2. 2
DISCLAIMER
FORWARD-LOOKING STATEMENTS & INFORMATION
This presentation contains forward-looking statements and forward-looking information within the meaning of applicable
securities laws. The use of any of the words “expected'', “budget”, “scheduled”, “anticipates”, “outlook”, “is estimated”, “forecasts”,
“potential”, “ongoing”, “may”, “will”, “positioned”, “should”, “believe”, “intends” and variations of these terms and similar
expressions, or the negative of these terms or similar expressions, are intended to identify forward-looking, information or
statements. Forward-looking information is based on the opinions, expectations and estimates of management of Pyxis Tankers
Inc. (“we” or “our”) at the date the information is made, and is based on a number of assumptions and subject to a variety of risks
and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the
forward-looking information. Although we believe that the expectations and assumptions on which such forward-looking
statements and information are based are reasonable, you should not place undue reliance on the forward-looking statements and
information because we cannot give any assurance that they will prove to be correct. Since forward-looking statements and
information address future events and conditions, by their very nature they involve inherent risks and uncertainties and actual
results and future events could differ materially from those anticipated in such information. Factors that might cause or contribute
to such discrepancy include, but are not limited to, the risk factors described in our filings with the Securities and Exchange
Commission (the “SEC”). The forward-looking statements and information contained in this presentation are made as of the date
hereof. We do not undertake any obligation to update publicly or revise any forward-looking statements or information, whether
as a result of new information, future events or otherwise, except in accordance with U.S. federal securities laws and other
applicable securities laws.
This presentation and any oral statements made in connection with it are for informational purposes only and do not constitute an
offer to buy or sell our securities. For more complete information about us, you should read the information in this presentation
together with our filings with the SEC, which may be accessed at the SEC’s website (http://www.sec.gov).
3. 3
COMPANY HIGHLIGHTS
EMERGING GROWTH - PURE PLAY PRODUCT TANKER COMPANY
►Disciplined ship management leads to safe and efficient operations and cost competitive results
►Comparable total daily cash operational costs to peer group
►Moderate capitalization with low cost, long-lived bank debt
►Excess balance sheet capacity to grow tonnage through acquisitions
►Strong management team with over 70 years of combined shipping industry experience
►Founder/CEO has proven track record of investing through various shipping cycles and is a
substantial shareholder
►Independent Board Members consist of prominent figures in maritime industry and/or with
significant US capital markets experience – see Exhibit II – Board of Directors
►Young tanker fleet of 6 vessels on the water with weighted average age of 4.8 years (dwt)
►Focus on modern medium range (“MR”) product tankers - operational flexibility and expected
future enhanced earnings, especially due to their “eco” features or modifications
►Pursue potential sale or long-term strategy for small tankers
►Built-in growth – potentially 1 or 2 additional MR’s to be delivered by drop-downs
►Long-standing relationships with reputable, first-class customers worldwide
►Mixed operating strategy of time charter and spot market exposure
►2016 charter coverage – 61% of available days
►Positioned to capitalize when spot rates improve with flexibility to obtain attractive longer term
charters
Competitive Cost
Structure & Solid
Balance Sheet
Experienced,
