Maroussi, Greece, May 21, 2024 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), ("we", "our", "us", the "Company" or "Pyxis Tankers"), an international shipping company, today announced unaudited results for the three months ended March 31, 2024. SummaryFor the three months ended March 31, 2024, our Revenues, net were $11.8 million. For the same period, our time charter equivalent ("TCE") revenues were $10.2 million, an increase of $0.9 million, or 10.2%, over the comparable period in 2023. Our net income attributable to common shareholders for the first quarter ended March 31, 2024, was $3.4 million. For the first quarter of 2024, the net income per common share was $0.33 basic and $0.30 diluted compared to the net income per common share of $0.81 basic and $0.71 diluted for the same period in 2023. Our Adjusted EBITDA for the three months ended March 31, 2024, was $6.0 million, an increase of $1.8 million over the comparable period in 2023. Please see "Non-GAAP Measures and Definitions" below. On February 15, 2024, we took delivery, from an unaffiliated third party, of an 82,013 dwt dry-bulk vessel built in 2015 at Jiangsu New Yangzi Shipbuilding. The $26.625 million purchase (MOA agreed in November 2023) of the eco-efficient Kamsarmax, fitted with a ballast water treatment system and scrubber, was funded by a combination of secured bank debt of $14.5 million and cash on hand. The five year amortizing bank loan is priced at Term SOFR +2.35% and is secured by, among other things, the vessel. The vessel has been named the "Konkar Asteri" and commenced commercial operations on February 29, 2024. On May 16, 2024, the Company's Board of Directors (the "BOD") approved certain key strategic and financial actions which should further enhance shareholder value. First, the Company has allocated up to an additional $1.0 million for the next 12 months to the common share repurchase program. Second, the BOD also authorized the redemption of 100,000 shares of our outstanding 7.75% Series A Cumulative Convertible Preferred Stock (the "Preferred Stock") at the stated liquidation price of $25 per share, plus accrued dividends, with the redemption date of June 20, 2024. Third, the Company has agreed to enter into an operating joint venture agreement to acquire an 82,013 dwt dry-bulk vessel built in 2015 at Jiangsu New Yangzi Shipbuilding, named the "Konkar Venture" (the "Vessel"), a sister-ship of our "Konkar Asteri". The Vessel will be acquired for $30.0 million and will be funded by a combination of bank debt, cash and issuance of $1.5 million in Company restricted common shares. The Company will own 60% of the ship owning company of "Konkar Venture" and a company related to Mr. Valentios Valentis, our Chairman and CEO, will own the remaining 40%. To fund the Vessel acquisition and provide for working capital and cover transaction costs, the Company will invest $7.3 million in cash equity and Mr. Valentis will fund $5.9 million in cash at closing. A new $16.5 million 5 year secured bank loan will complete the funding for the Vessel acquisition. Valentios Valentis, our Chairman and CEO, commented: "We are pleased to report solid results for the first fiscal quarter, 2024 with Revenues, net of $11.8 million and Net Income attributable to common shareholders of $3.4 million with basic earnings per share of $0.33 basic and of $0.30 diluted. In the quarter ended March 31, 2024, the product tanker sector continued to experience strong chartering activity driven by global demand for transportation fuels, relatively low inventories of many petroleum products, healthy refinery margins, combined with the impact of the ongoing war in the Ukraine which has led to continued market dislocation of shifting trade patterns and ton-mile expansion of seaborne cargo transportation. During the first quarter, we reported an average daily TCE for our MR's of $31,790. Recent hostilities in the Red Sea and the Gulf of Aden have further supported the strong product tanker environment and as of May 16, 2024, 83% of our MR available days in the quarter ending June 30, 2024, were booked at an average TCE of $32,500 per day. We now own and operate three modern eco-efficient MR's, two of which are currently employed under short-term time charters and one on spot. On the dry side, chartering conditions have also been constructive. For the quarter ended March 31, 2024, our two mid-sized eco-efficient bulkers generated a solid average TCE of $16,950 per day. Both the "Konkar Ormi" and "Konkar Asteri" are currently employed under short-term time charters, and as of May 16, 2024 the average TCE for the dry bulk carriers was $18,400 with bookings of 92% of available days in Q2 2024.  Tanker asset values have continued to be exceptionally strong, and we have not uncovered any compelling acquisition opportunities of modern second-hand eco-MR's.  However, our solid financial position has given us the capability to further expand our dry-bulk operations. In February, we completed the acquisition of 2015-built Kamsarmax, the "Konkar Asteri", and in May, the independent and disinterested directors of our Board of Directors ("BOD") unanimously approved the investment in a sister-ship, the "Konkar Venture".  