6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

For the month of: August 2022

Commission File Number: 001-37611

Pyxis Tankers Inc.

59 K. Karamanli Street
Maroussi 15125 Greece
+30 210 638 0200
(Address of registrant’s principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

EXPLANATORY NOTE

Attached as Exhibit 99.1 to this Report on Form 6-K is the press release of Pyxis Tankers Inc. (the “Company”) entitled “Pyxis Tankers Announces Date for Release of Second Quarter 2022 Results and Related Conference Call & Webcast”.

Attached as Exhibit 99.2 to this Report on Form 6-K is the press release of the Company entitled “Pyxis Tankers Announces Record Financial Results for the Three Months Ended June 30, 2022”.

Attached as Exhibit 99.3 to this Report on Form 6-K is Management’s Discussion and Analysis of Financial Condition and Results of Operations and unaudited interim consolidated financial statements and the accompanying notes thereto of the Company as of June 30, 2022 and for the six month periods ended June 30, 2022 and 2021.

The information contained in Exhibit 99.3 of this report on Form 6-K is hereby incorporated by reference into the Company’s registration statement on Form F-3 (File No 333-256167), initially filed with the U.S. Securities and Exchange Commission on May 14, 2021.

Exhibit Index

Exhibit Number	Document
99.1	Press Release, dated August 3, 2022
99.2	Press Release, dated August 8, 2022
99.3	Management’s Discussion and Analysis of Financial Condition and Results of Operations and unaudited interim condensed Consolidated Financial Statements as of December 31, 2021 and June 30, 2022 and for the six month periods ended June 30, 2021 and 2022

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

PYXIS TANKERS INC.
By:	/s/ Henry Williams
Name:	Henry Williams
Title:	Chief Financial Officer

Date: August 12, 2022

EX-99.1

Exhibit 99.1

Pyxis Tankers Announces Date for the Release of the Second Quarter 2022 Results

and Related Conference Call & Webcast

Maroussi, Greece, August 3, 2022 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), an international pure play product tanker company, today announced the following:

Date of Earnings Release. We will issue our unaudited results for the second quarter ended June 30, 2022 before market opens in New York on Monday, August 8, 2022. We will host a conference call on the same day to discuss the results at 8:30 a.m. Eastern Time.

Conference Call details:

Participants should register at Pyxis Tankers Earnings Call Registration. All registrants will receive dial-in information and a PIN allowing them to access the live call. A telephonic replay of the conference and accompanying slides will be available following the completion of the call and will remain available until Monday, August 15, 2022. To listen to the archived audio file, visit our website http://www.pyxistankers.com and click on Events & Presentations under our Investor Relations page.

Webcast:

A webcast of the conference call will be available through our website (http://www.pyxistankers.com) under our Events & Presentations page. Webcast participants of the live conference call should register on the website approximately 10 minutes prior to the start of the webcast and can also access it through the following link:

https://events.q4inc.com/attendee/526524341

About Pyxis Tankers Inc.

We currently own a modern fleet of five tankers engaged in seaborne transportation of refined petroleum products and other bulk liquids. We are focused on growing our fleet of medium range product tankers, which provide operational flexibility and enhanced earnings potential due to their “eco” features and modifications. We are positioned to opportunistically expand and maximize our fleet due to competitive cost structure, strong customer relationships and an experienced management team whose interests are aligned with those of its shareholders. For more information, visit: http://www.pyxistankers.com.

Company

Pyxis Tankers Inc.

59 K. Karamanli Street

Maroussi, 15125 Greece

info@pyxistankers.com

Visit our website at www.pyxistankers.com

Company Contact

Henry Williams

Chief Financial Officer

Tel: +30 (210) 638 0200 / +1 (516) 455-0106

Email: hwilliams@pyxistankers.com

Source: Pyxis Tankers Inc.

EX-99.2

Exhibit 99.2

 

Pyxis Tankers Announces Record Financial Results for the Three Months Ended June 30, 2022

Maroussi, Greece, August 8, 2022 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS) (the “Company” or “Pyxis Tankers”), an international pure play product tanker company, today announced its unaudited results for the three and six month periods ended June 30, 2022.

Summary

For the three months ended June 30, 2022, our Revenues, net were $16.1 million. For the same period, our time charter equivalent (“TCE”) revenues were $11.3 million, representing an increase of approximately $7.2 million or 173.2% over the comparable period in 2021. Our net income attributable to common shareholders for the three months ended June 30, 2022 was $4.6 million, representing an increase of $6.1 million from a loss of $1.5 million in the comparable period of 2021. For the second quarter of 2022, the income per share was $0.43 basic and $0.38 diluted compared to loss $0.16 (basic and diluted) for the same period in 2021. Our Adjusted EBITDA for the three months ended June 30, 2022 was $7.3 million, which represented an increase of $6.9 million over the comparable period in 2021. Please see “Non-GAAP Measures and Definitions” below.

On May 13, 2022, the Company implemented a one for four reverse stock split with Nasdaq’s intent of complying with the minimum bid price requirement, as further discussed below. The share and per share information for all periods presented has been adjusted to reflect the one for four Reverse Stock Split.

Valentios Valentis, our Chairman and CEO commented:

“We are pleased to report record results of Revenue, net of $16.1 million and Net Income of $4.6 million for our second fiscal quarter in 2022. Starting this spring, historically low inventories of petroleum products coincided with the war in the Ukraine and expanding global demand, especially for transportation fuels, resulted in market dislocation, including arbitrage opportunities, ton-mile expansion of cargoes and substantially higher charter rates for product tankers. We have taken advantage of improving market conditions by continuing to employ our five Eco- MR’s under a mixed chartering strategy of short-term time charters and spot voyages. During the three months ended June 30, 2022, our daily TCE rate more than doubled to $26,270 compared to the same period in 2021. As of August 5^th, 56.7% of the available days in Q3, 2022 for our MR’s were booked at an estimated average TCE of $30,500 per vessel, including three vessels contracted under short-term time charter at an average rate of $25,000 and two MR’s employed in the spot market at an average rate of $43,900.

While we continue to have a positive outlook based on the current environment and longer-term sector fundamentals, we do have concerns about the impact of rising global inflation, higher interest rates, possible recession and, of course, the ongoing war. For example, record high prices in mid-June for regular gasoline in the U.S. have subsequently led to an 3.5% decline in consumption by late July and a 13.5% reduction in the average price per gallon at the pump. However, U.S. refineries are currently running at approximately 93% utilization, 1.5 points higher than one year ago, in order to meet seasonal domestic demand and increased exports of diesel to Europe and Latin America.

Tanker values have risen significantly, increasing the value of our vessels, but also making potential acquisitions more expensive. It has become very challenging to develop opportunities for fleet expansion, especially for the purchase of modern eco-efficient MR’s. For example, based on strong near-term charter rate estimates, a leading research firm recently forecasted a further 20% appreciation in the price of a 5 year old MR to $40.2 million by the middle of next year. Consequently, we will continue to be very disciplined in allocating capital for any strategic transaction in order to maximize shareholder value. In the meantime, we expect to continue to use free cash flow to enhance our balance sheet.”

Results for the three months ended June 30, 2021 and 2022

For the three months ended June 30, 2022, we reported Revenues, net of $16.1 million, or 222.1% higher than $5.0 million in the comparable 2021 period. Our net income attributable to common shareholders was $4.6 million, or $0.43 basic and $0.38 diluted income per share, compared to a net loss of $1.5 million, or $0.16 basic and diluted loss per share, for the same period in 2021. The weighted average number of basic share count had increased by 1.3 million shares from the second quarter of 2021 to approximately 10.6 million common shares in the same period of 2022. The average daily MR TCE rate during the second quarter of 2022 was $26,270 or 107% higher than the $12,697 daily MR TCE rate for the same period in 2021, due to improved market conditions. During the second quarter of 2022, two of our MR’s were under short-term charters and three under spot voyages. Operating expenses and vessel management fees were comparatively higher in the first half of 2022 as a net result of the vessel additions in the second half of 2021, the “Pyxis Karteria” and “Pyxis Lamda”, which was offset by the two small tanker sales, the “Northsea Alpha” and “Northsea Beta” which were delivered to their buyer on January 28, 2022, and March 1, 2022, respectively. Our Adjusted EBITDA increased by $6.9 million to $7.3 million for the three months ended June 30, 2022.

