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

ON I AT NT SE COMPANY PRE MARCH 2016

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 o 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 o 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 o 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). 2

COMPANY HI GHL I GHT S E ME RGI NG GROWT H - PURE PL AY PRODUCT T ANK E R COMPANY ► 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 o 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 Attra c tive , Mode rn 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 F le e t inc luding mo dific a tio ns “e c o” Ve sse ls ► 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 o ng -sta nding re la tio nships with re puta b le , first-c la ss c usto me rs wo rldwide Re puta ble Custome r ► 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 Ba se & Dive rsifie d ► 2016 c ha rte r c o ve ra g e – 61% o f a va ila b le da ys Cha rte ring Stra te g y ► 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 ► 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 E xpe rie nc e d, ► F o 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 Inc e ntivize d is a sub sta ntia l sha re ho lde r Ma na g e me nt ► 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 & Promine nt Boa rd 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 ► 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 Compe titive Cost ► 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 Struc ture & Solid ► 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 Ba la nc e She e 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 3

COMPANY ST RAT E GY QUAL I T Y, GROWT H, SE RVI CE & F L E XI BI L I T Y ► 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 o 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 Ma inta in Hig h a nd re duc e d e missio ns Qua lity F le e t of ► 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 Mode rn T a nke rs ► 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 o 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 Grow F le e t Asia n shipya rds Opportunistic a lly ► 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 ► 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 Approa c h for ► Dive rsify c ha rte rs b y c usto me r a nd sta g g e re d dura tio n Comme rc ial ► Po sitio n e mplo yme nt to c a pture upside during pe rio ds o f ma rke t stre ng th E mployme nt ► 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 F ina nc ia l ► 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 F le xibility 4

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 le e t De ta ils (a s o f Ma rc h 1, 2016) F Ve sse l T ype of Antic ipa te d Ve sse l Shipya rd Size (dwt) Ye a r Built Re de live ry Da te (1) T ype Cha rte r Pyxis E psilo n SPP / S.K o re a MR 50,295 2015 T ime Ja n. 2017 Pyxis T he ta SPP / S.K o re a MR 51,795 2013 T ime Se pt. 2016 Pyxis Ma lo u SPP / S.K o re a MR 50,667 2009 T ime June 2016 Pyxis De lta Hyunda i / S.K o 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 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 F le e t E mployme nt Ove rvie w 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 Spo t T ra de No rthse a Be ta N/ A 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 . 5

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 SHIPYARDS BANKS 6