ON I AT NT SE COMPANY PRE MARCH 2016 DI SCL AI ME R F - - PDF document

COMPANY PRE SE NT AT I ON

MARCH 2016

2

DI SCL AI ME R

F ORWARD-L OOK I NG ST AT E ME NT S & I NF ORMAT I ON

T his pre se nta tio n c o nta ins fo rwa rd-lo o king sta te me nts a nd fo rwa rd-lo o king info rma tio n within the me a ning o f a pplic a b le se c uritie s la ws. T he use o f a ny o f the wo rds “e xpe c te d'', “b udg e t”, “sc he dule d”, “a ntic ipa te s”, “o utlo o k”, “is e stima te d”, “fo re c a sts”, “po te ntia l”, “o ng o ing ”, “ma y”, “will”, “po sitio ne d”, “sho uld”, “b e lie ve ”, “inte nds” a nd va ria tio ns o f the se te rms a nd simila r e xpre ssio ns, o r the ne g a tive o f the se te rms o r simila r e xpre ssio ns, a re inte nde d to ide ntify fo rwa rd-lo o king , info rma tio n o r sta te me nts. F

• rwa rd-lo o king info rma tio n is b a se d o n the o pinio ns, e xpe c ta tio ns

a nd e stima te s o f ma na g e me nt o f Pyxis T a nke rs I nc . (“we ” o r “o ur”) a t the da te the info rma tio n is ma de , a nd is b a se d

• n a numb e r o f a ssumptio ns a nd sub je c t to a va rie ty o f risks a nd unc e rta intie s a nd o the r fa c to rs tha t c o uld c a use

a c tua l e ve nts o r re sults to diffe r ma te ria lly fro m tho se pro je c te d in the fo rwa rd-lo o king info rma tio n. Altho ug h we b e lie ve tha t the e xpe c ta tio ns a nd a ssumptio ns o n whic h suc h fo rwa rd-lo o king sta te me nts a nd info rma tio n a re b a se d a re re a so na b le , yo u sho uld no t pla c e undue re lia nc e o n the fo rwa rd-lo o king sta te me nts a nd info rma tio n b e c a use we c a nno t g ive a ny a ssura nc e tha t the y will pro ve to b e c o rre c t. Sinc e fo rwa rd-lo o king sta te me nts a nd info rma tio n a ddre ss future e ve nts a nd c o nditio ns, b y the ir ve ry na ture the y invo lve inhe re nt risks a nd unc e rta intie s a nd a c tua l re sults a nd future e ve nts c o uld diffe r ma te ria lly fro m tho se a ntic ipa te d in suc h info rma tio n. F a c to rs tha t mig ht c a use o r c o ntrib ute to suc h disc re pa nc y inc lude , b ut a re no t limite d to , the risk fa c to rs de sc rib e d in o ur filing s with the Se c uritie s a nd E xc ha ng e Co mmissio n (the “SE C”). T he fo rwa rd-lo o king sta te me nts a nd info rma tio n c o nta ine d in this pre se nta tio n a re ma de a s o f the da te he re o f. We do no t unde rta ke a ny o b lig a tio n to upda te pub lic ly o r re vise a ny fo rwa rd-lo o king sta te me nts o r info rma tio n, whe the r a s a re sult o f ne w info rma tio n, future e ve nts o r o the rwise , e xc e pt in a c c o rda nc e with U.S. fe de ra l se c uritie s la ws a nd o the r a pplic a b le se c uritie s la ws. T his pre se nta tio n a nd a ny o ra l sta te me nts ma de in c o nne c tio n with it a re fo r info rma tio na l purpo se s o nly a nd do no t c o nstitute a n o ffe r to b uy o r se ll o ur se c uritie s. F

• r mo re c o mple te info rma tio n a b o ut us, yo u sho uld re a d the

info rma tio n in this pre se nta tio n to g e the r with o ur filing s with the SE C, whic h ma y b e a c c e sse d a t the SE C’ s we b site (http:/ / www.se c .g o v).

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COMPANY HI GHL I GHT S

E ME RGI NG GROWT H - PURE PL AY PRODUCT T ANK E R COMPANY

► Disc ipline d ship ma na g e me nt le a ds to sa fe a nd e ffic ie nt o pe ra tio ns a nd c o st

c o mpe titive re sults

► Co mpa ra b le to ta l da ily c a sh o pe ra tio na l c o sts to pe e r g ro up ► Mo de ra te c a pita liza tio n with lo w c o st, lo ng -live d b a nk de b t ► E

xc e ss b a la nc e she e t c a pa c ity to g ro w to nna g e thro ug h a c q uisitio ns

► Stro ng ma na g e me nt te a m with o ve r 70 ye a rs o f c o mb ine d shipping industry e xpe rie nc e ► F

• unde r/ CE

O ha s pro ve n tra c k re c o rd o f inve sting thro ug h va rio us shipping c yc le s a nd is a sub sta ntia l sha re ho lde r

► I

nde pe nde nt Bo a rd Me mb e rs c o nsist o f pro mine nt fig ure s in ma ritime industry a nd/ o r with sig nific a nt US c a pita l ma rke ts e xpe rie nc e – se e E xhib it I I – Bo a rd o f Dire c to rs

► Yo ung ta nke r fle e t o f 6 ve sse ls o n the wa te r with we ig hte d a ve ra g e a g e o f 4.8 ye a rs (dwt) ► F

• c us o n mo de rn me dium ra ng e (“MR”) pro duc t ta nke rs - o pe ra tio na l fle xib ility a nd

e xpe c te d future e nha nc e d e a rning s, e spe c ia lly due to the ir “e c o ” fe a ture s o r mo dific a tio ns