Results for the six months ended June 30, 2021 and 2022

For the six months ended June 30, 2022, we reported Revenues, net of $23.0 million, an increase of $12.7 million, or 124.6%, from $10.2 million in the comparable period of 2021 primarily due to higher spot market rates. During the first half of 2022, two of our MR’s were contracted under short-term charters, two were employed in the spot market and one MR vessel contracted under short-term charter for 34 days and employed in the spot market for the rest of the period resulting in an overall MR daily TCE rate for our fleet of $19,814.

Our net income attributable to common shareholders for the six months ended June 30, 2022, was $0.9 million, or $0.09 per share (basic and diluted), compared to a net loss of $3.6 million, or a loss of $0.43 per share (basic and diluted) for the same period in 2021. Higher MR daily TCE rate of $19,814 and lower MR fleet utilization of 84.7% for our MR’s during the six months ended June 30, 2022, were compared to a MR daily TCE rate of $12,718 and MR fleet utilization of 99.3%, respectively, during the same period in 2021. Operating expenses and vessel management fees were comparatively higher in the first half of 2022 as a net result of the vessel additions of the “Pyxis Karteria” and “Pyxis Lamda” in the second half of 2021 offset from the sales of the two small tankers during the first part of 2022. Our Adjusted EBITDA of $6.6 million represented an increase of $5.4 million from $1.2 million for the same six month period in 2021.

	Three months ended June 30,						Six months ended June 30,
(Amounts in thousands of U.S. dollars, except for daily TCE rates)	2021			2022			2021			2022
MR Revenues, net 1	$	3,559		$	16,064		$	7,106		$	22,373
MR Voyage related costs and commissions 1		(144	)		(4,741	)		(252	)		(7,413	)
MR Time charter equivalent revenues 1, 2	$	3,415		$	11,323		$	6,854		$	14,960
MR Total operating days 1		269			431			539			755
MR Daily time charter equivalent rate 1, 2	$	12,697		$	26,270		$	12,718		$	19,814

¹ “Northsea Alpha” and “Northsea Beta” which were sold on January 28, 2022 and March 1, 2022 respectively, have been excluded in the above table. Both vessels have been under spot employment for approximately 7 and 36 days, respectively, in 2022 as of the delivery date to their buyer. For the six months ended June 30, 2022, “Revenues, net” attributable to these vessels was $595 thousands and “Voyage related costs and commissions” was $389 thousands.

² Subject to rounding; please see “Non-GAAP Measures and Definitions” below.

2

Management’s Discussion and Analysis of Financial Results for the Three Months ended June 30, 2021 and 2022

(Amounts are presented in million U.S. dollars, rounded to the nearest one hundred thousand, except as otherwise noted)

Amounts relating to variations in period–on–period comparisons shown in this section are derived from the unaudited interim consolidated financials presented below.

Revenues, net: Revenues, net of $16.1 million for the three months ended June 30, 2022, represented an increase of $11.1 million, or 222.1%, from $5.0 million in the comparable period of 2021 as a result of significantly higher charter rates and higher spot employment for our MR’s, a 249-day increase in spot operating days, from nil days during the same period in 2021. This increase in Revenues, net was partially offset by a decrease of 3.8% in fleet utilization from 98.5% in the same period of 2021 to 94.7% for the three months ended June 30, 2022. In the second quarter of 2022, our MR daily TCE rate for our fleet was $26,270, a $13,573 per day increase from the same in 2021 period as a combined result of the improvement in charter rates and the $3.9 million increase in the voyage related costs and commissions discussed below.

Voyage related costs and commissions: Voyage related costs and commissions of $4.7 million in the second quarter of 2022, represented an increase of $3.9 million, or 463.0%, from $0.8 million in the same period of 2021. This increase was substantially due to the 249-day increase in our MR’s spot employment as well as significantly higher bunker fuel costs. Under spot charters, all voyage expenses are typically borne by us rather than the charterer and an increase in spot employment results in increased voyage related costs and commissions.

Vessel operating expenses: Vessel operating expenses of $3.0 million for the three months ended June 30, 2022, represented an increase of $0.1 million, or 4.2%, compared to the same period in 2021 which was mainly attributed to the addition of the “Pyxis Karteria” and “Pyxis Lamda” to our fleet in the second half of 2021, partially offset by the sales of “Northsea Alpha” and “Northsea Beta” which occurred during the first quarter of 2022. Fleet ownership days for the three months ended June 30, 2022 and 2021 was 455 days for both periods.

General and administrative expenses: General and administrative expenses of $0.7 million for the quarter ended June 30, 2022 were 20.5% higher than the same period in 2021 primarily due to higher professional fees.

Management fees: For the three months ended June 30, 2022, management fees were paid to our ship manager, Pyxis Maritime Corp. (“Maritime”), an entity affiliated with our Chairman and Chief Executive Officer, Mr. Valentis, and to International Tanker Management Ltd. (“ITM”), our fleet’s technical manager, overall increased by 13.1% from $0.3 million to $0.4 million as a result of the vessel additions in our fleet and the increase in the daily management fee paid to Maritime which increases annually in line with the inflation in Greece.

Amortization of special survey costs: Amortization of special survey costs of $0.1 million for the quarter ended June 30, 2022, remained flat compared to the same period in 2021.

Depreciation: Depreciation of $1.5 million for the quarter ended June 30, 2022, increased by $0.4 million or 37.9% compared to $1.1 million in the same period of 2021. The increase was attributed to the acquisition of vessels “Pyxis Karteria” and “Pyxis Lamda” after the second half of 2021 partly offset by the seizure of depreciation for vessels “Northsea Alpha” and “Northsea Beta” which were classified as held for sale at the end of 2021.

Gain from financial derivative instruments: During the three months ended June 30, 2022, we recorded a gain from financial derivative instruments amounted to $0.1 million related to the valuation of the interest rate cap purchased in July 2021, for the amount of $9.6 million at a cap rate of 2% with a termination date of July 8, 2025.

Interest and finance costs, net: Interest and finance costs, net, for the quarter ended June 30, 2022, were $1.0 million, compared to $0.6 million in the comparable period in 2021, an increase of $0.3 million, or 56.8%. This increase was primarily attributable to higher debt balances accompanying the acquisition of vessels “Pyxis Karteria” and “Pyxis Lamda” after the second quarter of 2021 and higher LIBOR rates paid on all the floating rate bank debt.

3

Management’s Discussion and Analysis of Financial Results for the Six Months ended June 30, 2021 and 2022

(Amounts are presented in million U.S. dollars, rounded to the nearest one hundred thousand, except as otherwise noted)

Amounts relating to variations in period–on–period comparisons shown in this section are derived from the unaudited interim consolidated financials presented below.

Revenues, net: Revenues, net of $23.0 million for the six months ended June 30, 2022, represented an increase of $12.7 million, or 124.6%, from $10.2 million in the comparable period of 2021 as a result of significantly higher spot market rates and greater spot employment for our MR’s, a 377-day increase in spot operating days, from 4 days during the same period in 2021. The increase in Revenues, net was partially offset by a decrease of 14.6% in fleet utilization from 99.3% in the same period of 2021 to 84.7% for the six months ended June 30, 2022. In the first half of 2022, our MR daily TCE rate for our fleet was $19,814, a $7,096 per day increase from the same 2021 period as a result of the improvement in charter rates and the $6.0 million increase in the voyage related costs and commissions discussed below.

