Pyxis Tankers Seals Two-Year Charter for Pyxis Lamda with CITGO

Greek shipowner Pyxis Tankers has secured a new two-year time charter for its MR product tanker Pyxis Lamda with CITGO Petroleum Corporation, at a gross rate of $31,000 per day. The agreement runs for 24 months, with a margin of plus or minus 30 days at the charterer's option.

The Pyxis Lamda's current charter is expected to expire around November 20, 2026, at which point the vessel will undergo its scheduled special survey and drydocking. The new employment with CITGO will begin immediately after those works are completed. The new rate represents an increase of $8,000 per day over the current charter, which Splash 247 reported stood at $23,000 per day.

Pyxis Tankers estimates that the new charter will generate approximately $21.8 million in net charter hire revenue after a 2.5% commission, assuming 720 earning days over the full term of the contract. On that basis, the company projects annualized EBITDA of about $7.7 million and annualized net income of approximately $5.2 million, equivalent to $0.51 per common share.

The company estimates that the higher rate will translate into about $2.8 million in additional annual revenue after commissions and roughly $0.27 in additional earnings per share, estimates that assume 360 earning days per year and around 10.24 million common shares outstanding.

Eddie Valentis, Chairman and CEO of Pyxis, noted that the agreement secures an attractive rate for nearly two years, capturing the benefits of the currently firm tanker market while providing greater visibility into the company's future cash flows and earnings. The Pyxis Lamda, built in 2017 with a deadweight of 50,145 tons, joins a fleet that includes other MR tankers such as the Pyxis Theta and Pyxis Karteria, built in 2013, as well as dry bulk vessels.