COMPANY PRESENTATION March 2017 DISCLAIMER FORWARD-LOOKING - - PowerPoint PPT Presentation

COMPANY PRESENTATION

March 2017

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DISCLAIMER

FORWARD-LOOKING STATEMENTS & INFORMATION

This presentation contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words “expected'', “budget”, “scheduled”, “anticipated”, “outlook”, “is estimated”, “forecasts”, “potential”, “continues”, “may”, “will”, “positioned”, “possible”, “believe”, “intends” and variations of these terms and similar expressions, or the negative of these terms or similar expressions, are intended to identify forward-looking, information or statements. Forward-looking information is based on the opinions, expectations and estimates of management of Pyxis Tankers Inc. (“we” or “our”) at the date the information is made, and is based

• n a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause

actual events or results to differ materially from those projected in the forward-looking information. Although we believe that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, you should not place undue reliance on the forward-looking statements and information because we cannot give any assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties and actual results and future events could differ materially from those anticipated in such information. Factors that might cause or contribute to such discrepancy include, but are not limited to, the risk factors described in our Annual Report on Form 20-F for the year ended December 31, 2105 and other filings with the Securities and Exchange Commission (the “SEC”). The forward-looking statements and information contained in this presentation are made as of the date hereof. We do not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except in accordance with U.S. federal securities laws and other applicable securities laws. This presentation and any oral statements made in connection with it are for informational purposes only and do not constitute an offer to buy or sell our securities. For more complete information about us, you should read the information in this presentation together with our filings with the SEC, which may be accessed at the SEC’s website (http://www.sec.gov).

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COMPANY HIGHLIGHTS

EMERGING GROWTH - PURE PLAY PRODUCT TANKER COMPANY

►Disciplined, substantially fixed cost structure creates greater earnings power when rates improve ►Competitive total daily operational costs to peer group ►Moderate capitalization with low cost, long-lived bank debt ►Strong management team with 100+ years of combined industry and capital markets experience ►Founder/CEO has proven track record and is a substantial shareholder ►Board Members consist of prominent industry figures and/or with significant experience ►Focus on modern medium range (“MR”) product tankers with “eco” features ►Young tanker fleet of six IMO-certified vessels with weighted average age of 5.8 years (dwt) ►Management may pursue a sale or other strategy relating to the small tankers ►Long-standing relationships with reputable, first-class customers worldwide ►As of March 1, 2017, 18% of remaining available chartering days in 2017 are covered ►Positioned to capitalize when spot rates improve

Attractive, Modern Fleet Reputable Customer Base & Diversified Chartering Strategy Competitive Cost Structure & Moderate Capitalization Experienced, Incentivized Management & Board

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►Expand fleet by targeting balanced capital structure of debt and equity ►Maintain commercial banking and expand capital markets relationships ►Meet charterers’ preference for modern and eco tankers, which offer more

• perating reliability and efficiency

►Maintain high standards to ensure high level of safety, customer service and support, while continuing ship level financial discipline ►Focus on acquisition of IMO II and III MR2 class product tankers of eight years of age or less built in Tier 1 Asian shipyards

Grow the Fleet Opportunistically Maintain Financial Flexibility Focus on the Needs

• f our Customers

COMPANY STRATEGY

QUALITY, GROWTH, SERVICE & FLEXIBILITY

►Employ vessels primarily through time charters and on the spot market ►Maintain optionality - substantial spot exposure currently offers upside during periods of market strength ►Diversify charters by customer and staggered duration

Utilize Portfolio Approach to Commercial Management

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FLEET & EMPLOYMENT OVERVIEW

POSITIONED FOR UPSIDE OPPORTUNITIES

Our mixed chartering strategy provides upside opportunities through spot trading when rates improve and stable, visible cash flows from time charters

Vessel Shipyard Vessel Type Size (dwt) Year Built Type of Charter Anticipated Redelivery Date (1) Pyxis Epsilon SPP / S.Korea MR 50,295 2015 Time

• Dec. 2017

Pyxis Theta SPP / S.Korea MR 51,795 2013 Spot N/A Pyxis Malou SPP / S.Korea MR 50,667 2009 Spot N/A Pyxis Delta Hyundai / S.Korea MR 46,616 2006 Spot N/A Northsea Alpha (2) Kejin / China Small Tanker 8,615 2010 Spot N/A Northsea Beta (2) Kejin / China Small Tanker 8,647 2010 Spot N/A

Fleet Details Fleet Employment Overview

(1) These tables are dated as of March 1, 2017 and show gross rates and do not reflect commissions payable. (2) Management may pursue sale or other long-term strategy for small tankers.