Voyage related costs and commissions: Voyage related costs and commissions of $7.8 million for the six months ended June 30, 2022, represented an increase of $6.0 million, or 332.5%, from $1.8 million in the same period in 2021. For the six months ended June 30, 2022, our MRs were on spot charters for 381 days in total, compared to 4 days for the respective period in 2021. This higher spot chartering activity for our MRs contribute higher voyage costs which are typically borne by us rather than the charterer, thus an increase in spot employment results in increased voyage related costs and commissions.

Vessel operating expenses: Vessel operating expenses of $6.3 million for the six months ended June 30, 2022, represented a $1.0 million or 18.4% increase compared to $5.3 million for the six months ended June 30, 2021. This increase mainly attributed to the addition of the “Pyxis Karteria” and “Pyxis Lamda” to our fleet in the second half of 2021, partially offset by the sales of “Northsea Alpha” and “Northsea Beta” which occurred during the first quarter, 2022. Fleet ownership days for the six months ended June 30, 2022 was 991 days compared to 901 days for the same period in 2021.

General and administrative expenses: General and administrative expenses of $1.3 million for the six months ended June 30, 2022, represented an increase of 7.0%, from the comparable period in 2021, due to timing of certain incurred costs.

Management fees: For the six months ended June 30, 2022, management fees payable to Maritime and ITM of $0.9 million in the aggregate, represented an increase of $0.2 million compared to the six months ended June 30, 2021, as a result of the vessel additions in our fleet and the increase in the daily management fee paid to Maritime which increases annually in line with the inflation in Greece.

Amortization of special survey costs: Amortization of special survey costs of $0.2 million for the six months ended June 30, 2022, remained flat compared to the same period in 2021.

Depreciation: Depreciation of $3.0 million for the six months ended June 30, 2022, increased by $0.8 million or 37.8% compared to $2.2 million in the comparable period of 2021. The increase was attributed to the acquisition of vessels “Pyxis Karteria” and “Pyxis Lamda” after the second quarter of 2021 partly offset by the seizure of depreciation for vessels “Northsea Alpha” and “Northsea Beta” which were classified as held for sale at the end of 2021.

Loss from the sale of vessels, net: During the six months ended June 30, 2022, we recorded a non-recurring loss from the sale of the “Northsea Alpha” and “Northsea Beta” of $0.5 million related to the reposition costs for the delivery of the vessels to their buyer on January 28, 2022 and March 1, 2022, respectively. No such expense was recorded for the comparable period in 2021.

Loss from debt extinguishment: In the first six months of 2022, we recorded a loss from debt extinguishment of approximately $34,000 reflecting the write-off of the remaining unamortized balance of deferred financing costs, which were associated with the repayment of the “Northsea Alpha” and “Northsea Beta” loans during the first quarter of 2022. For the six months ended June 30, 2021 we recorded a loss from debt extinguishment of $0.5 million primarily reflecting a prepayment fee and the write-off of the remaining unamortized balance of deferred financing costs, both of which were associated with the loan on the “Pyxis Epsilon” that was refinanced at the end of the first quarter in 2021.

Gain from financial derivative instruments: During the six months ended June 30, 2022, we recorded a gain from financial derivative instruments amounted to $0.3 million related to the valuation of the interest rate cap purchased in July 2021, for the amount of $9.6 million. No such income or expense was recorded for the comparable period in 2021.

Interest and finance costs, net: Interest and finance costs, net, was $1.8 million for both the six months ended June 30, 2022 and 2021. Higher funded debt accompanying the acquisition of the “Pyxis Karteria” and “Pyxis Lamda” was offset by lower weighted average interest rate of 4.3% compared to 5.9% for the same period in 2021.

4

Unaudited Interim Consolidated Statements of Comprehensive Income/Loss

For the three months ended June 30, 2021 and 2022

(Expressed in thousands of U.S. dollars, except for share and per share data)

	Three months ended June 30,
	2021			2022
Revenues, net	$	4,986		$	16,062
Expenses:
Voyage related costs and commissions		(843	)		(4,745	)
Vessel operating expenses		(2,834	)		(2,952	)
General and administrative expenses		(584	)		(704	)
Management fees, related parties		(151	)		(183	)
Management fees, other		(193	)		(206	)
Amortization of special survey costs		(102	)		(90	)
Depreciation		(1,103	)		(1,521	)
Allowance for credit losses		(9	)		(4	)
Operating income / (loss)		(833	)		5,657
Other expenses:
Gain from financial derivative instrument		—			86
Interest and finance costs, net		(609	)		(955	)
Total other expenses, net		(609	)		(869	)
Net income / (loss)	$	(1,442	)	$	4,788
Dividend Series A Convertible Preferred Stock		(68	)		(218	)
Net income / (loss) attributable to common shareholders	$	(1,510	)	$	4,570
Income / (loss) per common share, basic	$	(0.16	)	$	0.43
Income / (loss) per common share, diluted	$	(0.16	)	$	0.38
Weighted average number of common shares, basic		9,348,412			10,613,424
Weighted average number of common shares, diluted		9,348,412			12,641,229

5

Unaudited Interim Consolidated Statements of Comprehensive Income/ Loss

For the six months ended June 30, 2021 and 2022

(Expressed in thousands of U.S. dollars, except for share and per share data)

	Six months ended June 30,
	2021			2022
Revenues, net	$	10,228		$	22,968
Expenses:
Voyage related costs and commissions		(1,804	)		(7,802	)
Vessel operating expenses		(5,342	)		(6,324	)
General and administrative expenses		(1,226	)		(1,312	)
Management fees, related parties		(300	)		(394	)
Management fees, other		(387	)		(516	)
Amortization of special survey costs		(203	)		(175	)
Depreciation		(2,194	)		(3,024	)
Bad debt provisions		—			(50	)
Allowance for credit losses		(9	)		(4	)
Loss from the sale of vessels, net		—			(466	)
Operating income / (loss)		(1,237	)		2,901
Other expenses, net:
Loss from debt extinguishment		(458	)		(34	)
Gain from financial derivative instruments		—			320
Interest and finance costs, net		(1,750	)		(1,829	)
Total other expenses, net		(2,208	)		(1,543	)
Net income / (loss)	$	(3,445	)	$	1,358
Dividend Series A Convertible Preferred Stock		(153	)		(449	)
Net income / (loss) attributable to common shareholders	$	(3,598	)	$	909
Income / (loss) per common share, basic and diluted	$	(0.43	)	$	0.09
Weighted average number of common shares, basic and diluted		8,332,033			10,613,424

6

Consolidated Balance Sheets

As of December 31, 2021 and June 30, 2022 (unaudited)

(Expressed in thousands of U.S. dollars, except for share and per share data)

	December 31, 2021			June 30, 2022
				(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	6,180		$	3,636
Restricted cash, current portion		944			355
Inventories		1,567			3,466
Trade accounts receivable, net		1,716			5,265
Vessels held-for-sale		8,509			—
Prepayments and other current assets		186			284
Insurance claim receivable		—			1,933
Total current assets		19,102			14,939
FIXED ASSETS, NET:
Vessels, net		119,724			117,255
Total fixed assets, net		119,724			117,255
OTHER NON-CURRENT ASSETS:
Restricted cash, net of current portion		2,750			2,250
Financial derivative instrument		74			394
Deferred dry dock and special survey costs, net		912			929
Total other non-current assets		3,736			3,573
Total assets	$	142,562		$	135,767
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt, net of deferred financing costs	$	11,695		$	5,867
Trade accounts payable		3,084			5,590
Due to related parties		6,962			5,659
Accrued and other liabilities		1,089			910
Total current liabilities		22,830			18,026
NON-CURRENT LIABILITIES:
Long-term debt, net of current portion and deferred financing costs		64,880			61,967
Promissory note		6,000			6,000
Total non-current liabilities		70,880			67,967
COMMITMENTS AND CONTINGENCIES		—			—
STOCKHOLDERS’ EQUITY:
Preferred stock ($0.001 par value; 50,000,000 shares authorized; of which 1,000,000 authorized Series A Convertible Preferred Shares; 449,673 Series A Convertible Preferred Shares issued and outstanding as at December 31, 2021 and June 30, 2022)		—			—
Common stock ($0.001 par value; 450,000,000 shares authorized; 10,613,424 shares issued and outstanding as at December 31, 2021 and June 30, 2022, respectively)		42			42
Additional paid-in capital		111,840			111,840
Accumulated deficit		(63,030	)		(62,108	)
Total stockholders’ equity		48,852			49,774
Total liabilities and stockholders’ equity	$	142,562		$	135,767