Incentivized
Management
& Prominent Board
Attractive, Modern
Fleet including “eco”
Vessels
Reputable Customer
Base & Diversified
Chartering Strategy
4. 4
COMPANY STRATEGY
QUALITY, GROWTH, SERVICE & FLEXIBILITY
► Employ vessels primarily through time charters (with and without profit share) and on the spot market
► Diversify charters by customer and staggered duration
► Position employment to capture upside during periods of market strength
► Meet charterers’ preference for modern tankers, which offer more operating reliability and efficiency
► Focus on eco-efficient and eco-modified designed MR vessels which provide lower fuel consumption and
reduced emissions
► Maintain quality fleet through comprehensive planned and preventive maintenance programs
► Maintain high standards in order to provide customers with high level of safety, customer service and support,
while continuing ship level financial discipline
► Focus on acquisition of IMO II and III class product tankers of eight years of age or less built in Tier 1 Asian
shipyards
► Potential acquisition opportunity of one or two MR tankers owned/controlled by affiliates of our CEO
Utilize Portfolio
Approach for
Commercial
Employment
Maintain High Quality
Fleet of Modern
Tankers
Grow Fleet
Opportunistically
► Expand fleet by targeting balanced capital structure of debt and equity
► Maintain commercial banking and expand public capital markets relationships
Maintain Financial
Flexibility
5. 5
FLEET & EMPLOYMENT OVERVIEW
STABLE, VISIBLE CASH FLOWS WITH UPSIDE OPPORTUNITY
Chartering strategy provides stable, visible cash flows from time charters and upside opportunity through spot trading when
rates improve
Vessel Shipyard
Vessel
Type
Size (dwt) Year Built
Type of
Charter
Anticipated
Redelivery Date(1)
Pyxis Epsilon SPP / S.Korea MR 50,295 2015 Time Jan. 2017
Pyxis Theta SPP / S.Korea MR 51,795 2013 Time Sept. 2016
Pyxis Malou SPP / S.Korea MR 50,667 2009 Time June 2016
Pyxis Delta Hyundai / S.Korea MR 46,616 2006 Time Sept. 2016
Northsea Alpha Kejin / China Small Tanker 8,615 2010 Time Oct. 2016
Northsea Beta Kejin / China Small Tanker 8,647 2010 Spot N/A
Fleet Details (as of March 1, 2016)
Fleet Employment Overview
1) Each time charter contains provision that allows for redelivery +/-30 days, except the Pyxis Delta which allows 15 days. Pyxis Epsilon’s charterer has option to extend charter one year for $18,050/day. Pyxis
Theta’s charterer has option to extend charter one year for $16,600/day and additional year for $17,600/day. Pyxis Delta’s charterer has exercised its option to extend the charter six months effective March 4,
2016. These tables are dated as of March 1, 2016 and show gross rates and do not reflect commissions payable.
61% of available days in 2016 are under charter coverage (65% with options), average T/C duration 7 months
Vessel 2016 2017 2018
Pyxis Epsilon $16,575 / day
Pyxis Theta $15,600 / day
Pyxis Malou $18,200 / day
Pyxis Delta $18,000 / day
Northsea Alpha $9,650 / day
Northsea Beta N/ASpot Trade
7. 7
SENIOR MANAGEMENT
EXPERIENCED TEAM WITH DECADES OF EXPERIENCE
► Joined Pyxis affiliates in 2013; 18+ years experience in strategic corporate shipping transactions
► Previous 5 years securities and M&A partner at Watson Farley & Williams with particular focus in shipping
industry
► Advised on complex international corporate shipping transactions in New York offices of Orrick, Herrington &
Sutcliffe LLP and Healy & Baillie, LLP and in New York and London offices of Weil, Gotshal & Manges LLP since
1997
► Former member of Board of Governors & Vice President of the Connecticut Maritime Association
► Joined Pyxis affiliates in 2008; 24+ years of experience in the shipping industry
► Co-founder of Navbulk Shipping S.A., a start-up dry bulk company
► 5 years as Financial Director of Neptune Lines, a car carrier company