► Pursue po te ntia l sa le o r lo ng -te rm stra te g y fo r sma ll ta nke rs ► Built-in g ro wth – po te ntia lly 1 o r 2 a dditio na l MR’ s to b e de live re d b y dro p-do wns ► L

• ng -sta nding re la tio nships with re puta b le , first-c la ss c usto me rs wo rldwide

► Mixe d o pe ra ting stra te g y o f time c ha rte r a nd spo t ma rke t e xpo sure ► 2016 c ha rte r c o ve ra g e – 61% o f a va ila b le da ys ► Po sitio ne d to c a pita lize whe n spo t ra te s impro ve with fle xib ility to o b ta in a ttra c tive

lo ng e r te rm c ha rte rs

Compe titive Cost Struc ture & Solid Ba la nc e She e t E xpe rie nc e d, Inc e ntivize d Ma na g e me nt & Promine nt Boa rd Attra c tive , Mode rn F le e t inc luding “e c o” Ve sse ls Re puta ble Custome r Ba se & Dive rsifie d Cha rte ring Stra te g y

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COMPANY ST RAT E GY

QUAL I T Y, GROWT H, SE RVI CE & F L E XI BI L I T Y

► E

mplo y ve sse ls prima rily thro ug h time c ha rte rs (with a nd witho ut pro fit sha re ) a nd o n the spo t ma rke t

► Dive rsify c ha rte rs b y c usto me r a nd sta g g e re d dura tio n ► Po sitio n e mplo yme nt to c a pture upside during pe rio ds o f ma rke t stre ng th ► Me e t c ha rte re rs’ pre fe re nc e fo r mo de rn ta nke rs, whic h o ffe r mo re o pe ra ting re lia b ility a nd e ffic ie nc y ► F

• c us o n e c o -e ffic ie nt a nd e c o -mo difie d de sig ne d MR ve sse ls whic h pro vide lo we r fue l c o nsumptio n

a nd re duc e d e missio ns

► Ma inta in q ua lity fle e t thro ug h c o mpre he nsive pla nne d a nd pre ve ntive ma inte na nc e pro g ra ms ► Ma inta in hig h sta nda rds in o rde r to pro vide c usto me rs with hig h le ve l o f sa fe ty, c usto me r se rvic e a nd

suppo rt, while c o ntinuing ship le ve l fina nc ia l disc ipline

► F

• c us o n a c q uisitio n o f I

MO I I a nd I I I c la ss pro duc t ta nke rs o f e ig ht ye a rs o f a g e o r le ss b uilt in T ie r 1 Asia n shipya rds

► Po te ntia l a c q uisitio n o ppo rtunity o f o ne o r two MR ta nke rs o wne d/ c o ntro lle d b y a ffilia te s o f o ur CE

O Utilize Portfolio Approa c h for Comme rc ial E mployme nt Ma inta in Hig h Qua lity F le e t of Mode rn T a nke rs Grow F le e t Opportunistic a lly

► E

xpa nd fle e t b y ta rg e ting b a la nc e d c a pita l struc ture o f de b t a nd e q uity

► Ma inta in c o mme rc ia l b a nking a nd e xpa nd pub lic c a pita l ma rke ts re la tio nships Ma inta in F ina nc ia l F le xibility

5

F L E E T & E MPL OYME NT OVE RVI E W

ST ABL E , VI SI BL E CASH F L OWS WI T H UPSI DE OPPORT UNI T Y

Cha rte ring stra te g y pro vide s sta b le , visib le c a sh flo ws fro m time c ha rte rs a nd upside o ppo rtunity thro ug h spo t tra ding whe n ra te s impro ve

Ve sse l Shipya rd Ve sse l T ype Size (dwt) Ye a r Built T ype of Cha rte r Antic ipa te d Re de live ry Da te (1)

Pyxis E psilo n SPP / S.K

• re a

MR 50,295 2015 T ime Ja n. 2017 Pyxis T he ta SPP / S.K

• re a

MR 51,795 2013 T ime Se pt. 2016 Pyxis Ma lo u SPP / S.K

• re a

MR 50,667 2009 T ime June 2016 Pyxis De lta Hyunda i / S.K

• re a

MR 46,616 2006 T ime Se pt. 2016 No rthse a Alpha K e jin / China Sma ll T a nke r 8,615 2010 T ime Oc t. 2016 No rthse a Be ta K e jin / China Sma ll T a nke r 8,647 2010 Spo t N/ A

F le e t De ta ils (a s o f Ma rc h 1, 2016) F le e t E mployme nt Ove rvie w

1) E a c h time c ha rte r c o nta ins pro visio n tha t a llo ws fo r re de live ry +/ -30 da ys, e xc e pt the Pyxis De lta whic h a llo ws 15 da ys. Pyxis E psilo n’ s c ha rte re r ha s o ptio n to e xte nd c ha rte r o ne ye a r fo r $18,050/ da y. Pyxis T he ta ’ s c ha rte re r ha s o ptio n to e xte nd c ha rte r o ne ye a r fo r $16,600/ da y a nd a dditio na l ye a r fo r $17,600/ da y. Pyxis De lta ’ s c ha rte re r ha s e xe rc ise d its o ptio n to e xte nd the c ha rte r six mo nths e ffe c tive Ma rc h 4, 2016. T he se ta b le s a re da te d a s o f Ma rc h 1, 2016 a nd sho w g ro ss ra te s a nd do no t re fle c t c o mmissio ns pa ya b le .