7

Unaudited Interim Consolidated Statements of Cash Flows

For the six months ended June 30, 2021 and 2022

(Expressed in thousands of U.S. dollars)

	Six months ended June 30,
	2021			2022
Cash flows from operating activities:
Net income / (loss)	$	(3,445	)	$	1,358
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation		2,194			3,024
Amortization and write-off of special survey costs		203			175
Allowance for credit losses		9			4
Amortization and write-off of financing costs		111			155
Loss from debt extinguishment		458			34
Gain from financial derivative instruments		—			(320	)
Bad debt provisions		—			50
Issuance of common stock under the promissory note		55			—
Changes in assets and liabilities:
Inventories		(807	)		(1,899	)
Due to related parties		1,710			1,691
Trade accounts receivable, net		151			(3,602	)
Prepayments and other assets		(39	)		(98	)
Insurance claim receivable		—			(1,933	)
Special survey cost		—			(445	)
Trade accounts payable		(1,322	)		2,759
Hire collected in advance		(726	)		—
Accrued and other liabilities		322			(179	)
Net cash provided by / (used in) operating activities	$	(1,126	)	$	774
Cash flow from investing activities:
Proceeds from the sale of vessel, net		—			8,509
Payments for vessel acquisition		(3,008	)		(2,995	)
Ballast water treatment system installation		(153	)		(555	)
Net cash provided by / (used in) investing activities	$	(3,161	)	$	4,959
Cash flows from financing activities:
Proceeds from long-term debt		17,000			—
Repayment of long-term debt		(25,990	)		(8,930	)
Gross proceeds from issuance of common stock		25,000			—
Common stock offering costs		(1,774	)		—
Proceeds from conversion of warrants into common shares		202			—
Repayment of promissory note		(1,000	)		—
Payment of financing costs		(388	)		—
Preferred stock dividends paid		(151	)		(436	)
Net cash (used in) / provided by financing activities	$	12,899		$	(9,366	)
Net increase in cash and cash equivalents and restricted cash		8,612			(3,633	)
Cash and cash equivalents and restricted cash at the beginning of the period		4,037			9,874
Cash and cash equivalents and restricted cash at the end of the period	$	12,649		$	6,241
SUPPLEMENTAL INFORMATION:
Cash paid for interest	$	1,781		$	1,722
Unpaid portion of Ballast water treatment system installation		21			—
Non-cash financing activities-issuance of common stock under the promissory note		1,112			—
Unpaid portion for common stock offering costs and financing cost		131			—

8

Liquidity, Debt and Capital Structure

Pursuant to our loan agreements, as of June 30, 2022, we were required to maintain a minimum liquidity of $2.25 million. Total cash and cash equivalents, including the minimum liquidity amount and the retention account of $0.35 million for one of our loans, aggregated $6.2 million as of June 30, 2022.

Total funded debt (in thousands of U.S. dollars), net of deferred financing costs:

	December 31, 2021		June 30, 2022
			(unaudited)
Funded debt, net of deferred financing costs	$	76,575	$	67,834
Promissory Note - related party		6,000		6,000
Total funded debt	$	82,575	$	73,834

Our weighted average interest rates on our total funded debt for the three and six month periods ended June 30, 2022 were 4.6% and 4.3%, respectively.

Following the Company’s Annual Shareholder Meeting of May 11, 2022, the board of directors of the Company approved the implementation of a reverse-split of our Common Shares at the ratio of one share for four existing Common Shares, effective May 13, 2022 (the “Reverse Stock Split”). Following the Reverse Stock Split, our Common Shares continued trading on the Nasdaq Capital Markets under its existing symbol, “PXS”, with a new CUSIP number, 71726130. The payment for fractional share interests in connection with the Reverse Stock Split reduced the outstanding Common Shares to 10,613,424 post-Reverse Stock Split. The Reverse Stock Split was undertaken with the objective of meeting the minimum $1.00 per share requirement for maintaining the listing of the Common Shares on the Nasdaq Capital Markets. Furthermore, following the Reverse Stock Split, (a) the Conversion Price, as defined in the Certification of Designation of the Company’s 7.75% Series A Cumulative Convertible Preferred Shares (NASDAQ Cap Mkts: PXSAP), was adjusted from $1.40 to $5.60 and (b) the Exercise Price, as defined in the Company’s Warrants to purchase Common Shares (NASDAQ Cap Mkts: PXSAW), was adjusted from $1.40 to $5.60. All the share and per share information for all periods presented has been adjusted to reflect the one for four Reverse Stock Split.

On June 30, 2022, we had a total of 10,613,424 common shares (the “Common Shares”) issued and outstanding of which Mr. Valentis beneficially owned 54.0%.

Non-GAAP Measures and Definitions

Earnings before interest, taxes, depreciation and amortization (“EBITDA”) represents the sum of net income / (loss), interest and finance costs, depreciation and amortization and, if any, income taxes during a period. Adjusted EBITDA represents EBITDA before certain non-operating or non-recurring charges, such as vessel impairment charges, gain or loss from debt extinguishment, gain or loss on sale of vessel, gain or loss from financial derivative instruments and stock compensation. EBITDA and Adjusted EBITDA are not recognized measurements under U.S. GAAP.

EBITDA and Adjusted EBITDA are presented in this press release as we believe that they provide investors with means of evaluating and understanding how our management evaluates operating performance. These non-GAAP measures have limitations as analytical tools, and should not be considered in isolation from, as a substitute for, or superior to financial measures prepared in accordance with U.S. GAAP. EBITDA and Adjusted EBITDA do not reflect:

● our cash expenditures, or future requirements for capital expenditures or contractual commitments;

● changes in, or cash requirements for, our working capital needs; and

● cash requirements necessary to service interest and principal payments on our funded debt.

9

In addition, these non-GAAP measures do not have standardized meanings and are therefore unlikely to be comparable to similar measures presented by other companies. The following table reconciles net loss, as reflected in the Unaudited Interim Consolidated Statements of Comprehensive Loss to EBITDA and Adjusted EBITDA:

	Three months ended June 30,						Six months ended June 30,
(Amounts in thousands of U.S. dollars)	2021			2022			2021			2022
Reconciliation of Net loss to Adjusted EBITDA
Net income / (loss)	$	(1,442	)	$	4,788		$	(3,445	)	$	1,358
Depreciation		1,103			1,521			2,194			3,024
Amortization of special survey costs		102			90			203			175
Interest and finance costs, net		609			955			1,750			1,829
EBITDA	$	372		$	7,354		$	702		$	6,386
Loss from debt extinguishment		—			—			458			34
Gain from financial derivative instrument		—			(86	)		—			(320	)
Loss from the sale of vessels, net		—			—			—			466
Adjusted EBITDA	$	372		$	7,268		$	1,160		$	6,566

Daily TCE is a shipping industry performance measure of the average daily revenue performance of a vessel on a per voyage basis. Daily TCE is not calculated in accordance with U.S. GAAP. We utilize daily 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 daily TCE to assist them in making decisions regarding the employment of the vessels. We calculate daily TCE by dividing Revenues, net after deducting Voyage related costs and commissions, by operating days for the relevant period. Voyage related costs and commissions primarily consist of brokerage commissions, port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract.

Vessel operating expenses (“Opex”) per day are our vessel operating expenses for a vessel, which primarily consist of crew wages and related costs, insurance, lube oils, communications, spares and consumables, tonnage taxes as well as repairs and maintenance, divided by the ownership 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. We use fleet utilization to measure our efficiency in finding suitable employment for our vessels and minimizing the amount of days that our 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. Ownership days are the total number of days in a period during which we owned each of the vessels in our fleet. 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. 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.

