COMPANY PRESENTATION August 2016 DISCLAIMER FORWARD-LOOKING - - PowerPoint PPT Presentation

COMPANY PRESENTATION

August 2016

2

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”, “should”, “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).

3

COMPANY HIGHLIGHTS

EMERGING GROWTH - PURE PLAY PRODUCT TANKER COMPANY

►Comparable total daily operational costs to peer group ►Moderate capitalization with low cost, long-lived bank debt ►Excess balance sheet capacity to grow tonnage through acquisitions ►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

• f

prominent industry figures and/or with significant experience ►Focus on modern medium range (“MR”) product tankers with “eco” features ►Young tanker fleet of 6 IMO-certified vessels with weighted average age of 5.4 years (dwt) ►Potential for an additional MR to be acquired ►Long-standing relationships with reputable, first-class customers worldwide ►Time charter and spot market exposure with 48% of remaining available chartering days in 2016 covered, excluding options, as of June 30, 2016 ►Positioned to capitalize when spot rates improve

Attractive, Modern Fleet Reputable Customer Base & Diversified Chartering Strategy Competitive Cost Structure & Solid Balance Sheet Experienced, Incentivized Management & Board

4

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

• ffer

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 class product tankers of eight years of age or less built in Tier 1 Asian shipyards ►Potential acquisition opportunity of one MR tankers owned / controlled by affiliates of our CEO ►Employ vessels primarily through time charters (with and without profit share) and on the spot market ►Diversify charters by customer and staggered duration ►Position employment to capture upside during periods of market strength

Grow the Fleet Opportunistically Utilize Portfolio Approach to Commercial Management Maintain Financial Flexibility Focus on the Needs

• f our Customers

COMPANY STRATEGY

QUALITY, GROWTH, SERVICE & FLEXIBILITY

5

FLEET & EMPLOYMENT OVERVIEW

STABLE, VISIBLE CASH FLOWS WITH UPSIDE OPPORTUNITY

Chartering strategy provides stable, visible cash flows from time charters and upside opportunity through spot trading when rates improve

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

• Jan. 2017

Pyxis Theta SPP / S.Korea MR 51,795 2013 Time

• Sept. 2016

Pyxis Malou SPP / S.Korea MR 50,667 2009 Spot

• Aug. 2016

Pyxis Delta Hyundai / S.Korea MR 46,616 2006 Time

• Sept. 2016

Northsea Alpha Kejin / China Small Tanker 8,615 2010 Time

• Oct. 2016

Northsea Beta Kejin / China Small Tanker 8,647 2010 Time

• Oct. 2016

Fleet Details Fleet Employment Overview

(1) Pyxis Epsilon’s charterer has an option to extend the charter for one year for $18,050/day. Northsea Beta’s charterer has an option to extend the charter for two months at same rate. These tables are dated as of August 9, 2016 and show gross rates and do not reflect commissions payable.

As of June 30, 2016, 48% of anticipated available days for the remainder of 2016 are under charter coverage (64% with options). At June 30, 2016, our fleet’s average remaining T/C duration was 3 months (6 months with options).

Vessel 2016 2017 2018 Pyxis Epsilon $16,575 / Day Pyxis Theta $15,600 / Day Pyxis Malou N/A Pyxis Delta $18,000 / Day Northsea Alpha $9,650 / Day Northsea Beta $8,750 / Day Fixed Employment Charterers Optional Period Open Days

6

SHIPYARDS BANKS

STRONG RELATIONSHIPS

QUALITY VESSELS & OPERATIONS BLUE CHIP CUSTOMERS ATTRACTIVE LENDING TERMS

CUSTOMERS

7

SENIOR MANAGEMENT

EXPERIENCED TEAM WITH DECADES OF EXPERIENCE

► Joined Pyxis affiliates in 2013; 18+ 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; 24+ 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 15 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

8

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 Pyxis Epsilon, Pyxis Theta, Pyxis Malou, Pyxis Delta and the Northsea Beta and supervises the crewing and technical management performed by ITM for all our vessels and the chartering of the Northsea Alpha, which is performed by NST (2) Provides commercial management for the Northsea Alpha, scheduled until October 2016 (3) Provides technical management for all our vessels

Northsea Alpha Management(2) Technical Management(3)

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

10

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

11

PRODUCT MARKETS OVERVIEW

DEMAND GROWTH LED BY INCREASES IN TON MILES DUE TO CHANGING TRADE ROUTES & REFINING LANDSCAPE

Source: Drewry, July 31, 2016 * Compound annual growth rate

1,500 1,700 1,900 2,100 2,300 2,500 2,700 2,900 3,100 600 650 700 750 800 850 900 950 Seaborne Product Trade - Mill Tons Ton Mile Demand - Bill Ton Miles Million Tons Billion Ton Miles

