Stock Buzz: Pyxis Tankers Inc. (NASDAQ:PXS)


Pyxis Tankers Inc. (NASDAQ:PXS) stock price moved up at 2.22% on Monday. Its total market capitalization is $18.70M. Its day lowest price was $0.92 and its hit its day highest price at $1.04. The stock recent volume is 196,218 shares in comparison to its average trading volume of 104794 shares. Looking at the stock’s price level on the past 52-week graph, PXS recorded a 52-week high of $12.22 and its 52-week low of $0.74.

Pyxis Tankers Inc. (NASDAQ:PXS), an emerging growth pure play product tanker company, today announced that it had successfully completed the refinancing of a previous loan facility for the Pyxis Epsilon. After repayment of existing bank debt, the new 5 year secured loan provided us approximately $7.3 million of additional net proceeds for general corporate purposes.

Chairman and CEO, Valentios Valentis stated “We welcome a new lender to our company. Blue Ocean Maritime funds managed by EnTrustPermal provided us $24.0 million of new debt. This loan facility offers us great flexibility through a cash sweep mechanism for principal amortization over the entire loan period. Upon closing, our overall cost of funded debt increased to a weighted average interest rate of 7.8%, while approximately 56% of outstanding funded debt is covered under a long-term fixed interest rate or hedge component. Moreover, the required scheduled amortization has been reduced and there are no senior loan maturities until four years from now. Consolidated leverage continues to be comparable to our publicly-traded peers.”

Pyxis Tankers Inc. operates as a maritime transportation company with a focus on the tanker sector in the United States. Its fleet transports refined petroleum products, such as naphtha, gasoline, jet fuel, kerosene, diesel, and fuel oil, as well as other liquid bulk items, including vegetable oils and organic chemicals. As of March 20, 2018, the company operated a fleet of six double hull product tankers. Pyxis Tankers Inc. was founded in 2015 and is based in Maroussi, Greece.

Gabriel Smith joined the, after more than 10 years of experience in writing financial and business news, most recently as Investment Editor and writer. He also has a vast knowledge of stock trading. He earned bachelor degree from Union College with a focus in Business Administration. Wayne is the Senior Editor for and market movers section. He also holds an MBA from Penn State University He has two daughter and two children.


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