EBITDA, Adjusted EBITDA and daily TCE are not recognized measures under U.S. GAAP and should not be regarded as substitutes for Revenues, net and Net income. Our presentation of EBITDA, Adjusted EBITDA and daily TCE does not imply, and should not be construed as an inference, that our future results will be unaffected by unusual or non-recurring items and should not be considered in isolation or as a substitute for a measure of performance prepared in accordance with U.S. GAAP.

10

Recent Daily Fleet Data:

(Amounts in U.S. dollars per day)		Three months ended June 30,						Six months ended June 30,
		2021			2022			2021			2022
Eco-Efficient MR2: (2022: 4 vessels)
(2021: 2 vessels)	Daily TCE :		13,280			21,070			13,481			16,893
	Opex per day:		6,697			6,181			6,511			6,489
	Utilization % :		97.8	%		94.0	%		98.9	%		84.5	%
Eco-Modified MR2: (1 vessel)
	Daily TCE :		11,555			46,251			11,207			31,123
	Opex per day:		6,604			8,196			6,632			7,974
	Utilization % :		100.0	%		97.8	%		100.0	%		85.6	%
Fleet: (2021: 5 vessels) *
(2020: 3 vessels) *	Daily TCE :		12,697			26,270			12,718			19,814
	Opex per day:		6,665			6,584			6,551			6,786
	Utilization % :		98.5	%		94.7	%		99.3	%		84.7	%

As of June 30, 2022 our fleet consisted of four eco-efficient MR2 tankers, “Pyxis Lamda”, “Pyxis Theta”, “Pyxis Karteria” and “Pyxis Epsilon”, and one eco-modified MR2, “Pyxis Malou”. During 2021 and 2022, the vessels in our fleet were employed under time and spot charters.

* a) On December 20, 2021, we took delivery from a related party the “Pyxis Lamda”, a 50,145 dwt medium range product tanker built in 2017 at SPP Shipbuilding in South Korea. After her first special survey, the “Pyxis Lamda” launched commercial employment in early January, 2022. For 2021, the vessel contributed nil available days, and, consequently, voyage and related costs of $10 have been excluded from the above data.

b) “Pyxis Karteria” was acquired on July 15, 2021 and commenced commercial activities at that time.

c) Our two small tankers “Northsea Alpha” and “Northsea Beta” were sold on January 28, and March 1, 2022, respectively. Both vessels had been under spot employment for approximately 7 and 36 days, respectively, in 2022 as of the delivery date to their buyer. The small tankers have been excluded in the table calculations for the six months ended June 30, 2022 and the comparative period.

d) In February, 2022, the Pyxis Epsilon experienced a brief grounding at port which resulted in minor damages to the vessel. The vessel was off-hire for 43 days including shipyard repairs and returned to commercial employment at the end of March, 2022.

11

Conference Call and Webcast

Today, Monday, August 8, 2022, at 8:30 a.m. Eastern Time, the Company’s management will host a conference call to discuss the results.

Participants should register at Pyxis Tankers Earnings Call Registration. All registrants will receive dial-in information and a PIN allowing them to access the live call. A telephonic replay of the conference and accompanying slides will be available following the completion of the call and will remain available until Monday, August 15, 2022. To listen to the archived audio file, visit our website http://www.pyxistankers.com and click on Events & Presentations under our Investor Relations page.

A telephonic replay of the conference and accompanying slides will be available following the completion of the call and will remain available until Monday, August 15, 2022. To listen to the archived audio file, visit our website http://www.pyxistankers.com and click on Events & Presentations under our Investor Relations page.

A webcast of the conference call will be available through our website (http://www.pyxistankers.com) under our Events & Presentations page.

Webcast participants of the conference call should register on the website approximately 10 minutes prior to the start of the webcast and can also access it through the following link:

https://events.q4inc.com/attendee/526524341

About Pyxis Tankers Inc.

We own a modern fleet of five tankers engaged in seaborne transportation of refined petroleum products and other bulk liquids. We are focused on growing our fleet of medium range product tankers, which provide operational flexibility and enhanced earnings potential due to their “eco” features and modifications. We are positioned to opportunistically expand and maximize our fleet due to competitive cost structure, strong customer relationships and an experienced management team whose interests are aligned with those of its shareholders. For more information, visit: http://www.pyxistankers.com. The information discussed contained in, or that can be accessed through, Pyxis Tankers Inc.’s website, including the conference call and Webcast information, is not incorporated into, and does not constitute part of this report.

Pyxis Tankers Fleet (as of August 5, 2022)

Vessel Name	Shipyard	Vessel type	Carrying Capacity (dwt)		Year Built		Type of charter		Charter(1) Rate (per day)		Anticipated Earliest Redelivery Date
Pyxis Lamda (2)	SPP / S. Korea	MR		50,145		2017		Time	$	31,000	Aug 2022
Pyxis Epsilon (3)	SPP / S. Korea	MR		50,295		2015		Time		34,000	Sep 2022
Pyxis Theta	SPP / S. Korea	MR		51,795		2013		Spot		n/a	n/a
Pyxis Karteria (4)	Hyundai / S. Korea	MR		46,652		2013		Time		23,750	Sep 2022
Pyxis Malou	SPP / S. Korea	MR		50,667		2009		Spot		n/a	n/a
				249,554

1)	Charter rates are gross and do not reflect any commissions payable.
2)	“Pyxis Lamda” is fixed on a time charter for 70 days, +/- 15 days at $15,250 per day with charterer’s option of additional min 70, max 180 days +/- 15 days at $15,700 per day up to Aug 4th and at $31,000 per day up to Aug 16th.
3)	“Pyxis Epsilon” is fixed on a time charter for min 60, max 120 days at $34,000 per day.
4)	“Pyxis Karteria” is fixed on a time charter for min 75, max 130 days at $23,750 per day.

12

Forward Looking Statements

This press release contains forward-looking statements and forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995 applicable securities laws. The words “expected’’, “estimated”, “scheduled”, “could”, “should”, “anticipated”, “long-term”, “opportunities”, “potential”, “continue”, “likely”, “may”, “will”, “positioned”, “possible”, “believe”, “expand” 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. But the absence of such words does not mean that a statement is not forward-looking. All statements that are not statements of either historical or current facts, including among other things, our expected financial performance, expectations or objectives regarding future and market charter rate expectations and, in particular, the effects of COVID-19 or any variant thereof, or the war in the Ukraine, on our financial condition and operations and the product tanker industry in general, are forward-looking statements. Forward-looking information is based on the opinions, expectations and estimates of management of Pyxis Tankers Inc. (“we”, “our” or “Pyxis”) 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, those are not guarantees of our future performance and 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 or implied in such information. Factors that might cause or contribute to such discrepancy include, but are not limited to, the risk factors described in our Annual Report on Form 20-F for the year ended December 31, 2021 and our other filings with the Securities and Exchange Commission. 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.

Company

Pyxis Tankers Inc.

59 K. Karamanli Street

Maroussi 15125 Greece

info@pyxistankers.com

Visit our website at www.pyxistankers.com

Company Contact

Henry Williams

Chief Financial Officer

Tel: +30 (210) 638 0200 / +1 (516) 455-0106

Email: hwilliams@pyxistankers.com

Source: Pyxis Tankers Inc.

13

EX-99.3

Exhibit 99.3

MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following is a discussion of our financial condition and results of operations for the six month periods ended June 30, 2021 and 2022. On May 13, 2022, we effected a one-for-four reverse stock split on our common shares (the “Reverse Stock Split”). All share and per share amounts have been described or retroactively adjusted to reflect the Reverse Stock Split. The par value of the common shares remained unchanged at $0.001 per share. Unless otherwise specified herein, references to the “Company,” “we” or “our” shall include PYXIS TANKERS INC. and its subsidiaries. You should read the following discussion and analysis together with our Unaudited Interim Condensed Consolidated Financial Statements as of June 30, 2022 and for the six month periods ended June 30, 2021 and 2022, and the accompanying notes thereto, included elsewhere in this report. For additional information relating to our management’s discussion and analysis of financial condition and results of operations, please see our Annual Report on Form 20-F for the year ended December 31, 2021, filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 1, 2022 (the “2021 Annual Report”).