We have decided to structure this latest dry bulk investment as an operating joint venture similar to the acquisition of the "Konkar Ormi" in September, 2023. The Company will own 60% of the new vessel owning subsidiary for a total equity investment of $8.8 million which will consist of $7.3 million of cash and the issuance of $1.5 million of restricted common shares to the sellers. In further support for the expansion plans of the Company, entities related to Mr. Valentis have agreed to fund $5.9 million in cash for the remaining 40% ownership on the vessel owning company. To complete the acquisition funding, an attractive five-year $16.5 million term loan will be put in place. Upon the anticipated closing of this purchase in June, the Company will be operating six vessels under a mixed chartering strategy. At this juncture, we expect the chartering environment for product tankers and dry-bulk carriers to remain constructive for at least 2024. Solid global demand for seaborne cargoes across a wide range of refined petroleum products and dry-bulk commodities is expected to continue with the respective orderbooks remaining relatively manageable.  While moderating inflation and the prospect of softening monetary policies by many central banks later this year promote additional optimism, the growing complexity within our two sectors and the uncertainty surrounding macro-economic conditions and global events necessitate continued prudent management. Leveraging our significant financial resources and strong relationships, we will continue to pursue value-enhancing transactions including share buybacks, while upholding operational and capital discipline." Results for the three months ended March 31, 2023 and 2024 Amounts relating to variations in period–on–period comparisons shown in this section are derived from the unaudited consolidated financials presented below. For the three months ended March 31, 2024, we reported Revenues, net of $11.8 million, or 1.6% higher than $11.6 million in the comparable 2023 period. Our net income attributable to common shareholders was $5.9million, or $0.33 basic and $0.30 diluted net income per common share, compared to a net income attributable to common shareholders of $8.7 million, or $0.81 basic and $0.71 diluted net income per common share, for the same period in 2023. In Q1 2023, the Company realized a $8.0 million gain on the sale of our 2009 built MR or $0.75 per basic share and $0.64 diluted. The weighted average number of basic common shares decreased by 0.2 million to 10.5 million in the most recent period versus the first quarter of 2023. The weighted average number of diluted common shares also decreased in 2024 to 12.3 million shares, which assumes the full conversion of all the outstanding Preferred Stock in the most recent period. The average MR daily TCE rate during the first quarter of 2024 was $31,790 or 35.2% higher than the $23,508 MR daily TCE rate for the same period in 2023, due to higher demurrage income from spot chartering activity and better market conditions. The new dry-bulkers acquired, the Ultramax carrier in Fall 2023 and the Kamsarmax on February 15, 2024, had an average TCE rate of $16,950 for the first quarter of 2024. The revenue mix of the MR vessels for the first quarter of 2024 was 56% from short-term time charters and 44% from spot market employment, while the dry-bulk carriers were hired for short-term time charters. Despite less ownership days for our fleet in the most recent period, Adjusted EBITDA increased by $1.8 million to $6.0 million in the first quarter of 2024 from $4.2 million for the same period in 2023 primarily due to a higher average TCE rate and better utilization for our fleet of three MR's. MR tanker fleet     Three months ended March 31, (Amounts in thousands of U.S. dollars, except for daily TCE rates)     2023   2024             MR Revenues, net 1     $ 11,616   $ 9,688 MR Voyage related costs and commissions 1      (2,401)    (1,295) MR Time charter equivalent revenues 1, 3     $ 9,215   $ 8,392             MR Total operating days 1     392   264 MR Daily Time Charter Equivalent rate 1, 3   $/d 23,508 $/d 31,790 Average number of MR vessels 1     4.9   3.0 Dry-bulk fleet     Three months ended March 31, (Amounts in thousands of U.S. dollars, except for daily TCE rates)     2023   2024             Dry-bulk Revenues, net 2       n/a   $ 2,117 Dry-bulk Voyage related costs and commissions 2       n/a    (355) Dry-bulk charter equivalent revenues 2, 3       n/a   $ 1,762             Dry-bulk Total operating days 2       n/a   104 Dry-bulk Daily Time Charter Equivalent rate 2,3       n/a $/d 16,950 Average number of Dry-bulk vessels 2       n/a   1.5 Total fleet     Three months ended March 31, (Amounts in thousands of U.S. dollars, except for daily TCE rates)     2023   2024             Revenues, net 1, 2     $ 11,616   $ 11,805 Voyage related costs and commissions 1, 2      (2,401)    (1,650) Time Charter equivalent revenues 1, 2, 3     $ 9,215   $ 10,155             Total operating days 1, 2     392   368 Daily Time Charter Equivalent rate 1, 2, 3   $/d 23,508 $/d 27,596 Average number of  vessels 1,2     4.9   4.5 Total Fleet Ownership days     442   409 1 a) The eco-modified MR "Pyxis Malou" was sold to an unaffiliated buyer on March 23, 2023. b) The eco-efficient MR "Pyxis Epsilon" was sold to an unaffiliated buyer on December 15, 2023.2 a) The dry-bulker "Konkar Ormi" was delivered on September 14, 2023 and commenced her initial charter on October 5, 2023.  b) The dry-bulker "Konkar Asteri" was delivered on February 15, 2024 and commenced her initial charter on February 29, 2024. 