61% o f a va ila b le da ys in 2016 a re unde r c ha rte r c o ve ra g e (65% with o ptio ns), a ve ra g e T / C dura tio n 7 mo nths

Ve sse l 2016 2017 2018

Pyxis E psilo n $16,575 / da y Pyxis T he ta $15,600 / da y Pyxis Ma lo u $18,200 / da y Pyxis De lta $18,000 / da y No rthse a Alpha $9,650 / da y No rthse a Be ta N/ A Spo t T ra de

SHIPYARDS BANKS

6

ST RONG RE L AT I ONSHI PS

QUAL I T Y VE SSE L S & OPE RAT I ONS, BL UE CHI P CUST OME RS, AT T RACT I VE L E NDI NG T E RMS

CUST OME RS

7

SE NI OR MANAGE ME NT

E XPE RI E NCE D T E AM WI T H DE CADE S OF E XPE RI E NCE

► Jo ine d Pyxis a ffilia te s in 2013; 18+ ye a rs e xpe rie nc e in stra te g ic c o rpo ra te shipping tra nsa c tio ns ► Pre vio us 5 ye a rs se c uritie s a nd M&A pa rtne r a t Wa tso n F

a rle y & Willia ms with pa rtic ula r fo c us in shipping industry

► Advise d o n c o mple x inte rna tio na l c o rpo ra te shipping tra nsa c tio ns in Ne w Yo rk o ffic e s o f Orric k,

He rring to n & Sutc liffe L L P a nd He a ly & Ba illie , L L P a nd in Ne w Yo rk a nd L

• ndo n o ffic e s o f We il, Go tsha l

& Ma ng e s L L P sinc e 1997

► F

• rme r me mb e r o f Bo a rd o f Go ve rno rs & Vic e Pre side nt o f the Co nne c tic ut Ma ritime Asso c ia tio n

► Jo ine d Pyxis a ffilia te s in 2008; 24+ ye a rs o f e xpe rie nc e in the shipping industry ► Co -fo unde r o f Na vb ulk Shipping S.A., a sta rt-up dry b ulk c o mpa ny ► 5 ye a rs a s F

ina nc ia l Dire c to r o f Ne ptune L ine s, a c a r c a rrie r c o mpa ny

► 16 ye a rs in va rio us fina nc ia l a nd o pe ra tio na l po sitio ns fo r o the r ship o wning a nd se rvic e s c o mpa nie s ► 25+ ye a rs o f e xpe rie nc e in o wning , o pe ra ting a nd ma na g ing within va rio us shipping se c to rs,

inc luding pro duc t, dry b ulk, c he mic a l, a s we ll a s sa lva g e a nd to wa g e

► F

• unde r o f Pyxis T

a nke rs in 2015 a nd Pyxis Ma ritime Co rp. in 2007

► F

• r the la st 15 ye a rs, Ma na g ing Dire c to r & Princ ipa l o f K

ONK AR SHI PPI NG AGE NCI E S S.A., a n Athe ns- b a se d dry b ulk o wne r-o pe ra to r e sta b lishe d in 1968

► Jo ine d Pyxis a ffilia te s in 2015; 35 ye a rs o f c o mme rc ia l, inve stme nt a nd me rc ha nt b a nking e xpe rie nc e ► Pre vio us inve stme nt b a nking po sitio ns inc lude No rde a Ma rke ts (Oslo & NY)–Glo b a l Se c to r He a d-

Shipping , a nd Oppe nhe ime r (NY)–He a d o f E ne rg y & T ra nspo rta tio n Antonios “T

• ny”

Ba c kos SVP for Corpora te De ve lopme nt, Ge ne ra l Counse l & Se c re ta ry Konsta ntinos “Kosta s” L ytra s Chie f Ope ra ting Offic e r Va le ntios “E ddie ” Va le ntis Cha irma n & CE O He nry Willia ms CF O & T re a sure r

PYXI S ORGANI ZAT I ONAL ST RUCT URE

L E AN, E F F I CI E NT ORGANI ZAT I ONAL ST RUCT URE

► Our stre a mline d struc ture a llo ws ma na g e me nt to minimize c o sts a nd fo c us o n c re a ting lo ng te rm

sha re ho lde r va lue

► PYXI

S MARI T I ME

• CORP. (“Ma ritime ”), the ta nke r ma na g e me nt c o mpa ny fo unde d b y o ur CE

O, pro vide s the se rvic e s o f o ur e xe c utive o ffic e rs a nd o the r a dministra tio n fo r a fixe d ye a rly fe e a nd pe rfo rms c o mme rc ia l ma na g e me nt a nd supe rvise s te c hnic a l ma na g e me nt o f o ur fle e t

► Ve ry c o st c o mpe titive ship ma na g e me nt fe e s pro vide sa fe a nd e ffic ie nt o pe ra ting re sults c o mpa re d

to pe e rs

► Ma ritime supe rvise s c o mme rc ia l ma na g e me nt o f No rthse a Alpha a nd No rthse a Be ta b y No rth Se a

T a nke rs BV, a n una ffilia te d 3rd pa rty

► We o utso urc e da y-to -da y te c hnic a l ma na g e me nt o f a ll o f o ur ve sse ls to una ffilia te d 3rd pa rty,

I nte rna tio na l T a nke rs Ma na g e me nt (“I T M”), a n I SO c e rtifie d ma na g e r

Administra tive , Co mme rc ia l & Ship Ma na g e me nt Se rvic e s(1) Administra tive & Ship Ma na g e me nt F e e s

(1) Pro vide s the c o mme rc ia l ma na g e me nt fo r the Pyxis E psilo n, Pyxis T he ta , Pyxis Ma lo u a nd the Pyxis De lta a nd supe rvise s the c re wing a nd te c hnic a l ma na g e me nt pe rfo rme d b y I T M fo r a ll o ur ve sse ls a nd the c ha rte ring o f the No rthse a Alpha a nd the No rthse a Be ta , whic h is pe rfo rme d b y NST (2) Pro vide s c o mme rc ia l ma na g e me nt fo r the No rthse a Alpha a nd No rthse a Be ta (3) Pro vide s te c hnic a l ma na g e me nt fo r a ll o ur ve sse ls