Forward-Looking Statements

Our disclosure and analysis pertaining to our operations, cash flows and financial position, including, in particular, the likelihood of our success in developing and expanding our business and making acquisitions, include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “seeks,” “targets,” “continue,” “contemplate,” “possible,” “likely,” “might,” “will,” “should,” “would,” “could,” “projects,” “forecasts,” “potential”, “may,” and similar expressions are forward-looking statements. All statements herein that are not statements of either historical or current facts, including among other things, our expected financial performance, expectations or objectives regarding future and market charter rate expectations and, in particular, the effects of COVID-19, including variants thereto, such as, Omicron, and the Russian-Ukrainian war, on our financial condition and operations and the product tanker industry in general, are forward-looking statements. Forward-looking statements include, but are not limited to, such matters as our future operating or financial results, global and regional economic and political conditions, including piracy, vessel acquisitions, our business strategy and expected capital spending or operating expenses, including dry-docking and insurance costs, competition in the product tanker industry, statements about shipping market trends, including charter rates and factors affecting supply and demand, our financial condition and liquidity and capital resources, including our ability to obtain financing in the future to fund capital expenditures, acquisitions and other general corporate activities, our ability to enter into vessel employment arrangements after our current charters expire and our ability to earn income in the spot market and our expectations of the availability of vessels to purchase, the time it may take to construct new vessels, and vessels’ useful lives. Many of these statements are based on our assumptions about factors that are beyond our ability to control or predict and are subject to risks and uncertainties that are described more fully under the “Item 3. Key Information – D. Risk Factors” section of the 2021 Annual Report and our other public filings with the SEC. Any of these factors or a combination of these factors could materially affect our future results of operations and the ultimate accuracy of the forward-looking statements.

Factors that might cause future results to differ include, but are not limited to, the following:

● changes in governmental rules and regulations or actions taken by regulatory authorities;

● changes in economic and competitive conditions affecting our business, including market fluctuations in charter rates and charterers’ abilities to perform under existing time charters;

● the length and number of off-hire periods and dependence on third-party managers;

● business disruptions due to natural disasters and health catastrophes, such as the recent outbreak of COVID-19; major geo-political events and conflicts, such as the Russian-Ukrainian war; and

● other factors discussed under “Item 3. Key Information – D. Risk Factors” of the 2021 Annual Report.

1

You should not place undue reliance on forward-looking statements contained herein because they are statements about events that are not certain to occur as described or at all. All forward-looking statements herein are qualified in their entirety by the cautionary statements contained herein. These forward-looking statements are not guarantees of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements. Except to the extent required by applicable law or regulation, we undertake no obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Overview

We are PYXIS TANKERS INC., a corporation incorporated in the Republic of the Marshall Islands on March 23, 2015. We currently own, directly or indirectly, 100% ownership interest in the following vessel owning companies:

● FOURTHONE CORPORATION LTD., established under the laws of the Republic of Malta (“Fourthone”);

● SEVENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Seventhone”);

● EIGHTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Eighthone,”);

● TENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Tenthone”);

● ELEVENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Eleventhone” and collectively with Fourthone, Seventhone, Eighthone and Tenthone, the “Vessel-owning Companies”).

Pyxis Tankers Inc. also currently own 100% ownership interest in the following non-vessel owning companies:

● SECONDONE CORPORATION LTD., established under the laws of the Republic of Malta (“Secondone”) that owned the vessel “Northsea Alpha” that was sold to an unaffiliated third party on January 28, 2022;

● THIRDONE CORPORATION LTD., established under the laws of the Republic of Malta (“Thirdone”) that owned the vessel “Northsea Beta” that was sold to an unaffiliated third party on March 1, 2022;

● SIXTHONE CORP., established under the laws of the Republic of the Marshal Islands (“Sixthone”) that owned the vessel “Pyxis Delta” that was sold to an unaffiliated third party on January 13, 2020, and

● MARITIME TECHNOLOGIES CORP., established under the laws of Delaware.

All of the Vessel-owning Companies are engaged in the marine transportation of liquid cargoes through the ownership and operation of tanker vessels, as listed below:

Vessel-owning Company	Incorporation date	Vessel	Dead Weight Tons (“DWT’)		Year built		Acquisition date
Fourthone	05/30/2007	Pyxis Malou		50,667		2009	02/16/2009
Seventhone	05/31/2011	Pyxis Theta		51,795		2013	09/16/2013
Eighthone	2/8/2013	Pyxis Epsilon		50,295		2015	01/14/2015
Tenthone	04/22/2021	Pyxis Karteria		46,652		2013	07/15/2021
Eleventhone	11/9/2021	Pyxis Lamda		50,145		2017	12/20/2021

Fleet Information (as of August 5, 2022)

Vessel Name	Shipyard	Vessel type	Carrying Capacity (DWT)		Year Built	Type of charter	Charter (1) Rate (per day)		Anticipated Earliest Redelivery Date
Pyxis Lamda (2)	SPP / S. Korea	MR		50,145	2017	Time	$	31,000	Aug 2022
Pyxis Epsilon (3)	SPP / S. Korea	MR		50,295	2015	Time		34,000	Sep 2022
Pyxis Theta	SPP / S. Korea	MR		51,795	2013	Spot		n/a	n/a
Pyxis Karteria (4)	Hyundai / S. Korea	MR		46,652	2013	Time		23,750	Sep 2022
Pyxis Malou	SPP / S. Korea	MR		50,667	2009	Spot		n/a	n/a
				249,554

(1)	These tables show gross rates and do not reflect commissions payable.
(2)	“Pyxis Lamda” is fixed on a time charter for 70 days, +/- 15 days at $15,250 per day with charterer’s option of additional min 70, max 180 days +/- 15 days at $15,700 per day up to Aug 4th and at $31,000 per day up to Aug 16th.
(3)	“Pyxis Epsilon” is fixed on a time charter for min 60, max 120 days at $34,000 per day.
(4)	“Pyxis Karteria” is fixed on a time charter for min 75, max 130 days at $23,750 per day.

Vessel Management

PYXIS MARITIME CORP. (“Maritime”), a corporation established under the laws of the Republic of the Marshall Islands, which is beneficially owned by Mr. Valentios (“Eddie”) Valentis, our Chairman, Chief Executive Officer and Class I Director, provides certain ship management services to the Vessel-owning Companies, including but not limited to chartering, financing and accounting, sale and purchase, insurance, operations, dry-docking and construction supervision, for a fixed daily fee per vessel, under a head management agreement (the “Head Management Agreement”).

With effect from the delivery of each vessel, the crewing and technical management of the vessels were contracted to INTERNATIONAL TANKER MANAGEMENT LTD. (“ITM”) with permission from Maritime. ITM is an unrelated third party technical manager, represented by its branch based in Dubai, UAE. Each ship-management agreement with ITM continues by its terms until it is terminated by either party. The ship-management agreements may be cancelled by us or ITM for any reason at any time upon three months’ advance notice.