As of March 1, 2017, 18% of anticipated available days for the remainder of 2017 are covered.

Vessel 2017 Pyxis Epsilon $13,350 / Day Pyxis Theta N/A Pyxis Malou N/A Pyxis Delta N/A Northsea Alpha N/A Northsea Beta N/A Fixed Employment Charterers Optional Period Open Days

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SHIPYARDS BANKS

STRONG RELATIONSHIPS

QUALITY VESSELS & OPERATIONS BLUE CHIP CUSTOMERS ATTRACTIVE LENDING TERMS

CUSTOMERS

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SENIOR MANAGEMENT

EXPERIENCED TEAM WITH DECADES OF EXPERIENCE

► Joined Pyxis affiliates in 2013; 19+ years experience in strategic corporate shipping transactions ► Previous 5 years securities and M&A partner at Watson Farley & Williams with particular focus in shipping industry ► Advised on complex international corporate shipping transactions in New York offices of Orrick, Herrington & Sutcliffe LLP and Healy & Baillie, LLP and in New York and London offices of Weil, Gotshal & Manges LLP since 1997 ► Former member of Board of Governors & Vice President of the Connecticut Maritime Association ► Joined Pyxis affiliates in 2008; 25+ years of experience in the shipping industry ► Co-founder of Navbulk Shipping S.A., a start-up dry bulk company ► 5 years as Financial Director of Neptune Lines, a car carrier company ► 16 years in various financial and operational positions for other ship owning and services companies ► 25+ years of experience in owning, operating and managing within various shipping sectors, including product, dry bulk, chemical, as well as salvage and towage ► Founder of Pyxis Tankers in 2015 and Pyxis Maritime Corp. in 2007 ► For the last 16 years, Managing Director & Principal of KONKAR SHIPPING AGENCIES S.A., an Athens- based dry bulk owner-operator established in 1968 ► Joined Pyxis affiliates in 2015; 35 years of commercial, investment and merchant banking experience ► Previous investment banking positions include Nordea Markets (Oslo & NY)–Global Sector Head- Shipping, and Oppenheimer (NY)–Head of Energy & Transportation

Antonios “Tony” Backos SVP for Corporate Development, General Counsel & Secretary Konstantinos “Kostas” Lytras Chief Operating Officer Valentios “Eddie” Valentis Chairman & CEO Henry Williams CFO & Treasurer

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PYXIS ORGANIZATIONAL STRUCTURE

LEAN, EFFICIENT ORGANIZATIONAL STRUCTURE

Administrative, Commercial & Ship Management Services (1) Administrative & Ship Management Fees

(1) As an affiliate, provides the commercial management for the fleet and supervises the crewing and technical management performed by ITM for all our vessels (2) Provides technical management for all our vessels

Technical Management (2)

Quality, Cost Effective Ship Management

►Streamlined structure minimizes costs and allows management to focus on creating long term shareholder value ►Very competitive ship management fees @ $750/day/vessel provide safe and efficient

• perating results compared to peers

MARKET OVERVIEW

PRODUCT TANKER INDUSTRY

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PRODUCT MARKETS OVERVIEW

REFINED PRODUCTS OVERVIEW

Source: Drewry

Bitumen Fuel Oil Cycle Oils Diesel/Gasoil Kerosene Gasolines Clean Condensates Naphthas

Dirty Products Clean Products

Veg Oils/Chemicals

Crude

Most products tankers can switch between clean and dirty products when the tanks are carefully cleaned. Gasoil is a good clean up cargo when switching from dirty to clean products. More sophisticated product tankers work at this end of the market, some with the ability to carry products and certain chemicals. Crude tankers carry only crude oil and fuel oils. Non-oil substances now covered by revised IBC Code. To carry chemicals, an IMO Certificate of Fitness is required.