3.9% CAGR* in million tons of seaborne trade 5.5% CAGR in ton mile demand

12

PRODUCT MARKETS OVERVIEW

REFINERY CAPACITY INCREASINGLY FURTHER AWAY FROM END USERS

Source: Drewry, July 31, 2016

500 1,000 1,500 2,000 2,500 North America South America Middle East Indian Sub Continent Asia 2016 2017 2018 2019 2020

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

‘000 Barrels / Day

13 Increases in long-haul routes

►Growth in net refining capacity is expected to drive the demand for product tankers. ►Low crude / feedstock prices generate incremental refinery demand. ►Arbitrage between markets create further

• pportunities

PRODUCT MARKETS OVERVIEW

EVOLVING TRADE LANDSCAPE

Source: Drewry, July 31, 2016

14 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 ~23% since 2005.

PRODUCT MARKETS OVERVIEW

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

Source: Drewry, July 31, 2016

15

PRODUCT MARKETS OVERVIEW

PRODUCT TANKER VESSEL OVERVIEW

Sources: * Drewry

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.

16

10 20 30 40 50 LR2 LR1 MR2 MR1 Handy Remainder 2016 2017 2018 2019+

PRODUCT MARKETS OVERVIEW

ORDERBOOK (SUPPLY) AT MANAGEABLE LEVELS

Source: Drewry, July 31, 2016

►Total MR vessel orderbook has fallen from high of ~58% in 2008 of then existing fleet to 8.5% of current worldwide fleet of 1,745 MR’s. ►Worldwide MR fleet expected to grow at 3.4% per annum thru 2017 without giving effect to scrapping older vessels and slippage of deliveries. ►Limited capacity additions scheduled beyond 2017 due to low availability of financing and would-be buyers exposure to weaker shipping segments. ►Financial challenges in certain shipyards continue to negatively impact newbuilding deliveries.

Product Tanker Delivery Schedule

• No. of Vessels

17

0% 10% 20% 30% 40% 50% 60% < 5 Yrs 5-10 Yrs 10-15 Yrs 15-20 Yrs 20-25 Yrs 25+ Yrs LR2 LR1 MR2 MR1 Handy

PRODUCT MARKETS OVERVIEW

SCRAPPING IS INEVITABLE

Source: Drewry, July 31, 2016

Global Fleet Age Distribution by %

►25% of the MR1 fleet and 6% of the MR2 fleet is greater than 20 years of age. ►A significant portion of the fleet is approaching the end of its useful life.

18

SOLID OUTLOOK

CURRENT MR2 CHARTER RATES REFLECT SOFTNESS - POTENTIAL UPSIDE?

Daily MR2 Time Charter Equivalent Spot Rates (Caribs-USAC) 1 Year MR2 Time Charter Rates

Source: Drewry, July 31, 2016

5,000 10,000 15,000 20,000 25,000 30,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2013 2014 2015 2016YTD 5Yr Avg. 10,000 12,500 15,000 17,500 20,000 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 MR2 5Yr Avg.

USD USD

19

ASSET VALUES

CURRENT LOW ASSET PRICES ATTRACTIVE ENTRY POINT

MR2 Asset Prices MR1 Asset Prices

Source: Drewry, July 31, 2016

15 25 35 45 55 65 Jan-05 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 05-15 SH Price SH Price Average 05-15 15 25 35 45 55 65 Jan-05 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 05-15 SH Price SH Price Average 05-15

USD Millions USD Millions

PYXIS TANKERS

FINANCIAL SUMMARY

21

UNAUDITED FINANCIAL HIGHLIGHTS

THREE MONTHS ENDED JUNE 30, 2015 & 2016

Three Months ended June 30, 2015 June 30, 2016 In ‘000 USD except for daily TCE rates Time / Spot Charter Revenue Mix 89% / 11% 82% / 18% Voyage revenues $7,168 $7,893 Voyage related costs and commissions (630) (875) Time charter equivalent revenues* $ 6,538 $ 7,018 Total operating days 501 519 Daily time charter equivalent rate* $ 13,042 $ 13,529 Fleet Utilization 99.1% 95.0%

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

22

UNAUDITED INCOME STATEMENT

THREE MONTHS ENDED JUNE 30, 2015 & 2016

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

Continued Profitability

Three Months ended June 30, 2015 June 30, 2016 In ‘000 USD except per share data Voyage revenues $7,168 $7,893 Expenses: Voyage related costs and commissions (630) (875) Vessel operating expenses (3,270) (3,260) General & administrative expenses (489) (740) Management fees, related parties (147) (146) Management fees, other (262) (264) Amortization of special survey costs (32) (62) Depreciation (1,436) (1,434) Operating income 902 1,112 Other expenses: Interest and finance costs, net (632) (705) Total other expenses, net (632) (705) Net income $270 $407 EPS (basic and diluted) $0.01 $0.02 EBITDA* $2,370 $2,608

