Pyxis Tankers, the Greek product tanker pure-play, is making a strategic move into the dry bulk sector through a joint venture with its chairman and chief executive, Valentios Valentis, The splash247 news.
- Pyxis Tankers approves a $6.8m equity investment in a new company to acquire a state-of-the-art 63,520 dwt ultramax vessel equipped with scrubbers and cargo cranes.
- The joint venture will be 60% owned by Pyxis Tankers and 40% by Valentios Valentis, with financing secured through a $19m loan.
- Expert management of the new vessel will be handled by Konkar Shipping Services, ensuring efficient operation and expansion of Pyxis Tankers’ presence in the maritime industry.
A Strategic Move
In a bold strategic move, Pyxis Tankers, the Greek product tanker pure-play, is venturing into the dry bulk sector. The Nasdaq-listed company has announced a joint venture with its chairman and chief executive, Valentios Valentis, to make a significant equity investment in a newly formed company.
Acquiring a Vessel
The joint venture’s newly formed company will acquire a 2016 Japanese-built 63,520 deadweight tonnage (dwt) ultramax vessel from an unaffiliated third party. The ultramax vessel is a top-of-the-line addition to the dry bulk fleet, equipped with scrubbers, four cargo cranes, and a ballast water treatment system. The vessel comes at an estimated cost of $28.5 million.
Structure and Financing
Pyxis Tankers will hold a majority stake of 60% in the joint venture, while Valentios Valentis will own the remaining 40%. To finance the acquisition, the company is set to secure a five-year, $19 million loan. The board has unanimously approved this equity investment and looks forward to closing the deal by late August.
Expert Management
The new dry bulk vessel will be managed by Valentis-affiliated Konkar Shipping Services, a renowned name in the maritime industry. With their expertise and experience, the management team is well-equipped to ensure the smooth and efficient operation of the ultramax vessel.
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Source-splash247