Refined Products

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PRODUCT MARKETS OVERVIEW

CHANGING TRADE ROUTES & REFINERY LANDSCAPE CREATING INCREMENTAL DEMAND

Source: Drewry, March 2017 * Compound annual growth rate

Million Tons Billion Ton Miles

Increases in Demand due to Changing Trade Routes & Refining Landscape 3.8% CAGR* in million tons of seaborne trade 5.4% CAGR in ton mile demand

1,500 1,700 1,900 2,100 2,300 2,500 2,700 2,900 3,100 3,300 600 650 700 750 800 850 900 950 1,000 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Seaborne Product Trade - Mil. Tons Ton Mile Demand - Bil. Ton Miles

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PRODUCT MARKETS OVERVIEW

REFINERY CAPACITY INCREASINGLY FURTHER AWAY FROM END USERS

Source: Drewry, March 2017

Expected Refinery Capacity Additions Driven by Non-OECD Growth & Exports

Million Barrels per Day

0.0 0.5 1.0 1.5 2.0 2.5 2017 2018 2019 2020 2021

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Increases in Long-Haul Routes

• Growth in net refining capacity is

expected to further drive the demand for product tankers.

• Low crude / feedstock prices generate

incremental refinery demand.

• Arbitrage

between markets create further opportunities

PRODUCT MARKETS OVERVIEW

EVOLVING TRADE LANDSCAPE

Source: Drewry, March 2017

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PRODUCT MARKETS OVERVIEW

U.S. HAS BECOME MAJOR EXPORTER DUE TO SHALE OIL

Source: Drewry, March 2017

Million Barrels per Day

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 United States Saudi Arabia India

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Typical Atlantic Basin Triangulated Route

• Emerging markets in South America and

Africa have little to no refining capacity.

• U.S. exports to South America have

grown at a CAGR of ~21.8% since 2006.

PRODUCT MARKETS OVERVIEW

U.S. HAS BECOME MAJOR SUPPLIER IN THE ATLANTIC BASIC

Source: Drewry, March 2017

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PRODUCT MARKETS OVERVIEW

PRODUCT TANKER VESSEL OVERVIEW

Class of Tanker Cargo Capacity (Dwt) Typical Use Long Range 2 (LR2) 80,000 + Short- to medium-haul refined petroleum products transportations from the North Sea or West Africa to Europe or the East Coast of the United States, from the Middle East Gulf to the Pacific Rim. Long Range 1 (LR1) 55,000 - 79,999 Short- to medium-haul crude oil and refined petroleum products transportations worldwide, mostly on regional trade routes. Medium Range 2 (MR2) 37,000-54,999 Medium Range 1 (MR1) 25,000-36,999 Small 1,000 - 24,999 Short-haul of mostly refined petroleum products worldwide, usually on local or regional trade routes. Flexible vessels involved in medium-haul petroleum products trades both in the Atlantic Basin and the growing intra- Asian/Middle East/ISC trades. MRs are the work horses of the product trades.

Source: Drewry

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PRODUCT MARKETS OVERVIEW

DECLINING ORDERBOOK (SUPPLY)

• Total MR vessel orderbook has fallen from a high of ~58% in 2008 of the then existing

fleet to 5.3% of the current worldwide fleet, lowest since 2000.

• Record low ordering – less than 20 MR’s since 1/1/16.
• Limited capacity additions scheduled beyond 2018 due to shipyard financial

problems/closures, limited availability of capital and would-be buyers exposure to weaker shipping segments.

• Worldwide MR fleet is expected to grow at an average of 2.2% per annum in 2017 and

2018 without giving effect to scrapping of older vessels and slippage of deliveries. Product Tanker Delivery Schedule

Source: Drewry, March 2017

Number of Vessels 20 40 60 LR1 MR2 MR1 2017 2018 2019 2020

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0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% < 5 Yrs 5-10 Yrs 10-15 Yrs 15-20 Yrs 20-25 Yrs 25+ Yrs MR1 MR2 LR1

PRODUCT MARKETS OVERVIEW

SCRAPPING IS INEVITABLE

Global Fleet Age Distribution by %

Source: Drewry, March 2017

• Average age of MR2 fleet is 9.5 years.
• 13.4% of MR2 fleet is greater than 20

years of age.

• Significant portion of the fleet is

approaching the end of its useful life.

