Greek shipping company Pyxis Tankers is preparing for a strategic fleet expansion after signing a commitment letter for a bank loan of up to $45 million. The Nasdaq-listed firm aims to bolster its presence in the product tanker or dry bulk segments, targeting vessel acquisitions in the coming months.
Targeted Vessel Acquisitions
The company plans to use the loan to acquire modern product tankers between 45,000 and 115,000 deadweight tons (dwt), or alternatively bulk carriers ranging from 60,000 to 85,000 dwt. These additions will enhance the flexibility and earning potential of the Pyxis fleet amid improving charter market conditions.
Financing Terms
The loan, expected to close in June, will allow Pyxis to draw funds over an 18-month period to finance up to 62.5% of the vessel purchase prices. The remainder will be covered through internal cash reserves. The five-year term loan will be secured by the ships acquired and features a competitive interest rate of SOFR + 1.9%, reflecting favorable lending conditions for creditworthy maritime players.
Strategic Implications
This move marks a significant step in Pyxis Tankers’ long-term strategy to modernize and grow its fleet with fuel-efficient, higher-margin assets. By leveraging competitive financing, the company is positioning itself to take advantage of emerging opportunities in both the product tanker and dry bulk sectors.
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Source: Nautical Voice