23

(amounts in $) Three Months Ended June 30, Six Months Ended June 30, 2015 2016 2015 2016 Eco-Efficient MR2: (2 units)

Average TCE * 15,672 15,783 15,557 15,734 Opex * 5,164 5,437 6,963 5,885 Utilization % 100.0% 100.0% 98.8% 99.8%

Eco-Modified MR2: (1 unit)

TCE 15,064 13,882 19,720 15,818 Opex 6,315 6,703 6,672 6,628 Utilization % 100.0% 94.8% 98.3% 97.4%

Standard MR2: (1 unit)

TCE 15,817 17,690 15,233 18,213 Opex 5,642 7,509 5,977 6,977 Utilization % 100.0% 98.8% 100.0% 99.4%

Small Tankers: (2 units)

Average TCE 6,380 8,456 7,256 8,618 Opex 6,829 5.364 5,720 5,341 Utilization % 96.8% 88.2% 98.6% 90.8%

Fleet: (6 units)

TCE 13,042 13,529 13,645 13,939 Opex 5,991 5,969 6,328 6,010 Utilization % 99.1% 95.0% 98.8% 96.3%

RECENT DAILY FLEET DATA

THREE & SIX MONTHS ENDED JUNE 30, 2015 and 2016

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

Low Opex; High MR Utilization

24

TOTAL DAILY OPERATIONAL COSTS/ECO-VESSELS

THREE MONTHS ENDED JUNE 30, 2016

Three Months ended June 30, 2016 Eco-Modified Eco-Efficient (amounts in $/day) Opex* $6,703 $5,437 Technical & Commercial Management Fees 745 745 G&A Expenses 1,354 1,354 Total Daily Operational Costs per vessel $8,802 $7,536

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

Our Eco MR2 Total Daily Operational Costs are Competitive

25

CAPITALIZATION

AT JUNE 30, 2016

At June 30, 2016 In ‘000 USD Cash and cash equivalents, including restricted cash $ 8,230 Bank debt 77,004 Promissory Note 2,500 Total Debt $ 79,504 Stockholders' equity 56,048 Total Capitalization $ 135,552 Net Debt $ 71,274 Total Debt / Total Capitalization 58.7% Net Debt / Total Capitalization 52.6%

Weighted average interest rate, including the Promissory Note, for the six months ended June 30, 2016 was 3.21%

Moderate Leverage at Low Interest Costs No balloon payments until 2018

26

MANAGEMENT INCENTIVIZED TO ACHIEVE GROWTH

FOUNDER/CEO’S SUBSTANTIAL SHAREHOLDINGS ►The shareholder base as of August 1, 2016 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

27

COMPANY HIGHLIGHTS

EMERGING GROWTH - PURE PLAY PRODUCT TANKER COMPANY

 Competitive Cost Structure & Solid Balance Sheet  Experienced, Incentivized Management & Board  Attractive, Modern Fleet Including “Eco” Vessels  Reputable Customer Base & Diversified Chartering Strategy  Industry Fundamentals Continue to Look Favorable

NON-GAAP MEASURES AND DEFINITIONS

EXHIBIT I

29

EXHIBIT I | NON-GAAP MEASURES AND DEFINITIONS

(in thousands of U.S. Dollars) Three months ended June 30, 2015 2016 Reconciliation of Net income to EBITDA Net income $ 270 $ 407 Depreciation 1,436 1,434 Amortization of special survey costs 32 62 Interest and finance costs, net 632 705 EBITDA $ 2,370 $ 2,608

30

EXHIBIT I | NON-GAAP MEASURES AND DEFINITIONS

EBITDA represents the sum of net income, interest and finance costs, depreciation and amortization, and, if any, interest taxes during a period. EBITDA is not a recognized measurement under U.S. GAAP. EBITDA is presented as we believe that it provides investors with a means of evaluating and understanding how our management evaluates operating performance. This non- GAAP measure should not be considered in isolation from, as substitutes for, or superior to financial measures prepared in accordance with U.S. GAAP. In addition, this non-GAAP measure does not have a standardized meaning, and is 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

• f 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 expenses, including commissions by operating days for the relevant period. Voyage expenses 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 per day (“Opex”) are our vessel operating expenses for a vessel, which consist primarily 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. 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. 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. Ownership days are the total number of days in a period during which we owned each of the vessels in our fleet.

Continued

31

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