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► Environmental regulations should lead to increased scrapping

• Besides aging of MR fleet, new IMO environmental regulations should

force owners to either scrap earlier or make significant vessel capital expenditures ► Ballast Water Treatment System (“BWTS”)

• Ballast sea water is used to stabilize vessels and ensure structural integrity;

Pumped before/after cargo is loaded/unloaded

• Starting September 2017 at next vessel’s special survey, owners will have

to install approved BWTS, which removes inactive organisms from ballast water prior to discharge

• Retrofits in older tankers can be challenging from a design/installation

standpoint and cost

• Depending on vessel, fully loaded installation costs are expected to be

between $0.50 million to $0.75 million for a MR tanker ► New stricter regulations on sulfur emissions starting 2020

• Limits reduced from 3.5% to 0.5%
• Owners either i) install expensive scrubber ($3.0 million +) to burn current

grade of fuel, or ii) pay sizeable premium (currently ~ $200 per ton) to burn marine gas oil (MGO) fuel and run vessel at slower speed

PRODUCT MARKETS OVERVIEW

NEW ENVIRONMENTAL REGULATIONS TO DRIVE MORE SCRAPPING

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PRODUCT MARKETS OVERVIEW

MR2 CHARTER RATES POSITIONED FOR REBOUND

Daily MR2 Time Charter Equivalent Spot Rates (Caribs-USAC)

1 Year MR2 Time Charter Equivalent Rates *

Source: Drewry, March 2017 * Please see Exhibit I - Non-GAAP Measures and Definitions

10,000 12,500 15,000 17,500 20,000 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 MR2 5 Year Average 5,000 10,000 15,000 20,000 25,000 30,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2014 2015 2016 2017YTD 5 Year Average

USD per Day USD per Day

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MR2 PRODUCT TANKER MARKET UPDATE

POSITIVE NEAR-TERM OUTLOOK ► Current spot charter rates are depressed ► One year time charter rates bounced up in December 2016 but recently softened $750/d to $12,500/d – still 50% of last 10 year high of $25,000/d and 19% below post- recession average* ► Major reasons:

• higher inventories of refined products worldwide
• lack of arbitrage opportunities resulted in less trading
• new tonnage deliveries

► Near-term demand growth estimated at 2.5-3%/yr. led by increasing global consumption of refined products, modest ton-mile expansion from changing refinery landscape and increasing U.S. exports ► Net supply growth after new built deliveries, delays/cancellations and increasing scrapping should result in a balanced supply/demand curve leading to a better market by Q4 2017, and possible negative net fleet growth thereafter

* Source: Drewry – March 2017, excludes Jones Act vessels

Positive industry fundamentals

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PRODUCT MARKETS OVERVIEW

HISTORICAL LOW MR2 ASSET VALUES CREATE ATTRACTIVE ENTRY POINT MR2 Asset Prices

* Source: Drewry, March 2017 ** Exclusive of higher design specifications, yard supervision costs and spares

Type Current *

• Avg. 2006-16 *

New Build Construction (del. 2H‘18) $32.0 ** $39.4 ** 5 yr. old $22.0 $32.900

15 25 35 45 55 65 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 NB Price NB Price Average 06-16 SH Price SH Price Average 06-16

USD Million

PYXIS TANKERS

FINANCIAL SUMMARY

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UNAUDITED FINANCIAL HIGHLIGHTS

YEAR ENDED DECEMBER 31, 2016

Year ended December 31, 2016 In ‘000 USD except for daily TCE rates Time / spot charter revenue mix 69% / 31% Voyage revenues $30,710 Voyage related costs and commissions (6,611) Time charter equivalent revenues * $24,099 Net loss ($5,813) Loss per share (basic & diluted) ($ 0.32) Adjusted EBITDA* $6,999 Total operating days 1,986 Daily time charter equivalent rate * $12,134 Fleet Utilization 91.3%

* Subject to rounding; Please see Exhibit I – Non-GAAP Measures and Definitions

Remaining time charters mitigated poor spot environment in 2H 2016

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(amounts in $) Year Ended December 31, 2015 2016 Eco-Efficient MR2: (2 units)

Average TCE * 15,631 15,015 Opex * 6,430 5,754 Utilization % 99.4% 97.0%

Eco-Modified MR2: (1 unit)

TCE 17,480 10,705 Opex 6,461 6,255 Utilization % 91.3% 92.9%

Standard MR2: (1 unit)

TCE 17,237 15,504 Opex 6,325 6,772 Utilization % 100.0% 90.5%

Small Tankers: (2 units)

Average TCE 7,622 7,939 Opex 5,358 5,315 Utilization % 98.6% 85.1%

Fleet: (6 units)