► 16 years in various financial and operational positions for other ship owning and services companies
► 25+ years of experience in owning, operating and managing within various shipping sectors, including
product, dry bulk, chemical, as well as salvage and towage
► Founder of Pyxis Tankers in 2015 and Pyxis Maritime Corp. in 2007
► For the last 15 years, Managing Director & Principal of KONKAR SHIPPING AGENCIES S.A., an Athens-based dry
bulk owner-operator established in 1968
► Joined Pyxis affiliates in 2015; 35 years of commercial, investment and merchant banking experience
► Previous investment banking positions include Nordea Markets (Oslo & NY)–Global Sector Head- Shipping,
and Oppenheimer (NY)–Head of Energy & Transportation
Antonios “Tony”
Backos
SVP for Corporate
Development, General
Counsel & Secretary
Konstantinos “Kostas”
Lytras
Chief Operating
Officer
Valentios “Eddie”
Valentis
Chairman & CEO
Henry Williams
CFO & Treasurer
8. PYXIS ORGANIZATIONAL STRUCTURE
LEAN, EFFICIENT ORGANIZATIONAL STRUCTURE
►Our streamlined structure allows management to minimize costs and focus on creating long term shareholder
value
►PYXIS MARITIME CORP. (“Maritime”), the tanker management company founded by our CEO, provides the
services of our executive officers and other administration for a fixed yearly fee and performs commercial
management and supervises technical management of our fleet
►Very cost competitive ship management fees provide safe and efficient operating results compared to peers
►Maritime supervises commercial management of Northsea Alpha and Northsea Beta by North Sea Tankers BV,
an unaffiliated 3rd party
►We outsource day-to-day technical management of all of our vessels to unaffiliated 3rd party, International
Tankers Management (“ITM”), an ISO certified manager
Administrative, Commercial & Ship
Management Services(1)
Administrative & Ship Management
Fees
(1) Provides the commercial management for the Pyxis Epsilon, Pyxis Theta, Pyxis Malou and the Pyxis Delta and supervises the crewing and technical management performed by ITM for all our vessels and the chartering
of the Northsea Alpha and the Northsea Beta, which is performed by NST
(2) Provides commercial management for the Northsea Alpha and Northsea Beta
(3) Provides technical management for all our vessels
Northsea Alpha/Beta
Management(2)
Technical
Management(3)
8
Quality, Cost Effective Ship Management Services
10. 10
PRODUCT MARKETS OVERVIEW
SUMMARY
Sources: * Drewry
►Our vessels transport refined petroleum products (known as “CPP” or “clean petroleum products” including
gasoline, diesel oil, gasoil and jet fuel as well as “DPP” or “dirty petroleum products” such as fuel oil) and certain
bulk liquids such as edible oils and certain specific chemicals
►From 2005 to 2015, seaborne trade of refined products grew by an annual compound growth rate of 3.7%
(“CAGR”) to approximately 905 million tons and edible oils and other bulk liquids by a CAGR of 3.7% to about
220 million tons; product tanker ton mile demand grew by a CAGR of 5.5%
►As of January 2016, the worldwide fleet of tankers that carry such cargoes consisted of 2,428 vessels with 135.5
million dwt (excluding tankers below 10,000 dwt)*
International Maritime Organization rated “IMO-II and III” specification vessels are able to carry easy
chemicals, vegetable oils and bio-fuels
Larger tankers represent a majority of total worldwide capacity
• MR1 or Medium Range 1 tankers are typically 25,000 – 36,999 dwt
• MR2 or Medium Range 2 tankers are typically 37,000 – 54,999 dwt
• LR1 or Long-Range 1 tankers are typically 55,000 – 79,999 dwt
• LR2 or Long-Range 2 tankers are typically 80,000+ dwt
Charter rates and stable operating costs led to higher product tanker earnings in 2015; positive outlook for 2016
11. 11
PRODUCT TANKER INDUSTRY
DEMAND
Sources: * IMF report January 2016; ** Drewry
►Solid worldwide GDP growth expected in near-term: 3.4% in 2016 and 3.6% in 2017*
