COMPANY PRESENTATION March 2017
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 on 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). 2
COMPANY HIGHLIGHTS EMERGING GROWTH - PURE PLAY PRODUCT TANKER COMPANY ► Focus on modern medium range (“MR”) product tankers with “eco” features Attractive, Modern ► Young tanker fleet of six IMO-certified vessels with weighted average age of 5.8 Fleet years (dwt) ► Management may pursue a sale or other strategy relating to the small tankers ► Long-standing relationships with reputable, first-class customers worldwide Reputable Customer ► As of March 1, 2017, 18% of remaining available chartering days in 2017 are Base & Diversified covered Chartering Strategy ► Positioned to capitalize when spot rates improve ► Disciplined, substantially fixed cost structure creates greater earnings power when Competitive Cost Structure & rates improve Moderate ► Competitive total daily operational costs to peer group Capitalization ► Moderate capitalization with low cost, long-lived bank debt ► Strong management team with 100+ years of combined industry and capital Experienced, markets experience Incentivized ► Founder/CEO has proven track record and is a substantial shareholder Management ► Board Members consist of prominent industry figures and/or with significant & Board experience 3
COMPANY STRATEGY QUALITY, GROWTH, SERVICE & FLEXIBILITY ► Focus on acquisition of IMO II and III MR2 class product tankers of eight Grow the Fleet years of age or less built in Tier 1 Asian shipyards Opportunistically ► Meet charterers’ preference for modern and eco tankers, which offer more Focus on the Needs operating reliability and efficiency of our Customers ► Maintain high standards to ensure high level of safety, customer service and support, while continuing ship level financial discipline Utilize Portfolio ► Employ vessels primarily through time charters and on the spot market Approach to ► Maintain optionality - substantial spot exposure currently offers upside during Commercial periods of market strength Management ► Diversify charters by customer and staggered duration ► Expand fleet by targeting balanced capital structure of debt and equity Maintain Financial ► Maintain commercial banking and expand capital markets relationships Flexibility 4
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 Fleet Details Vessel Type of Anticipated Vessel Shipyard Size (dwt) Year Built Redelivery Date (1) Type Charter 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 As of March 1, 2017, 18% of anticipated available days for the remainder of 2017 are covered. Fleet Employment Overview 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 (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. 5
STRONG RELATIONSHIPS QUALITY VESSELS & OPERATIONS BLUE CHIP CUSTOMERS ATTRACTIVE LENDING TERMS SHIPYARDS CUSTOMERS BANKS 6
SENIOR MANAGEMENT EXPERIENCED TEAM WITH DECADES OF EXPERIENCE ► 25+ years of experience in owning, operating and managing within various shipping sectors, including product, dry bulk, chemical, as well as salvage and towage Valentios “Eddie” ► Founder of Pyxis Tankers in 2015 and Pyxis Maritime Corp. in 2007 Valentis ► For the last 16 years, Managing Director & Principal of KONKAR SHIPPING AGENCIES S.A., an Athens- Chairman & CEO based dry bulk owner-operator established in 1968 ► Joined Pyxis affiliates in 2015; 35 years of commercial, investment and merchant banking experience Henry Williams ► Previous investment banking positions include Nordea Markets (Oslo & NY) – Global Sector Head- CFO & Treasurer Shipping, and Oppenheimer (NY) – Head of Energy & Transportation ► Joined Pyxis affiliates in 2008; 25+ years of experience in the shipping industry Konstantinos ► Co-founder of Navbulk Shipping S.A., a start-up dry bulk company “Kostas” Lytras ► 5 years as Financial Director of Neptune Lines, a car carrier company Chief Operating ► 16 years in various financial and operational positions for other ship owning and services companies Officer ► Joined Pyxis affiliates in 2013; 19+ years experience in strategic corporate shipping transactions Antonios “Tony” ► Previous 5 years securities and M&A partner at Watson Farley & Williams with particular focus in Backos shipping industry SVP for Corporate ► Advised on complex international corporate shipping transactions in New York offices of Orrick, Development, Herrington & Sutcliffe LLP and Healy & Baillie, LLP and in New York and London offices of Weil, Gotshal General Counsel & & Manges LLP since 1997 Secretary ► Former member of Board of Governors & Vice President of the Connecticut Maritime Association 7
PYXIS ORGANIZATIONAL STRUCTURE LEAN, EFFICIENT ORGANIZATIONAL STRUCTURE 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 operating results compared to peers Administrative, Commercial & Ship Management Services (1) Technical Management (2) 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 8
MARKET OVERVIEW PRODUCT TANKER INDUSTRY
PRODUCT MARKETS OVERVIEW REFINED PRODUCTS OVERVIEW Crude tankers carry only crude oil and Crude fuel oils. Refined Products Dirty Bitumen Products Most products tankers can switch between clean and dirty products Fuel Oil when the tanks are carefully cleaned. Gasoil is a good clean up cargo when Cycle Oils switching from dirty to clean products. Diesel/Gasoil Kerosene More sophisticated product tankers Gasolines work at this end of the market, some with the ability to carry products and Clean Condensates certain chemicals. Clean Naphthas Products Non-oil substances now covered by Veg revised IBC Code. To carry chemicals, Oils/Chemicals an IMO Certificate of Fitness is required. Source: Drewry 10
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