No rthse a Alpha / Be ta Ma na g e me nt(2) T e c hnic a l Ma na g e me nt(3)

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Qua lity, Cost E ffe c tive Ship Ma na g e me nt Se rvic e s

MARK E T OVE RVI E W

PRODUCT T ANK E R I NDUST RY

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PRODUCT MARK E T S OVE RVI E W

SUMMARY

S

• urc e s: * Dre wry

► Our ve sse ls tra nspo rt re fine d pe tro le um pro duc ts (kno wn a s “CPP” o r “c le a n pe tro le um pro duc ts”

inc luding g a so line , die se l o il, g a so il a nd je t fue l a s we ll a s “DPP” o r “dirty pe tro le um pro duc ts” suc h a s fue l o il) a nd c e rta in b ulk liq uids suc h a s e dib le o ils a nd c e rta in spe c ific c he mic a ls

► F

ro m 2005 to 2015, se a b o rne tra de o f re fine d pro duc ts g re w b y a n a nnua l c o mpo und g ro wth ra te o f 3.7% (“CAGR”) to a ppro xima te ly 905 millio n to ns a nd e dib le o ils a nd o the r b ulk liq uids b y a CAGR o f 3.7% to a b o ut 220 millio n to ns; pro duc t ta nke r to n mile de ma nd g re w b y a CAGR o f 5.5%

► As o f Ja nua ry 2016, the wo rldwide fle e t o f ta nke rs tha t c a rry suc h c a rg o e s c o nsiste d o f 2,428 ve sse ls

with 135.5 millio n dwt (e xc luding ta nke rs b e lo w 10,000 dwt)*

• I

nte rna tio na l Ma ritime Org a niza tio n ra te d “I MO-I I a nd I I I ” spe c ific a tio n ve sse ls a re a b le to c a rry e a sy c he mic a ls, ve g e ta b le o ils a nd b io -fue ls

• L

a rg e r ta nke rs re pre se nt a ma jo rity o f to ta l wo rldwide c a pa c ity

• MR1 o r Me dium Ra ng e 1 ta nke rs a re typic a lly 25,000 – 36,999 dwt
• MR2 o r Me dium Ra ng e 2 ta nke rs a re typic a lly 37,000 – 54,999 dwt
• L

R1 o r L

• ng -Ra ng e 1 ta nke rs a re typic a lly 55,000 – 79,999 dwt
• L

R2 o r L

• ng -Ra ng e 2 ta nke rs a re typic a lly 80,000+ dwt

 Cha rte r ra te s a nd sta b le o pe ra ting c o sts le d to hig he r pro duc t ta nke r e a rning s in 2015; po sitive

• utlo o k fo r 2016

11

PRODUCT T ANK E R I NDUST RY

DE MAND

S

• urc e s: * I

MF re po rt January 2016; ** Dre wry

► So lid wo rldwide GDP g ro wth e xpe c te d in ne a r-te rm: 3.4% in 2016 a nd 3.6% in 2017* ► Se a b o rne pro duc t tra de a nd to n mile de ma nd inc re a se d 2.5% a nd 4.2% in 2015, re spe c tive ly.** Ma jo r

fa c to rs inc lude :

• T

he shift o f re fine rie s a wa y fro m po ints o f c o nsumptio n re sulting in g re a te r to n-mile de ma nd, e spe c ia lly fo r la rg e r ta nke rs

• Re fine d pro duc t tra de is muc h mo re c o mplic a te d tha n c rude o il tra de due to re fine ry c a pa c ity

a nd te c hno lo g y, g o ve rnme nt re g ula tio ns o f fue l sta nda rds a nd a rb itra g e o ppo rtunitie s

• L
• we r c rude / fe e dsto c k pric e s g e ne ra te po sitive re fine ry c ra c k spre a ds a nd inc re me nta l de ma nd

fo r b ro a d ra ng e o f CPP

► Gro wth in ne t re fining c a pa c ity is e xpe c te d to drive the de ma nd fo r pro duc t ta nke rs b a se d o n the

fo llo wing o ng o ing tre nds:

• U.S. ha s b e c o me a ma jo r supplie r o f g a so il/ die se l a nd g a so line in the Atla ntic Ba sin ma rke t
• E

me rg ing ma rke ts in So uth Ame ric a a nd Afric a , whic h ha ve little to no re fining c a pa c ity, re q uire CPP to fue l the ir e c o no mie s

• T

he c lo sure o f ine ffic ie nt E uro pe a n re fine rie s, impro ving E uro pe a n do me stic de ma nd a nd stric te r fue l a nd e nviro nme nta l sta nda rds a re c re a ting a stro ng impo rt a nd e xpo rt ma rke t fo r va rio us c le a n pro duc ts

• Glo b a l a do ptio n o f sta nda rdize d CPP spe c ific a tio ns a re inc re a sing tra ding o ppo rtunitie s
• E

xpa nsio n o f ne w re fine rie s in the Middle E a st a nd I ndia fo c using o n re fine d pro duc t e xpo rts

12

PRODUCT T ANK E R I NDUST RY

MR SUPPL Y

*S

• urc e : Dre wry

► As o f Ja nua ry 2016, the wo rldwide MR fle e t sto o d a t 1,661 ta nke rs with 75.7 millio n dwt a nd a vg . a g e

