COMPANY PRESENTATION January 2018
DISCLAIMER FORWARD-LOOKING STATEMENTS & INFORMATION This presentation contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The words “expected'', “estimated”, “scheduled”, “could”, “anticipated”, “long - term”, “opportunities”, “potential”, “continue”, “likely”, “may”, “will”, “positioned”, “possible”, “believe”, “expand” 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. But the absence of such words does not mean that a statement is not forward-looking. Forward-looking information is based on the opinions, expectations and estimates of management of Pyxis Tankers Inc. (“we”, “our” or “Pyxis”) 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 or implied 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, 2016 and our 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 EMERGING GROWTH - PURE PLAY PRODUCT TANKER COMPANY ► Focus on modern medium range (“MR”) product tankers with “eco” features Growth Oriented ► Young tanker fleet of six IMO-certified vessels - weighted average age of ~6.9 years with Attractive, Modern Fleet ► Management may pursue a sale or other long-term strategy relating to small tankers ► Long-standing relationships with first-class customers worldwide Reputable Customer ► 11% of available days in 2018 are covered, exclusive of options Base & Diversified Chartering Strategy ► Positioned to capitalize when charter rates improve Competitive Cost ► Disciplined fixed cost structure creates greater earnings power when rates improve Structure & ► Competitive total daily operational costs to peer group Moderate ► Moderate capitalization with low cost, long-lived bank debt Capitalization Experienced, ► Strong mgmt. team with 100+ years of combined industry and capital markets experience Incentivized ► Founder/CEO has proven track record and is a major shareholder Management ► Board members consist of respected industry figures and/or with significant experience & Prominent Board ► IMF’s global annual growth of 3.9% should result in demand outpacing supply through 2019 Favorable Industry ► Lowest MR2 orderbook since 2000 with scheduled deliveries of 2.7% / yr. for 2018-19 Fundamentals ► Increased scrapping expected – 5.8% of the MR2 fleet greater than 20 years old Create Attractive ► New environmental regulations could affect older vessels leading to further scrapping and Entry Point slow steaming 3
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 Carrying Vessel Type of Anticipated Vessel Shipyard Capacity Year Built Type Charter Redelivery Date (1) (dwt) Fleet Details Pyxis Epsilon SPP / S.Korea MR 50,295 2015 Time May 2018 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 Time May 2018 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 Avg. Age Total 216,635 6.9 Years 11% of anticipated available days for 2018 are covered, exclusive of options Fleet Employment Vessel 2018 Overview Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Pyxis Epsilon $16,250 / Day Pyxis Theta N/A Pyxis Malou N/A Pyxis Delta $14,325 / Day Northsea Alpha N/A Northsea Beta N/A Fixed Charterers Open Employment Optional Period Days (1) These tables are dated as of January 22, 2018 and show gross rates and do not reflect commissions payable. (2) Management may pursue sale or other long-term strategy for small tankers. 4
STRONG RELATIONSHIPS QUALITY VESSELS & OPERATIONS BLUE CHIP CUSTOMERS ATTRACTIVE LENDING TERMS SHIPYARDS CUSTOMERS SENIOR LENDERS 5
SENIOR MANAGEMENT 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 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 the 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 6
PYXIS ORGANIZATIONAL STRUCTURE LEAN, EFFICIENT, SCALABLE 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, Commercial & 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 7
COMPANY STRATEGY FOCUS ON QUALITY, GROWTH, SERVICE & FINANCIAL 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 ► Prudently grow company size as soon as practical ► Meet charterers’ preference for modern and eco tankers, which offer more operating reliability and efficiency Focus on the Needs ► Maintain high standards ensuring high level of safety, customer service and of our Customers support ► Continue solid margins and ship level financial discipline within Pyxis ► Employ mixed chartering strategy between time and spot Utilize Portfolio ► Maintain optionality – spot exposure offers upside during periods of market Approach to Commercial strength Management ► Diversify charters by customer and staggered duration Maintain Financial ► Expand fleet by targeting balanced capital structure of debt and equity Flexibility ► Maintain commercial lending and expand capital markets relationships 8
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