2

Results of Operations

Our revenues consist of earnings under the charters on which we employ our vessels. We believe that the important measures for analyzing trends in the results of our operations consist of the following:

Revenues, net

We generate revenues by chartering our vessels for the transportation of petroleum products and other liquid bulk items, such as organic chemicals and vegetable oils. Revenues are generated primarily by the number of vessels in our fleet, the number of voyage days employed and the amount of daily charter hire earned under vessels’ charters. These factors, in turn, can be affected by a number of decisions by us, including the amount of time spent positioning a vessel for charter, dry-dockings, repairs, maintenance and upgrading, as well as the age, condition and specifications of our ships and supply and demand factors in the product tanker market. As of August 8^th, 2022, three of the vessels in our fleet were employed under time charters, and two in the spot market under spot charters. Revenues from time charter agreements providing for varying daily rates are accounted for as operating leases and thus are recognized on a straight line basis over the term of the time charter as service is performed. Revenue under spot charters is recognized from loading of the current spot charter to discharge of the current spot charter. Vessels operating on time charters provide more predictable cash flows, but can yield lower profit margins than vessels operating in the spot market during periods characterized by favorable market conditions. The vessel owner generally pays commissions on both types of charters on the gross charter rate. Address commissions represent a discount provided directly to the charterers based on a fixed percentage of the agreed upon charter and is presented as a reduction in revenues.

Time Charters

A time charter is a contract for the use of a vessel for a specific period of time during which the charterer pays substantially all of the voyage expenses, including port and canal charges and the cost of bunker (fuel oil), but the vessel owner pays vessel operating expenses, including the cost of crewing, insuring, repairing and maintaining the vessel, the costs of spares and consumable stores and tonnage taxes. Time charter rates are usually set at fixed rates during the term of the charter. Prevailing time charter rates fluctuate on a seasonal and on a year-to-year basis and, as a result, when employment is being sought for a vessel with an expiring or terminated time charter, the prevailing time charter rates achievable in the time charter market may be substantially higher or lower than the expiring or terminated time charter rate. Fluctuations in time charter rates are influenced by changes in spot charter rates, which are in turn influenced by a number of factors, including vessel supply and demand. The main factors that could increase total vessel operating expenses are crew salaries, insurance premiums, spare parts orders, repairs that are not covered under insurance policies and lubricant prices.

Spot Charters

Generally, a spot charter refers to a contract to carry a specific cargo for a single voyage, which commonly lasts from several days up to three months. Spot charters typically involve the carriage of a specific amount and type of cargo on a load-port to discharge-port basis, subject to various cargo handling terms, and the vessel owner is paid on a per-ton basis. Under a spot charter, the vessel owner is responsible for the payment of all expenses including its capital costs, voyage expenses (such as port, canal and bunker costs) and vessel operating expenses. Fluctuations in spot charter rates are caused by imbalances in the availability of cargoes for shipment and the number of vessels available at any given time to transport these cargoes at a given port.

Voyage Related Costs and Commissions

We incur voyage related costs for our vessels operating under spot charters, which mainly include port and canal charges and bunker expenses. Port and canal charges and bunker expenses primarily increase in periods during which vessels are employed on spot charters because these expenses are for the account of the vessel owner. Brokerage commissions payable for both spot and time charter contracts, if any, depend on a number of factors, including, among other things, the number of shipbrokers involved in arranging the charter and the amount of commissions charged by brokers related to the charterer. Such commissions are deferred and amortized over the related period in a charter to the extent revenue has been deferred since commissions are earned as revenues are earned.

Vessel Operating Expenses

We incur vessel operating expenses for our vessels operating under time and spot charters. Vessel operating expenses primarily consist of crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores, tonnage taxes and other miscellaneous expenses necessary for the operation of the vessel. All vessel operating expenses are expensed as incurred.

3

General and Administrative Expenses

The primary components of general and administrative expenses consist of the annual fee payable to Maritime for the administrative services under our Head Management Agreement, which is described in more detail in our 2021 Annual Report and provides for the services of our senior executive officers, and the expenses associated with being a public company. Such public company expenses include the costs of preparing public reporting documents, legal and accounting costs, including costs of legal and accounting professionals and staff, and costs related to compliance with the rules, regulations and requirements of the SEC, the rules of the Nasdaq Stock Market (“Nasdaq”), the Company’s board of directors’ (the “Board”) compensation and investor relations.

Management Fees

We pay management fees to Maritime and ITM for commercial and technical management services, respectively, for our vessels. These services include: obtaining employment for our vessels and managing our relationships with charterers; strategic management services; technical management services, which include managing day-to-day vessel operations, ensuring regulatory and classification society compliance, arranging our hire of qualified officers and crew, arranging and supervising dry-docking and repairs and arranging insurance for vessels; and providing shoreside personnel who carry out the management functions described above. As part of their ship management services, Maritime would also provide us with supervision services in connection with the construction of new vessels; these costs would be capitalized as part of the total delivered cost of the vessel. We currently do not have any new vessels on order.

Depreciation

We depreciate the cost of our vessels after deducting the estimated residual value, on a straight-line basis over the expected useful life of each vessel, which is estimated to be 25 years from the date of initial delivery from the shipyard. During the fourth quarter of 2021, we adjusted the scrap rate which is used to calculate the salvage value of our vessels, from $300/light weight ton (“LWT”) to $340/LWT due to the increased scrap rates worldwide.

Special Survey and Dry-docking

We are obliged to periodically drydock each of our vessels for inspection, and to make significant modifications to comply with industry certification or governmental requirements. Generally, each vessel is drydocked every 30 to 60 months for scheduled inspections, depending on its age. The capitalized costs of dry-dockings for a given vessel are amortized on a straight-line basis to the next scheduled drydocking of the vessel.

Interest and Finance Costs

We have historically incurred interest expense and financing costs in connection with the debt incurred to partially finance our existing fleet. We have also incurred interest expense in relation to the $6.0 million Amended and Restated Promissory Note we issued on October 28, 2015, in favor of Maritime Investors Corp. (the “Promissory Note”). Except for the interest payments under our Promissory Note that is based on a fixed rate, the interest rate under our debt agreements is linked to the LIBOR rate. In order to hedge our variable interest rate exposure, on January 19, 2018, we, through one of our vessel-owning subsidiaries, purchased an interest rate cap with one of our lenders for a notional amount of $10.0 million and a cap rate on LIBOR of 3.5%. The interest rate cap terminated on July 18, 2022. Similarly, on July 16, 2021, the same subsidiary purchased an additional interest rate cap for the amount of $9.6 million at a cap rate on LIBOR of 2% with a termination date of July 8, 2025. In the future, we may consider the use of additional financial hedging products to further limit our interest rate exposure.

In evaluating our financial condition, we focus on the above financial and operating measures as well as fleet and vessel type for utilization, time charter equivalent rates and operating expenses to assess our operating performance. We also monitor our cash position and outstanding debt to assess short-term liquidity and our ability to finance further fleet expansion. Discussions about possible acquisitions or sales of existing vessels are based on our financial and operational criteria which depend on the state of the charter market, availability of vessel investments, employment opportunities, anticipated dry-docking costs and general economic prospects.

Selected Information

Our selected consolidated financial data as of June 30, 2022 and for the six months ended June 30, 2021 and 2022, presented in the tables below, have been derived from our Unaudited Interim Condensed Consolidated Financial Statements and notes thereto included elsewhere herein. Our selected consolidated financial data as of December 31, 2021, presented in the tables below have been derived from our audited financial statements and notes thereto, included in our 2021 Annual Report.