~9 yrs.*

► T

• ta l MR o rde rb o o k ha s fa lle n fro m hig h o f ~58% in 2008 to 13.2% o f the e xisting g lo b a l fle e t. MR2
• rde rb o o k c o nsiste d o f 209 ta nke rs o f whic h o ve r 50% is sc he dule d to b e de live re d in 2016*

► Shipb uilding c a pa c ity b o o ke d into la te 2017:

• Curre nt MR2 ne wb uild c o nstruc tio n pric e s o f a ppro xima te ly $35 - 36 millio n, b e lo w 10 ye a r

a ve ra g e pric e with limite d ne w o rde rs

• Wo rldwide MR fle e t is e xpe c te d to g ro w o n a ve ra g e 5.5%/ ye a r in 2016 a nd 2017, e xc lusive o f

sc ra pping o f o lde r ve sse ls a nd de la ys in ne w ve sse l de live rie s*

• Mo st o f the priva te e q uity b a c ke d o rde rs ha ve b e e n de live re d
• Ac c e ss to c o st-e ffe c tive c a pita l still impo rta nt fa c to r in funding ne wb uild de live rie s

► L

e ve l o f sc ra pping will a ffe c t future supply:

• Only 3 MR ta nke rs we re re mo ve d fro m the g lo b a l fle e t in 2015*
• But, 5.5% o f wo rldwide MR fle e t is 20+ ye a rs o f a g e

13

SOL I D OUT L OOK

MR2 CHART E R RAT E S, RUNNI NG COST S & ASSE T VAL UE S

* Dre wry

► 1,538 MR2 ve sse ls (37-54,999 dwt) re pre se nt o ve r 53% o f g lo b a l fle e t o f pro duc t ta nke rs ► Cha rte r ra te s impro ve d in 2015 a nd a re c urre ntly a b o ve 8 yr. a vg . b ut sig nific a ntly b e lo w pe a k ► He a lthy MR2 c ha rte ring e nviro nme nt*:

2015 Ja n 2016

Avg . Spo t ra te s / da y (Ca rib s- USAC) $20,400 $19,600 Avg . 1 yr. time c ha rte r $17,271 $18,500

► Ve sse l running c o sts impro ving :

• Sta b le o pe ra ting c o sts with little infla tio n a nd dra ma tic a lly lo we r b unke r fue l a nd lub ric a nt

c o sts (de pe nding o n lo c a tio n 50-67% de c line sinc e 2014)

► I

nc re a sing ship va lue s:

• Re -sa le o f ne wb uild MR2 with pro mpt de live ry is e stima te d $36 - 37 millio n, a t le a st $1-2 millio n

diffe re nc e fo r ya rd de live ry in la te 2017

• F

ive ye a r o ld MR2 va lue s ro se in 2015 b ut a re b e lo w 10 yr. a vg .

• Curre nt e stima te d va lue s a ppro x. $27 Millio n

PYXI S T ANK E RS

F I NANCI AL SUMMARY

15

UNAUDI T E D I NCOME ST AT E ME NT

T WE L VE MONT HS E NDE D DE CE MBE R 31, 2014 & 2015

T we lve Months e nde d De c e mbe r 31, 2014 De c e mbe r 31, 2015

I n ‘000 U S D e xc e pt pe r share data

Voya g e re ve nue s $27,760 $33,170

Vo ya g e c o sts (10,030) (4,725) Ve sse l o pe ra ting e xpe nse s (11,064) (13,188) Ge ne ra l & a dm. e xpe nse s (93) (1,773) Ma na g e me nt fe e s (1,533) (1,638) De pre c ia tio n & a mo rtiza tio n (5,649) (5,884) I mpa irme nt (16,903)

• Ope ra ting inc ome

(17,539) 5,962

I nte re st a nd fina nc e c o sts (1,704) (2,531) Othe r I nc o me _____-___ 74

Ne t inc ome / (loss) (19,243) 3,505 E PS $(1.05) $0.19 T CE / day * $10,466 $13,600 Numbe r of Ships a t e nd of pe riod 5 6 Utiliza tion * 93.8% 97.9% Adjuste d E BIT DA (’000) * $5,040 $12,063

* Ple ase se e E xhibit I – No n- GAAP Me asure s and De finitio ns

Hig he r E a rning s fro m Re ve nue Gro wth

16

UNAUDI T E D I NCOME ST AT E ME NT

T HRE E MONT HS E NDE D DE CE MBE R 31, 2014 & 2015

T hre e Months e nde d De c e mbe r 31, 2014 De c e mbe r 31, 2015

I n ‘000 U S D e xc e pt pe r share data

Voya g e re ve nue s $7,175 $8,370

Vo ya g e c o sts (2,170) (1,263) Ve sse l o pe ra ting e xpe nse s (2,602) (3,133) Ge ne ra l & a dm. e xpe nse s (48) (741) Ma na g e me nt fe e s (386) (414) De pre c ia tio n & a mo rtiza tio n (1,414) (1,512) I mpa irme nt (16,930)

• Ope ra ting inc ome

(16,375) 1,307

I nte re st a nd fina nc e c o sts (400) (673)

Ne t inc ome / (loss) (16,775) 634 E PS $(0.92) $0.03 T CE / day * $11,218 $13,612 Numbe r of Ships a t e nd of pe riod 5 6 Utiliza tion * 97.0% 94.6% Adjuste d E BIT DA (‘000) * $1,969 $2,962

* Ple ase se e E xhibit I – No n- GAAP Me asure s and De finitio ns

Sig nific a nt E BI T DA Gro wth

17

RE CE NT DAI L Y F L E E T DAT A

T HRE E & T WE L VE MONT HS E NDE D DE CE MBE R 31, 2014 & 2015

Co st E ffe c tive , Sa fe Ope ra tio ns

(a mo unts in $) Ye a r e nde d De c e mb e r 31, T hre e Mo nths E nde d De c e mb e r 31, 2014 2015 2014 2015 E c o -E ffic ie nt MR2:(2 units)

