			4,000	4,000
Warrants outstanding			3,460
Underwriters Warrants [Member]
Warrants issued to purchase of securities			13,860
Common Stock [Member]
Warrants issued to purchase of securities			4,000	4,000
Warrant exercise price increase			$ 5.60	$ 5.60
Restricted Common Shares [Member] \| Employee Stock [Member]
Shares issued to employees	55,000

Schedule of Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net income available to common stockholders, basic	$ 11,452	$ 909
Weighted average number of common shares, basic	10,754,405	10,613,424
Net income per common share, basic	$ 1.06	$ 0.09
Net income available to common stockholders, diluted	$ 11,812	$ 909
Weighted average number of common shares, diluted	12,577,390	10,613,424
Net income per common share, diluted	$ 0.94	$ 0.09

Income per Common Share (Details Narrative) - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Aug. 23, 2021
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Warrant outstanding	1,591,062	1,590,540	1,590,540
Warrants exercise price	$ 5.60	$ 5.60		$ 8.75
Number of non-tradable warrant to purchase shares of common stock				107,143
Number of unvested warrant to purchase shares of common stock				55
Series A Convertible Preferred Shares [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Converted Preferred shares	403,831
Preferred stock shares conversion price	$ 5.60
Mr Valentis [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Subsidiary, Ownership Percentage, Noncontrolling Owner	53.00%			125.00%
Series A Convertible Preferred Shares and Detachable Warrants [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Warrants exercise price	$ 24.97	$ 24.97
Warrants issued to purchase of securities	4,683	4,683
Underwriters Warrant [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Warrants issued to purchase of securities	4,000	4,000
Common Stock [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Warrants issued to purchase of securities	4,000	4,000
Warrant exercise price increase	$ 5.60	$ 5.60
Over-Allotment Option [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Warrant outstanding	4,683	4,683

Schedule of Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Trade accounts receivable	$ 4,146	$ 10,469
Trade accounts payable	2,113	$ 2,604
Carrying Value [Member]
Cash and cash equivalents (including restricted cash)	34,448
Trade accounts receivable	4,146
Trade accounts payable	2,113
Long-term debt with variable interest rates, net	59,553
Carrying Value [Member] \| Related Party [Member]
Due to related parties	1,078
Fair Value [Member]
Cash and cash equivalents (including restricted cash)	34,448
Trade accounts receivable	4,146
Trade accounts payable	2,113
Long-term debt with variable interest rates, net	59,553
Fair Value [Member] \| Related Party [Member]
Due to related parties	$ 1,078

Schedule of Financial Derivative Instrument Location (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Risk Management And Fair Value Measurements
Financial derivative instrument – Other non-current assets		$ 619

Schedule of Gains Losses on Derivative Instruments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Risk Management And Fair Value Measurements
Financial derivative instrument – Fair value at the beginning of the period	$ 619	$ 74
Financial derivative instrument – Amounts received	(560)
Financial derivative instrument – Fair value as at period end		394
Gain/(Loss) from financial derivative instrument	$ (59)	$ 320

Risk Management and Fair Value Measurements (Details Narrative) - USD ($)				6 Months Ended
	Jan. 25, 2023	Jul. 16, 2021	Jan. 19, 2018	Jun. 30, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Cash gain on derivatives	$ 600,000
Impairment loss				$ 0	$ 0
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Vessel Owing Company [Member]
Debt Instrument [Line Items]
Derivative, notional amount		$ 9,600,000	$ 10,000,000.0
Derivative, cap interest rate		2.00%	3.50%
Derivative, maturity date		Jul. 08, 2025	Jul. 18, 2022
Cash gain on derivatives	$ 500,000

Commitments and Contingencies (Details Narrative) $ in Thousands	Jun. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Long-term time charter contracts	$ 3,498

Schedule of Interest and Finance Costs (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Interest And Finance Costs Net
Interest on long-term debt (Note 7)	$ 2,592	$ 1,463
Interest on Promissory Note (Note 3)	69	223
Amortization of financing costs	126	155
Financing fees and charges	21	(12)
Interest from time deposits	(413)
Total	$ 2,395	$ 1,829

Schedule of Revenue Disaggregated by Revenue Source (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenues, net	$ 21,121	$ 22,968
Revenues Derived From Spot Charters [Member]
Disaggregation of Revenue [Line Items]
Revenues, net	3,962	17,194
Revenues Derived From Time Charters [Member]
Disaggregation of Revenue [Line Items]
Revenues, net	$ 17,159	$ 5,774

Schedule of Accounts Receivable Disaggregated Revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Accounts receivable trade from spot charters	$ 3,852	$ 10,598
Accounts receivable trade from time charters	383	35
Less: Bad debt provisions	(26)	(26)
Total	4,146	10,469
Revenues Derived From Spot Charters [Member]
Disaggregation of Revenue [Line Items]
Less: Allowance for credit losses	$ (63)	$ (138)

Subsequent Events (Details Narrative) $ / shares in Units, $ in Thousands		1 Months Ended		6 Months Ended
	Jul. 29, 2023 USD ($)	Aug. 31, 2023 $ / shares	Jul. 31, 2023 USD ($) t $ / shares	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jul. 30, 2023
Subsequent Event [Line Items]
Convertible preferred stock dividends paid				$ 405	$ 436
Series A Preferred Stock [Member] \| Dividend Declared [Member] \| Forecast [Member]
Subsequent Event [Line Items]
Dividend declared \| $ / shares		$ 0.1615
Subsequent Event [Member] \| Secured Loan - Seventhone Corp. [Member]
Subsequent Event [Line Items]
[custom:DebtInstrumentBasisSpreadOnVariableRatePercentage-0]						2.35
Subsequent Event [Member] \| Drybulk Joint Venture [Member]
Subsequent Event [Line Items]
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures			$ 6,800
[custom:UltramaxBulkCarrierTon-0] \| t			63,520
Payments for Purchase of Other Assets			$ 28,500
Short-Term Bank Loans and Notes Payable			$ 19,000
Subsequent Event [Member] \| Series A Preferred Stock [Member] \| Dividend Paid [Member]
Subsequent Event [Line Items]
Dividend declared \| $ / shares			$ 0.1615
Convertible preferred stock dividends paid			$ 65
Subsequent Event [Member] \| Series A Preferred Stock [Member] \| Dividend Declared [Member]
Subsequent Event [Line Items]
Convertible preferred stock dividends paid	$ 65
Dividend payable date	Aug. 21, 2023
Dividend record of date	Aug. 14, 2023