►Seaborne product trade and ton mile demand increased 2.5% and 4.2% in 2015, respectively.** Major factors include:
The shift of refineries away from points of consumption resulting in greater ton-mile demand, especially for
larger tankers
Refined product trade is much more complicated than crude oil trade due to refinery capacity and technology,
government regulations of fuel standards and arbitrage opportunities
Lower crude/feedstock prices generate positive refinery crack spreads and incremental demand for broad
range of CPP
►Growth in net refining capacity is expected to drive the demand for product tankers based on the following ongoing
trends:
U.S. has become a major supplier of gasoil/diesel and gasoline in the Atlantic Basin market
Emerging markets in South America and Africa, which have little to no refining capacity, require CPP to fuel
their economies
The closure of inefficient European refineries, improving European domestic demand and stricter fuel and
environmental standards are creating a strong import and export market for various clean products
Global adoption of standardized CPP specifications are increasing trading opportunities
Expansion of new refineries in the Middle East and India focusing on refined product exports
12. 12
PRODUCT TANKER INDUSTRY
MR SUPPLY
*Source: Drewry
►As of January 2016, the worldwide MR fleet stood at 1,661 tankers with 75.7 million dwt and avg. age ~9 yrs.*
►Total MR orderbook has fallen from high of ~58% in 2008 to 13.2% of the existing global fleet. MR2 orderbook
consisted of 209 tankers of which over 50% is scheduled to be delivered in 2016*
►Shipbuilding capacity booked into late 2017:
Current MR2 newbuild construction prices of approximately $35 - 36 million, below 10 year average
price with limited new orders
Worldwide MR fleet is expected to grow on average 5.5%/year in 2016 and 2017, exclusive of scrapping
of older vessels and delays in new vessel deliveries*
Most of the private equity backed orders have been delivered
Access to cost-effective capital still important factor in funding newbuild deliveries
►Level of scrapping will affect future supply:
Only 3 MR tankers were removed from the global fleet in 2015*
But, 5.5% of worldwide MR fleet is 20+ years of age
13. 13
SOLID OUTLOOK
MR2 CHARTER RATES, RUNNING COSTS & ASSET VALUES
* Drewry
►1,538 MR2 vessels (37-54,999 dwt) represent over 53% of global fleet of product tankers
►Charter rates improved in 2015 and are currently above 8 yr. avg. but significantly below peak
►Healthy MR2 chartering environment*:
2015 Jan 2016
Avg. Spot rates /day (Caribs- USAC) $20,400 $19,600
Avg. 1 yr. time charter $17,271 $18,500
►Vessel running costs improving:
Stable operating costs with little inflation and dramatically lower bunker fuel and lubricant costs
(depending on location 50-67% decline since 2014)
►Increasing ship values:
Re-sale of newbuild MR2 with prompt delivery is estimated $36 - 37 million, at least $1-2 million
difference for yard delivery in late 2017
Five year old MR2 values rose in 2015 but are below 10 yr. avg.
• Current estimated values approx. $27 Million
18. 18
TOTAL DAILY OPERATIONAL COSTS/VESSEL
THREE MONTHS ENDED DECEMBER 31, 2015
Our Total Daily
Operational Costs
are Comparable or
Better than our
Peers
Eco-Modified Eco-Efficient
(amounts in $/day)
OPEX $6,229 $5,771
Technical & Commercial Management
Fees 750 750
Cash G&A Expenses * 1,083 1,083
Total Daily Operational Costs/Vessel $8,062 $7,604
* Cash G&A Expenses equals General & administrative expenses of $741,000 less non-cash stock compensation of $143,000 divided by six tankers divided by 92 days for the period
19. 19
CAPITALIZATION
AT DECEMBER 31, 2015
At December 31, 2015
In ‘000 USD
Cash and cash equivalents(1) $ 8,622
Total debt(2) 83,051
Shareholders' equity 54,566
Total Capitalization $ 137,617
Net debt $ 74,429
Debt/Total Capitalization 60.3%