3 Subject to rounding; please see "Non-GAAP Measures and Definitions" below. Management's Discussion & Analysis of Financial Results for the Three Months ended March 31, 2023 and 2024 (Amounts are presented in million U.S. dollars, rounded to the nearest one hundred thousand, except daily TCE rates and as otherwise noted) Revenues, net:  Revenues, net of $11.8 million for the three months ended March 31, 2024, represented an increase of $0.2 million, or 1.6%, from $11.6 million in the comparable period of 2023. In the first quarter of 2024, our average daily TCE rate for our MR fleet was $31,790, a $8,282 per day increase from $23,508 for the same period in 2023. These changes were the result of higher demurrage income due to spot chartering activity in the first quarter of 2024 and better market conditions. In the first quarter of 2024, our MR's generated utilization of 96.7% in comparison to 89.5% in the same period of 2023. Our dry-bulk carriers for the first quarter of 2024 achieved an average daily TCE rate of $16,950 with 76.5% utilization due to the start-up of the"Konkar Asteri". Total fleet ownership days in the first quarter of 2024 were 409 on an average of 4.5 vessels compared with 442 days on an average of 4.9 vessels for the same period of 2023. This decrease was due to the sales of the "Pyxis Malou" in March 2023 and "Pyxis Epsilon" in December 2023 counterbalanced by the acquisition of the new dry-bulk carriers "Konkar Ormi" and "Konkar Asteri" in September 2023 and February 2024, respectively. Voyage related costs and commissions: Voyage related costs and commissions of $1.7 million in the first quarter of 2024, represented a decrease of $0.8 million, or 31.3%, from $2.4 million in the same period of 2023, primarily as a result of fewer spot employment days for our vessels, including idle days, from 122 days in the first quarter in 2023 to 91 days in the same period of 2024. Under spot charters, all voyage expenses are typically borne by us rather than the charterer and a decrease in spot employment results in decreased voyage related costs and commissions. Vessel operating expenses: Vessel operating expenses of $3.1 million for the three-month period ended March 31, 2024, represented a decrease of $0.3 million, or 8.1% compared to 2023, and reflected slightly fewer vessel ownership days partially offset by inflationary cost pressures. General and administrative expenses: General and administrative expenses of $0.7 million for the first quarter of 2024 decreased by 44.0% compared to $1.3 million in the same period of 2023. The decrease was attributable mainly to the previous year's performance bonus of $0.6 million paid to our ship management company, Pyxis Maritime Corp. ("Maritime"), an entity affiliated with our Chairman and Chief Executive Officer, Mr. Valentis. Management fees: For the three months ended March 31, 2024, management fees charged by our tanker ship manager, "Maritime", our dry-bulk ship manager Konkar Shipping Agencies S.A. ("Konkar Agencies"), both affiliated entities of our Chairman and Chief Executive Officer, Mr. Valentis, and from International Tanker Management Ltd. ("ITM"), the technical manager of our MRs, decreased by less than $0.1 million, reflecting 33 fewer vessel ownership days compared to the same period in 2023. Amortization of special survey costs: Amortization of special survey costs of $0.1 million for the quarter ended March 31, 2024, remained flat compared to the same period of 2023. Depreciation: Depreciation of $1.5 million for the quarter that ended March 31, 2024, represents an increase of $0.1 million, or 4.2% compared to $1.4 million in 2023 and reflects, the period's depreciation for the newly acquired bulker vessels "Konkar Ormi" and "Konkar Asteri"offset by depreciation ceasing of the sold tankers "Pyxis Malou" and "Pyxis Epsilon". Gain from the sale of vessels, net: During the three months ended March 31, 2023, we recorded a net gain of $8.0 million related to the sale of our oldest MR tanker, the "Pyxis Malou", compared to nil for the same period in 2024. Loss from debt extinguishment: During the three months ended March 31, 2023, we recorded a loss from debt extinguishment of approximately $0.3 million reflecting the write-off of the remaining unamortized balance of deferred financing costs associated with the loan repayments of the "Pyxis Malou", which was sold on March 23, 2023, and "Pyxis Karteria", which was refinanced during the same quarter. In the first quarter ended March 31, 2024, we didn't incur any similar costs. Interest and finance costs: Interest and finance costs for the quarter ended March 31, 2024, were $1.5 million, compared to $1.4 million in the comparable period in 2023, an increase of $0.1 million, or 4.4%. This increase was attributed to higher LIBOR/SOFR referenced interest rates paid on all the floating rate bank debt offset by lower average debt levels. On February 15, 2024, the Company completed the debt financing of the new dry-bulk carrier "Konkar Asteri", our 2015 built Kamsarmax with a $14.5 million five year secured loan from an existing lender. The loan is priced at SOFR plus 2.35%. Interest income: Interest income of $0.7 million was received during the quarter ended March 31, 2024 from the Company's short term time deposits. The amount for the same period in 2023 was nil. Interim Consolidated Statements of Comprehensive Net IncomeFor the three months ended March 31, 2023 and 2024(Expressed in thousands of U.S. dollars, except for share and per share data)   Three months ended March 31,     2023   2024           Revenues, net $ 11,616  $ 11,805            Expenses:         Voyage related costs and commissions    (2,400)    (1,650) Vessel operating expenses    (3,337)    (3,067) General and administrative expenses    (1,305)    (731) Management fees, related parties    (166)    (226) Management fees, other    (248)    (122) Amortization of special survey costs    (85)