Pyxis Tankers to Buy Out CEO's Minority Stake in the Ormi

Pyxis Tankers Inc., the Nasdaq-listed Greek shipping company, announced an agreement to acquire the remaining 40% stake in the owning company of the bulk carrier Ultramax Ormi, also identified as Konkar Ormi. That stake was held by an entity affiliated with Eddie Valentis, the company's Chairman and Chief Executive Officer, also referred to as Valentios Valentis. Upon closing of the deal, Pyxis will take full 100% control of the vessel and simplify its corporate structure.

The Ormi, a 63,250 dwt Ultramax built in Japan in 2016 and fitted with scrubbers, was acquired in October 2023 for $28.5 million, in a deal through which Pyxis took a 60% controlling stake while the entity affiliated with Valentis retained the remaining 40%. Three independent ship broker appraisals placed the bulk carrier's value at an average of approximately $32.08 million. After deducting $15 million in debt associated with the vessel, the appraised net equity value came to about $17.08 million, of which the 40% minority stake corresponds to $6.83 million, the amount to be used as the basis for the new transaction, subject to a separate working capital adjustment at closing.

As this is a related-party transaction involving the company's Chairman and CEO, the deal was reviewed and approved solely by the independent members of Pyxis's board of directors, who took into account the three independent appraisals and the financial terms of the agreement. The company noted that no additional debt will be added to its consolidated balance sheet, as the Ormi and its financing were already reflected in its financial statements, and that no fees will be paid in connection with the transaction beyond customary legal and administrative expenses. Pyxis expects to close the acquisition within October 2026 and believes the deal will be immediately accretive to its earnings and free cash flow.

Pyxis entered the dry bulk market in 2023 through the original joint venture with Valentis for the Ormi, and later expanded that exposure with the purchase of two Kamsarmax vessels. The company currently operates three bulk carriers alongside three MR product tankers.