Net Debt/Total Capitalization 54.1%
(1) Includes restricted cash
(2) Weighted average interest rate of 2.78% at December 31, 2015
Moderate
Approach to
Leverage at Low
Interest Costs
20. 20
MANAGEMENT INCENTIVIZED TO ACHIEVE GROWTH
FOUNDER/CEO’S SUBSTANTIAL SHAREHOLDINGS
►The shareholder base as of March 1, 2016 was:
Maritime Investors (affiliate of our CEO) 17,002,445 (93.2% of outstanding)
Public 931,761 (5.1%)
Maxim Group 310,465 (1.7%)
Total Shares Outstanding 18,244,671 (100%)
► Our common shares are listed on NASDAQ Capital Markets under trading symbol “PXS”
►Our Founder/CEO has substantial shareholdings and his interests are aligned with our other shareholders
21. 21
COMPANY HIGHLIGHTS
EMERGING GROWTH - PURE PLAY PRODUCT TANKER COMPANY
►Disciplined ship management leads to safe and efficient operations and cost competitive results
►Moderate capitalization with low cost, long-lived bank debt
►Excess balance sheet capacity to grow tonnage through acquisitions
►Strong management team with over 70 years of combined shipping industry experience
►Founder/CEO has proven track record of investing through various shipping cycles and is a
substantial shareholder
►Independent Board Members consist of prominent figures in maritime industry and/or with
significant US capital markets experience
►Young tanker fleet of 6 vessels on the water with weighted average age of 4.8 years (dwt)
►Focus on modern medium range (“MR”) product tankers - operational flexibility and expected
future enhanced earnings, especially due to “eco” features or modifications
►Pursue potential sale or long-term strategy for small tankers
►Built-in growth – potentially 1 or 2 additional MR’s to be delivered by drop-downs
►Long-standing relationships with reputable, first-class customers worldwide
►Mixed operating strategy of time charter and spot market exposure
►Positioned to capitalize when spot rates improve with flexibility to obtain attractive longer term
charters
►2016 charter coverage – 61% of available days
Competitive Cost
Structure & Solid
Balance Sheet
Experienced,
Incentivized
Management
& Prominent Board
Attractive, Modern
Fleet including “eco”
Vessels
Reputable Customer
Base & Diversified
Chartering Strategy
22. 22
CONTACT
Pyxis Tankers Inc.
K.Karamanli 59
Maroussi 15125, Greece
Email: info@pyxistankers.com
www.pyxistankers.com
Henry Williams
CFO & Treasurer
Phone: +1 516 455 0106/ +30 210 638 0200
Email: hwilliams@pyxistankers.com
Antonios “Tony” Backos
SVP for Corporate Development, General Counsel and Secretary
Phone: +30 210 638 0180
Email: abackos@pyxistankers.com
23. 23
EXHIBIT I | NON-GAAP MEASURES AND DEFINITIONS
Year Ended Three months Ended
(In thousands of U.S. Dollars)
December
31, 2014
December
31, 2015
December
31, 2014
December
31, 2015
Reconciliation of Net income to Adjusted EBITDA
Net income / (loss) $ (19,243) $ 3,505 $ (16,774) $ 634
Depreciation 5,446 5,710 1,373 1,450
Amortization of special survey costs 203 174 40 62
Interest and finance costs, net 1,704 2,531 400 673
Vessel impairment charge 16,930 — 16,930 —
Stock compensation — 143 — 143
Adjusted EBITDA $ 5,040 $ 12,063 $ 1,969 $ 2,962
Adjusted EBITDA, which is not a recognized measurement under U.S. GAAP, is reconciled below to its nearest GAAP equivalent. Adjusted
EBITDA represents net income before interest, income tax expense, depreciation, amortization, vessel impairment charge and stock
compensation. Adjusted EBITDA is presented as we believe that it provides investors with a means of evaluating and understanding how
our management evaluates operating performance. This non-GAAP measure should not be considered in isolation from, as substitutes for,
or superior to financial measures prepared in accordance with U.S.GAAP. In addition, this non-GAAP measure does not have a
standardized meaning, and is therefore, unlikely to be comparable to similar measures presented by other companies.