Ave ra g e T CE * 15,210 15,631 15,210 15,672 Ope x * 5,584 6,430 5,134 5,771 Utiliza tio n % * 100.0% 99.4% 100.0% 100.0%

E c o -Mo difie d MR2:(1 unit)

T CE 12,596 17,480 14,075 15,109 Ope x 6,802 6,461 5,976 6,229 Utiliza tio n % 86.4% 91.3% 87.0% 72.8%

Sta nda rd MR2:(1 unit)

T CE 12,019 17,237 13,265 19,003 Ope x 6,739 6,325 6,904 6,141 Utiliza tio n % 95.4% 100.0% 99.7% 100.0%

Ha ndysize T a nke rs:(2 units)

Ave ra g e T CE 6,200 7,622 6,926 8,167 Ope x 5,581 5,358 5,088 5,071 Utiliza tio n % 93.4% 98.6% 99.2% 97.4%

F le e t:(6 units)

T CE 10,466 13,600 11,218 13,612 Ope x 6,062 6,058 5,657 5,676 Utiliza tio n % 93.8% 97.9% 97.0% 94.6%

* Ple ase se e E xhibit I – No n- GAAP Me asure s and De finitio ns

18

T OT AL DAI L Y OPE RAT I ONAL COST S/ VE SSE L

T HRE E MONT HS E NDE D DE CE MBE R 31, 2015

Our T

• ta l Da ily

Ope ra tio na l Co sts a re Co mpa ra b le

• r Be tte r tha n o ur

Pe e rs

E c o- Modifie d E c o- E ffic ie nt

(amo unts in $/ day)

OPE X $6,229 $5,771 T e c hnic a l & Co mme rc ia l Ma na g e me nt F e e s 750 750 Ca sh G&A E xpe nse s * 1,083 1,083 T

• ta l Da ily Ope ra tio na l Co sts/ Ve sse l

$8,062 $7,604

* Cash G&A E xpe nse s e quals Ge ne ral & administrative e xpe nse s o f $741,000 le ss no n-c ash sto c k c o mpe nsatio n o f $143,000 divide d by six tanke rs divide d by 92 days fo r the pe rio d

19

CAPI T AL I ZAT I ON

AT DE CE MBE R 31, 2015

At De c e mbe r 31, 2015

I n ‘000 U S D Ca sh a nd c a sh e q uiva le nts(1) $ 8,622 T

• ta l de b t(2)

83,051 Sha re ho lde rs' e q uity 54,566

T

• ta l Ca pita liza tion

$ 137,617

Ne t de b t $ 74,429

De bt/ T

• ta l Ca pita liza tion

60.3% Ne t De bt/ T

• ta l Ca pita liza tion

54.1%

(1) I nc lude s re stric te d c ash (2) We ighte d ave rage inte re st rate o f 2.78% at De c e mbe r 31, 2015

Mo de ra te Appro a c h to L e ve ra g e a t L

• w I

nte re st Co sts

20

MANAGE ME NT I NCE NT I VI ZE D T O ACHI E VE GROWT H

F OUNDE R/ CE O’ S SUBST ANT I AL SHARE HOL DI NGS

► T

he sha re ho lde r b a se a s o f Ma rc h 1, 2016 wa s:

• Ma ritime I

nve sto rs (a ffilia te o f o ur CE O) 17,002,445 (93.2% o f o utsta nding )

• Pub lic

931,761 (5.1%)

• Ma xim Gro up

310,465 (1.7%)

• T
• ta l Sha re s Outsta nding

18,244,671 (100%)

► Our c o mmo n sha re s a re liste d o n NASDAQ Ca pita l Ma rke ts unde r tra ding symb o l “PXS” ► Our F

• unde r/ CE

O ha s sub sta ntia l sha re ho lding s a nd his inte re sts a re a lig ne d with o ur o the r sha re ho lde rs

21

COMPANY HI GHL I GHT S

E ME RGI NG GROWT H - PURE PL AY PRODUCT T ANK E R COMPANY

► Disc ipline d ship ma na g e me nt le a ds to sa fe a nd e ffic ie nt o pe ra tio ns a nd c o st

c o mpe titive re sults

► Mo de ra te c a pita liza tio n with lo w c o st, lo ng -live d b a nk de b t ► E

xc e ss b a la nc e she e t c a pa c ity to g ro w to nna g e thro ug h a c q uisitio ns

► Stro ng ma na g e me nt te a m with o ve r 70 ye a rs o f c o mb ine d shipping industry e xpe rie nc e ► F

• unde r/ CE

O ha s pro ve n tra c k re c o rd o f inve sting thro ug h va rio us shipping c yc le s a nd is a sub sta ntia l sha re ho lde r

► I

nde pe nde nt Bo a rd Me mb e rs c o nsist o f pro mine nt fig ure s in ma ritime industry a nd/ o r with sig nific a nt US c a pita l ma rke ts e xpe rie nc e

► Yo ung ta nke r fle e t o f 6 ve sse ls o n the wa te r with we ig hte d a ve ra g e a g e o f 4.8 ye a rs (dwt) ► F

• c us o n mo de rn me dium ra ng e (“MR”) pro duc t ta nke rs - o pe ra tio na l fle xib ility a nd

e xpe c te d future e nha nc e d e a rning s, e spe c ia lly due to “e c o ” fe a ture s o r mo dific a tio ns

