Pyxis Tankers Announces Acquisition of Remaining 40% Interest in Ultramax Dry Bulk Vessel “Ormi” Transaction Expected to Be Immediately Accretive and Further Simplify Ownership Structure
Key Highlights
- ➤Pyxis to acquire remaining 40% of Ormi vessel-owning entity for approximately $6.83 million
- ➤Ormi appraised at approximately $32.08 million, with $15.0 million vessel-related debt
- ➤Transaction expected immediately accretive to earnings and free cash flow
- ➤Deal eliminates affiliated non-controlling interest, giving Pyxis 100% economic ownership
- ➤Closing expected within October 2026, with no incremental consolidated vessel debt
Expert Statements
Eddie Valentis, Chairman and Chief Executive Officer of Pyxis Tankers
“When we acquired the Ormi in October 2023, the participation of an affiliated entity provided additional capital support that allowed Pyxis to complete an attractive acquisition while preserving liquidity and financial flexibility.”
Eddie Valentis, Chairman and Chief Executive Officer of Pyxis Tankers
“Since then, we have substantially strengthened our balance sheet and liquidity position.”
Eddie Valentis, Chairman and Chief Executive Officer of Pyxis Tankers
“Acquiring the remaining interest is a logical next step.”
Eddie Valentis, Chairman and Chief Executive Officer of Pyxis Tankers
“The vessel-equity component of the consideration is supported by three independent appraisals from recognized international shipbrokers.”
Eddie Valentis, Chairman and Chief Executive Officer of Pyxis Tankers
“The transaction is expected to be immediately accretive under prevailing dry bulk market conditions and our current operating assumptions, and it will further simplify our corporate structure while providing Pyxis with 100% economic ownership of the Ormi, a high-quality, Japanese-built, scrubber-fitted Ultramax vessel.”
Maroussi, Greece – October 13, 2026 – Pyxis Tankers Inc. (Nasdaq Capital Market: PXS) (the “Company” or “Pyxis”), an international shipping company, today announced that it has entered into an agreement to acquire the remaining 40% non-controlling interest in the entity that owns the Ormi, a 2016-built, Japanese-built, scrubber-fitted 63,250 dwt Ultramax dry bulk vessel. The transaction is expected to be immediately accretive and, upon closing, will result in Pyxis owning 100% of the vessel-owning entity and further simplify the Company’s ownership structure.
The Ormi was acquired in October 2023 from an unaffiliated third party for $28.5 million. Pyxis acquired a 60% controlling interest, while the remaining 40% was acquired by a company related to Pyxis’ Chairman and Chief Executive Officer, Mr. Eddie Valentis, whose participation provided additional capital support and allowed Pyxis to preserve liquidity and financial flexibility at the time.
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