24. 24
EXHIBIT I | NON-GAAP MEASURES AND DEFINITIONS
Daily time charter equivalent (“TCE”) is a standard shipping industry performance measure of the average daily revenue performance of a
vessel on a per voyage basis. TCE is not calculated in accordance with U.S. GAAP. We utilize TCE because we believe it is a meaningful
measure to compare period-to-period changes in our performance despite changes in the mix of charter types (i.e., spot charters, time
charters and bareboat charters) under which our vessels may be employed between the periods. Our management also utilizes TCE to
assist them in making decisions regarding employment of the vessels. We believe that our method of calculating TCE is consistent with
industry standards and is determined by dividing voyage revenues after deducting voyage expenses, including commissions by operating
days for the relevant period. Voyage expenses primarily consist of brokerage commissions, port, canal and fuel costs that are unique to a
particular voyage, which would otherwise be paid by the charter under a time charter contract.
Vessel operating expenses per day (“Opex”) are our vessel operating expenses for a vessel, which consist primarily of crew wages and
related costs, insurance, lube oils, communications, spares and consumables, tonnage taxes as well as repairs and maintenance, divided by
the days in the applicable period.
We calculate fleet utilization by dividing the number of operating days during a period by the number of available days during the same
period. The shipping industry uses fleet utilization to measure a company’s efficiency in finding suitable employment for its vessels and
minimizing the amount of days that its vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel
upgrades, special surveys and intermediate dry-dockings or vessel positioning. Operating days are the number of available days in a
period, less the aggregate number of days that our vessels were off-hire or out of service due to any reason, including technical
breakdowns and unforeseen circumstances. Available days are the number of ownership days in a period, less the aggregate number of
days that our vessels were off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades or special surveys and
intermediate dry-dockings and the aggregate number of days that we spent positioning our vessels during the respective period for such
repairs, upgrades and surveys. Ownership days are the total number of days in a period during which we owned each of the vessels in our
fleet.
Continued
25. 25
EXHIBIT II | BOARD OF DIRECTORS
MEMBERS WITH DECADES OF EXPERIENCE
► 30+ years of shipping industry experience
► Since 2005, has been Chairman & CEO of Euroseas Ltd. (NASDAQ: ESEA), a dry bulk and container ship company
► President of Eurochart and Eurobulk, affiliates of Euroseas, since 1992 and 1995, respectively
► From 1990 to 1994, served as the Assistant to the General Manager and Head of the Planning Department of Varima
International SA, a tanker vessel company, and then Vice President of Oceanbulk Maritime SA, a ship management
company
► Shipping industry experience of 45 years
► Since 1970 has worked at Charles R. Weber Company Inc., one of the oldest and largest tanker brokerages and
marine consultants in the U.S. and currently serves as director of Genco Shipping & Trading (NYSE: GNK), a dry bulk
company, and Managing Director of WeberSeas (Hellas) S.A., a comprehensive Sale & Purchase, newbuilding, marine
projects and ship finance broker based in Piraeus, Greece
► Serves on the board of industry associations including Intertanko and the Association of Ship Brokers and Agents,
and past director of two NASDAQ listed companies
► Shipping finance and investment banking experience since 1995
► Founder of Auld Partners Ltd, a boutique shipping and finance advisory firm
► From 2011 to 2012, Managing Director (partner) of Navigos Capital Management, an asset management firm
focused on shipping sector
► Until October 2011, Global Head of Shipping at HSH Nordbank, the largest lender then globally to shipping
► 30 years of professional investment advisory experience; a Chartered Financial Analyst
► President & CEO of MGT Capital Investments, Inc. (NYSE: MGT) since 2012 and past director of two NASDAQ listed
companies
► Managing member of Laddcap Value Advisors, LLC, an investment manager
► 18 years with Neuberger Berman, including as Managing Director
Aristides J. Pittas
Basil G. Mavroleon
Robin P. Das
Robert B. Ladd
► See Senior Management slide
Valentios “Eddie”
Valentis