► Pursue po te ntia l sa le o r lo ng -te rm stra te g y fo r sma ll ta nke rs ► Built-in g ro wth – po te ntia lly 1 o r 2 a dditio na l MR’ s to b e de live re d b y dro p-do wns ► L

• ng -sta nding re la tio nships with re puta b le , first-c la ss c usto me rs wo rldwide

► Mixe d o pe ra ting stra te g y o f time c ha rte r a nd spo t ma rke t e xpo sure ► Po sitio ne d to c a pita lize whe n spo t ra te s impro ve with fle xib ility to o b ta in a ttra c tive

lo ng e r te rm c ha rte rs

► 2016 c ha rte r c o ve ra g e – 61% o f a va ila b le da ys

Compe titive Cost Struc ture & Solid Ba la nc e She e t E xpe rie nc e d, Inc e ntivize d Ma na g e me nt & Promine nt Boa rd Attra c tive , Mode rn F le e t inc luding “e c o” Ve sse ls Re puta ble Custome r Ba se & Dive rsifie d Cha rte ring Stra te g y

22

CONT ACT

Pyxis T a nke rs Inc .

K .K a ra ma nli 59 Ma ro ussi 15125, Gre e c e E ma il: info @ pyxista nke rs.c o m www.pyxista nke rs.c o m

He nry Willia ms

CF O & T re a sure r Pho ne : +1 516 455 0106/ +30 210 638 0200 E ma il: hwillia ms@ pyxista nke rs.c o m

Antonios “T

• ny” Ba c kos

SVP fo r Co rpo ra te De ve lo pme nt, Ge ne ra l Co unse l a nd Se c re ta ry Pho ne : +30 210 638 0180 E ma il: a b a c ko s@ pyxista nke rs.c o m

23

E XHI BI T I | NON-GAAP ME ASURE S AND DE F I NI T I ONS

Ye a r E nde d T hre e months E nde d (In thousa nds of U.S. Dolla rs)

De c e mb e r 31, 2014 De c e mb e r 31, 2015 De c e mb e r 31, 2014 De c e mb e r 31, 2015 Re c o nc iliatio n o f Ne t inc o me to Adjuste d EBIT DA Ne t inc o me / (lo ss) $ (19,243) $ 3,505 $ (16,774) $ 634 De pre c ia tio n 5,446 5,710 1,373 1,450 Amo rtiza tio n o f spe c ia l surve y c o sts 203 174 40 62 I nte re st a nd fina nc e c o sts, ne t 1,704 2,531 400 673 Ve sse l impa irme nt c ha rg e 16,930 — 16,930 — Sto c k c o mpe nsa tio n — 143 — 143

Adjuste d E BIT DA

$ 5,040 $ 12,063 $ 1,969 $ 2,962 Adjuste d E BI T DA, whic h is no t a re c o g nize d me a sure me nt unde r U.S. GAAP, is re c o nc ile d b e lo w to its ne a re st GAAP e q uiva le nt. Adjuste d E BI T DA re pre se nts ne t inc o me b e fo re inte re st, inc o me ta x e xpe nse , de pre c ia tio n, a mo rtiza tio n, ve sse l impa irme nt c ha rg e a nd sto c k c o mpe nsa tio n. Adjuste d E BI T DA is pre se nte d a s we b e lie ve tha t it pro vide s inve sto rs with a me a ns o f e va lua ting a nd unde rsta nding ho w o ur ma na g e me nt e va lua te s o pe ra ting pe rfo rma nc e . T his no n-GAAP me a sure sho uld no t b e c o nside re d in iso la tio n fro m, a s sub stitute s fo r, o r supe rio r to fina nc ia l me a sure s pre pa re d in a c c o rda nc e with U.S.GAAP. I n a dditio n, this no n-GAAP me a sure do e s no t ha ve a sta nda rdize d me a ning , a nd is the re fo re , unlike ly to b e c o mpa ra b le to simila r me a sure s pre se nte d b y o the r c o mpa nie s.

24

E XHI BI T I | NON-GAAP ME ASURE S AND DE F I NI T I ONS

Da ily time c ha rte r e q uiva le nt (“T CE ”) is a sta nda rd shipping industry pe rfo rma nc e me a sure o f the a ve ra g e da ily re ve nue pe rfo rma nc e o f a ve sse l o n a pe r vo ya g e b a sis. T CE is no t c a lc ula te d in a c c o rda nc e with U.S. GAAP. We utilize T CE b e c a use we b e lie ve it is a me a ning ful me a sure to c o mpa re pe rio d-to -pe rio d c ha ng e s in o ur pe rfo rma nc e de spite c ha ng e s in the mix

• f c ha rte r type s (i.e ., spo t c ha rte rs, time c ha rte rs a nd b a re b o a t c ha rte rs) unde r whic h o ur ve sse ls ma y b e e mplo ye d b e twe e n

