Pyxis Tankers Inc., an international shipping firm, has announced the signing of a loan commitment letter with an existing bank for a facility amounting to $45 million. This loan, referred to as a “hunting license” facility, is intended to finance the acquisition of up to two modern vessels. These vessels will include product tankers with a deadweight tonnage (dwt) ranging between 45,000 to 115,000 and/or dry bulk carriers with a dwt between 60,000 to 85,000. The facility allows advancements of up to 62.5% of the purchase value and can be drawn down any time within 18 months following the closing, expected to occur by June 2025.
The borrowings under this facility will incur an average interest rate pegged to SOFR plus 1.9%. Each drawn amount will be repaid quarterly over five years. The loan will also be secured by vessels purchased using the facility funds and will come with specific financial and operational covenants. It is important to note that the company will have to pay a nominal fee to the lender during the drawdown period, and the facility’s closing is contingent on the successful execution of standard loan documentation.
Currently, Pyxis Tankers boasts a fleet of six modern eco-vessels, engaged in transporting a diverse range of refined petroleum products and dry-bulk commodities. This fleet comprises three MR product tankers, one Kamsarmax bulk carrier, and interests in two dry-bulk joint ventures involving a sister-ship Kamsarmax and an Ultramax. The firm is well-positioned to strategically expand its fleet of eco-efficient vessels, bolstered by substantial capital resources, a competitive cost structure, strong customer relationships, and an experienced management team aligned with shareholder interests.