TCE 13,597 12,134 Opex 6,058 5,861 Utilization % 97.9% 91.3%

DAILY FLEET DATA

YEAR ENDED DECEMBER 31, 2015 & 2016

* Please see Exhibit I – Non-GAAP Measures and Definitions

Consistent & relatively low vessel opex

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TOTAL DAILY OPERATIONAL COSTS/ECO-VESSELS

YEAR ENDED DECEMBER 31, 2016

Eco Three Months ended December 31, 2016 Modified Efficient

(amounts in $/day)

Opex * $6,255 $5,754 Technical & commercial management fees 748 748 G&A expenses 1,172 1,172 Total daily operational costs per vessel $8,175 $7,674

* Please see Exhibit I - Non-GAAP Measures and Definitions

Our Eco MR2 tankers total daily operational costs are very competitive

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CAPITALIZATION

AT YEAR ENDED DECEMBER 31, 2016

At December 31, 2016 In ‘000 USD Cash and cash equivalents, including restricted cash $ 5,783 Bank debt, net of deferred financing fees 73,430 Promissory note 2,500 Total funded debt $ 75,930 Stockholders' equity 48,753 Total capitalization $ 124,683 Net funded debt $ 70,147 Total funded debt / total capitalization 60.9% Net funded debt / total capitalization 56.3% Weighted average interest rate of total debt for the year ended December 31, 2016 was 3.27%

Moderate leverage at low interest costs No balloon payments until Q3 2018

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MANAGEMENT INCENTIVIZED TO ACHIEVE GROWTH

FOUNDER/CEO’S SUBSTANTIAL SHAREHOLDINGS ►The shareholder base as of March 1, 2017 was:

• Maritime Investors (affiliate of our CEO)

17,002,445 (93.0% of outstanding)

• Public

1,275,448 (7.0%)

• Total Shares Outstanding

18,277,893 (100%) ► Our common shares are listed on NASDAQ Capital Markets under trading symbol “PXS” ►Our Founder/CEO has substantial shareholdings and his interests are aligned with our

• ther shareholders

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COMPANY HIGHLIGHTS

EMERGING GROWTH - PURE PLAY PRODUCT TANKER COMPANY

 Competitive Cost Structure & Moderate Capitalization  Experienced, Incentivized Management & Board  Attractive, Modern Fleet Including “Eco” Vessels  Reputable Customer Base & Diversified Chartering Strategy

• Currently Positioned for Upside

 Industry Fundamentals Look Favorable

NON-GAAP MEASURES AND DEFINITIONS

EXHIBIT I

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EXHIBIT I | NON-GAAP MEASURES AND DEFINITIONS

(in thousands of U.S. Dollars) Year ended December 31, 2016 Reconciliation of Net income / (loss) to Adjusted EBITDA Net income / (loss) $ (5,813) Depreciation 5,768 Amortization of special survey costs 236 Interest and finance costs, net 2,810 EBITDA $ 3,001 Vessel impairment charge 3,998 Adjusted EBITDA $ 6,999

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EXHIBIT I | NON-GAAP MEASURES AND DEFINITIONS

Earnings before interest, taxes, depreciation and amortization (“EBITDA”) represents the sum of net income / (loss), interest and finance costs, depreciation and amortization and, if any, income taxes during a period. Adjusted EBITDA represents EBITDA before vessel impairment charge and stock compensation. EBITDA and Adjusted EBITDA are not recognized measurements under U.S.

• GAAP. EBITDA and Adjusted EBITDA are presented as we believe that they provide investors with means of evaluating and

understanding how our management evaluates operating performance. These non-GAAP measures should not be considered in isolation from, as substitutes for, or superior to financial measures prepared in accordance with U.S. GAAP. 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. Daily time charter equivalent (“TCE”) 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. 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 determined by dividing voyage revenues 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 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. 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.

Continued

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CONTACT

Pyxis Tankers Inc. K.Karamanli 59 Maroussi 15125, Greece Email: info@pyxistankers.com www.pyxistankers.com Henry Williams CFO & Treasurer Phone: +1 516 455 0106/ +30 210 638 0200 Email: hwilliams@pyxistankers.com Antonios “Tony” Backos SVP for Corporate Development, General Counsel and Secretary Phone: +30 210 638 0180 Email: abackos@pyxistankers.com