the pe rio ds. Our ma na g e me nt a lso utilize s T CE to a ssist the m in ma king de c isio ns re g a rding e mplo yme nt o f the ve sse ls. We b e lie ve tha t o ur me tho d o f c a lc ula ting T CE is c o nsiste nt with industry sta nda rds a nd is de te rmine d b y dividing vo ya g e re ve nue s a fte r de duc ting vo ya g e e xpe nse s, inc luding c o mmissio ns b y o pe ra ting da ys fo r the re le va nt pe rio d. Vo ya g e e xpe nse s prima rily c o nsist o f b ro ke ra g e c o mmissio ns, po rt, c a na l a nd fue l c o sts tha t a re uniq ue to a pa rtic ula r vo ya g e , whic h wo uld o the rwise b e pa id b y the c ha rte r unde r a time c ha rte r c o ntra c t. Ve sse l o pe ra ting e xpe nse s pe r da y (“Ope x”) a re o ur ve sse l o pe ra ting e xpe nse s fo r a ve sse l, whic h c o nsist prima rily o f c re w wa g e s a nd re la te d c o sts, insura nc e , lub e o ils, c o mmunic a tio ns, spa re s a nd c o nsuma b le s, to nna g e ta xe s a s we ll a s re pa irs a nd ma inte na nc e , divide d b y the da ys in the a pplic a b le pe rio d. We c a lc ula te fle e t utiliza tio n b y dividing the numb e r o f o pe ra ting da ys during a pe rio d b y the numb e r o f a va ila b le da ys during the sa me pe rio d. T he shipping industry use s fle e t utiliza tio n to me a sure a c o mpa ny’ s e ffic ie nc y in finding suita b le e mplo yme nt fo r its ve sse ls a nd minimizing the a mo unt o f da ys tha t its ve sse ls a re o ff-hire fo r re a so ns o the r tha n sc he dule d re pa irs o r re pa irs unde r g ua ra nte e , ve sse l upg ra de s, spe c ia l surve ys a nd inte rme dia te dry-do c king s o r ve sse l po sitio ning . Ope ra ting da ys a re the numb e r o f a va ila b le da ys in a pe rio d, le ss the a g g re g a te numb e r o f da ys tha t o ur ve sse ls we re o ff- hire o r o ut o f se rvic e due to a ny re a so n, inc luding te c hnic a l b re a kdo wns a nd unfo re se e n c irc umsta nc e s. Ava ila b le da ys a re the numb e r o f o wne rship da ys in a pe rio d, le ss the a g g re g a te numb e r o f da ys tha t o ur ve sse ls we re o ff-hire due to sc he dule d re pa irs o r re pa irs unde r g ua ra nte e , ve sse l upg ra de s o r spe c ia l surve ys a nd inte rme dia te dry-do c king s a nd the a g g re g a te numb e r o f da ys tha t we spe nt po sitio ning o ur ve sse ls during the re spe c tive pe rio d fo r suc h re pa irs, upg ra de s a nd surve ys. Owne rship da ys a re the to ta l numb e r o f da ys in a pe rio d during whic h we o wne d e a c h o f the ve sse ls in o ur fle e t.

Co ntinue d

25

E XHI BI T I I | BOARD OF DI RE CT ORS

ME MBE RS WI T H DE CADE S OF E XPE RI E NCE

► 30+ ye a rs o f shipping industry e xpe rie nc e ► Sinc e 2005, ha s b e e n Cha irma n & CE

O o f E uro se a s L

• td. (NASDAQ: E

SE A), a dry b ulk a nd c o nta ine r ship c o mpa ny

► Pre side nt o f E

uro c ha rt a nd E uro b ulk, a ffilia te s o f E uro se a s, sinc e 1992 a nd 1995, re spe c tive ly

► F

ro m 1990 to 1994, se rve d a s the Assista nt to the Ge ne ra l Ma na g e r a nd He a d o f the Pla nning De pa rtme nt

• f Va rima I

nte rna tio na l SA, a ta nke r ve sse l c o mpa ny, a nd the n Vic e Pre side nt o f Oc e a nb ulk Ma ritime SA, a ship ma na g e me nt c o mpa ny

► Shipping industry e xpe rie nc e o f 45 ye a rs ► Sinc e 1970 ha s wo rke d a t Cha rle s R. We b e r Co mpa ny I

nc ., o ne o f the o lde st a nd la rg e st ta nke r b ro ke ra g e s a nd ma rine c o nsulta nts in the U.S. a nd c urre ntly se rve s a s dire c to r o f Ge nc o Shipping & T ra ding (NYSE : GNK ), a dry b ulk c o mpa ny, a nd Ma na g ing Dire c to r o f We b e rSe a s (He lla s) S.A., a c o mpre he nsive Sa le & Purc ha se , ne wb uilding , ma rine pro je c ts a nd ship fina nc e b ro ke r b a se d in Pira e us, Gre e c e

► Se rve s o n the b o a rd o f industry a sso c ia tio ns inc lud ing I

nte rta nko a nd the Asso c ia tio n o f Ship Bro ke rs a nd Ag e nts, a nd pa st dire c to r o f two NASDAQ liste d c o mpa nie s

► Shipping fina nc e a nd inve stme nt b a nking e xpe rie nc e sinc e 1995 ► F

• unde r o f Auld Pa rtne rs L

td, a b o utiq ue shipping a nd fina nc e a dviso ry firm

► F

ro m 2011 to 2012, Ma na g ing Dire c to r (p a rtne r) o f Na vig o s Ca pita l Ma na g e me nt, a n a sse t ma na g e me nt firm fo c use d o n shipping se c to r

► Until Oc to b e r 2011, Glo b a l He a d o f Shipping a t HSH No rdb a nk, the la rg e st le nde r the n g lo b a lly to shipping ► 30 ye a rs o f pro fe ssio na l inve stme nt a dviso ry e xpe rie nc e ; a Cha rte re d F

ina nc ia l Ana lyst

► Pre side nt & CE

O o f MGT Ca pita l I nve stme nts, I nc . (NYSE : MGT ) sinc e 2012 a nd pa st dire c to r o f two NASDAQ liste d c o mpa nie s

► Ma na g ing me mb e r o f L

a ddc a p Va lue Adviso rs, L L C, a n inve stme nt ma na g e r

► 18 ye a rs with Ne ub e rg e r Be rma n, inc luding a s Ma na g ing Dire c to r Aristide s J. Pitta s Ba sil G. Ma vrole on Robin P. Da s Robe rt B. L a dd ► Se e Se nio r Ma na g e me nt slide Va le ntios “E ddie ” Va le ntis