4

Unaudited Interim Condensed Consolidated Statements of Comprehensive Income / (Loss) Data

	Six months ended June 30,
(Amounts in thousands of U.S. dollars, except per share data)	2021			2022
Revenues, net	$	10,228		$	22,968
Voyage related costs and commissions		(1,804	)		(7,802	)
Vessel operating expenses		(5,342	)		(6,324	)
General and administrative expenses		(1,226	)		(1,312	)
Management fees, related parties		(300	)		(394	)
Management fees, other		(387	)		(516	)
Amortization of special survey costs		(203	)		(175	)
Depreciation		(2,194	)		(3,024	)
Bad debt provisions		—			(50	)
Allowance for credit losses		(9	)		(4	)
Loss from the sale of vessels, net		—			(466	)
Operating income / (loss)	$	(1,237	)	$	2,901
Other expenses, net:
Loss from debt extinguishment		(458	)		(34	)
Gain from financial derivative instruments		—			320
Interest and finance costs, net		(1,750	)		(1,829	)
Total other expenses, net	$	(2,208	)	$	(1,543	)
Net income / (loss)	$	(3,445	)	$	1,358
Dividend Series A Convertible Preferred Stock		(153	)		(449	)
Net income / (loss) attributable to common shareholders	$	(3,598	)	$	909
Income / (loss) per common share, basic and diluted	$	(0.43	)	$	0.09
Weighted average number of shares, basic and diluted		8,332,033			10,613,424

Interim Condensed Consolidated Balance Sheets Data

(Amounts in thousands of U.S. dollars)	December 31, 2021		June 30, 2022
			(unaudited)
Total current assets	$	19,102	$	14,939
Total other non-current assets		3,736		3,573
Total fixed assets, net		119,724		117,255
Total assets	$	142,562	$	135,767
Total current liabilities		22,830		18,026
Total non-current liabilities		70,880		67,967
Total stockholders’ equity	$	48,852	$	49,774

Unaudited Interim Condensed Consolidated Statements of Cash Flows Data

	Six months ended June 30,
(Amounts in thousands of U.S. dollars)	2021			2022
Net cash provided / (used in) operating activities	$	(1,126	)	$	774
Net cash provided / (used in) by investing activities		(3,161	)		4,959
Net cash (used in) / provided by financing activities		12,899			(9,366	)
Change in cash and cash equivalents and restricted cash	$	8,612		$	(3,633	)

5

As of June 30, 2022 our fleet consisted of four eco-efficient medium-range 2 (“MR2”) tankers, “Pyxis Lamda”, “Pyxis Theta”, “Pyxis Karteria” and “Pyxis Epsilon”, and one eco-modified MR2, “Pyxis Malou”. Our two small tankers “Northsea Alpha” and “Northsea Beta” were sold on January 28, 2022 and March 1, 2022, respectively. The following table presents the fleet data only for the MR2 tankers for the first half of 2021 and 2022.

	Six months ended June 30,
MR Fleet data	2021			2022
Ownership days (1)		543			905
Available days (2)		543			891
Operating days (3)		539			755
Utilization % (4)		99.3	%		84.7	%
Daily time charter equivalent (“TCE”) rate (5)	$	12,718		$	19,814
Daily vessel operating expenses (6)	$	6,551		$	6,786
Average number of vessels (7)		3.0			5.0
Number of vessels at period end		3			5
Weighted average age of the fleet at period end (8)		8.87			8.82

(1)	Ownership days are the total number of days in a period during which we owned each of the vessels in our fleet. Ownership days are an indicator of the size of our fleet over a period and affect both the amount of revenues generated and the amount of expenses incurred during the respective period.
(2)	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. Available days measures the aggregate number of days in a period during which vessels should be capable of generating revenues.
(3)	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. Operating days measures the aggregate number of days in a period during which vessels actually generate revenues.
(4)	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.
(5)	Daily TCE rate 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. generally accepted accounting principles (“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 calculated 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 bunker costs that are unique to a particular voyage, which would otherwise be paid by the charter under a time charter contract.
(6)	Daily vessel operating expenses are direct operating expenses such as crewing, provisions, repairs and maintenance, insurance, deck and engine stores, lubricating oils and tonnage tax divided by Ownership days.
(7)	Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was part of our fleet during such period divided by the number of calendar days in the period.
(8)	Weighted average age of the fleet is the sum of the ages of our vessels, weighted by the DWT of each vessel on the total fleet DWT.

The following table reflects the calculation of our medium range (“MR”) fleet daily TCE rates for the six month periods ended June 30, 2021 and 2022:

(Amounts in thousands of U.S. dollars, except	Six months ended June 30,
for operating days and daily TCE rates)	2021			2022
Revenues, net	$	7,106		$	22,373
Voyage related costs and commissions		(252	)		(7,413	)
Time charter equivalent revenues(1)	$	6,854		$	14,960
Operating days for fleet (2)		539			755
Daily TCE rate (1) , (2)	$	12,718		$	19,814

(1)	Subject to rounding;
(2)	“Northsea Alpha” and “Northsea Beta” which were sold on January 28, 2022 and March 1, 2022 respectively, have been excluded in the above table. Both vessels have been under spot employment for approximately 7 and 36 days, respectively, in 2022 as of the delivery date to their buyer.

6

The following table reflects the daily TCE rate, daily operating expenses (“Opex”) and utilization rate on a per MR2 vessel type for the six month periods ended June 30, 2021 and 2022:

MR2 Vessels Rates		Six months ended June 30,
(Amounts in U.S. dollars per day)		2021			2022
Eco-Efficient MR2: (2022: 4 vessels)
(2021: 2 vessels)	TCE :		13,481			16,893
	Opex :		6,511			6,489
	Utilization % :		98.9	%		84.5	%
Eco-Modified MR2: (1 vessel)
	TCE :		11,207			31,123
	Opex :		6,632			7,974
	Utilization % :		100.0	%		85.6	%
Fleet: (2021: 5 vessels) *
(2020: 3 vessels) *	TCE :		12,718			19,814
	Opex :		6,551			6,786
	Utilization % :		99.3	%		84.7	%

* a) On December 20, 2021, we took delivery from a related party the “Pyxis Lamda”, a 50,145 DWT medium range product tanker built in 2017 at SPP Shipbuilding in South Korea. After her first special survey, the “Pyxis Lamda” launched commercial employment in early January, 2022. For 2021, the vessel contributed nil available days, and, consequently voyage and related costs of $10 thousands have been excluded from the above data.

b) “Pyxis Karteria” was acquired on July 15, 2021 and commenced commercial activities at that time.

c) Our two small tankers “Northsea Alpha” and “Northsea Beta” were sold on January 28, 2022, and March 1, 2022, respectively. Both vessels had been under Spot employment for approximately 7 and 36 days, respectively, in 2022, as of the delivery date to their buyers. The small tankers have been excluded in the table calculations for the six months ended June 30, 2022 and the comparative period.

d) In February, 2022, the “Pyxis Epsilon” experienced a grounding at port which resulted in minor damages to the vessel. The vessel was off-hire for 43 days including shipyard repairs and returned to commercial employment at the end of March, 2022.

7

Results of Operations

Six months ended June 30, 2021 and 2022

(Amounts are presented in million U.S. dollars, rounded to the nearest one hundred thousand, except as otherwise noted.)

The average number of MR vessels in our fleet was 3.0 and 5.0 for the six months ended June 30, 2021 and 2022, respectively.)

Revenues, net: Revenues, net of $23.0 million for the six months ended June 30, 2022, represented an increase of $12.7 million, or 124.6%, from $10.2 million in the comparable period of 2021 as a result of significantly higher spot market rates and greater spot employment for our MR’s, a 377-day increase in spot operating days, from 4 days during the same period in 2021. The increase in Revenues, net was partially offset by a decrease of 14.6% in fleet utilization from 99.3% in the same period of 2021 to 84.7% for the six months ended June 30, 2022. In the first half of 2022, our MR daily TCE rate for our fleet was $19,814, a $7,096 per day increase from the same 2021 period as a result of the improvement in charter rates and the $6.0 million increase in the voyage related costs and commissions discussed below.

Voyage related costs and commissions: Voyage related costs and commissions of $7.8 million for the six months ended June 30, 2022, represented an increase of $6.0 million, or 332.5%, from $1.8 million in the same period in 2021. For the six months ended June 30, 2022, our MRs were on spot charters for 381 days in total, compared to 4 days for the respective period in 2021. This higher spot chartering activity for our MRs contribute higher voyage costs which are typically borne by us rather than the charterer, thus an increase in spot employment results in increased voyage related costs and commissions.

Vessel operating expenses: Vessel operating expenses of $6.3 million for the six months ended June 30, 2022, represented a $1.0 million or 18.4% increase compared to $5.3 million for the six months ended June 30, 2021. This increase mainly attributed to the addition of the “Pyxis Karteria” and “Pyxis Lamda” to our fleet in the second half of 2021, partially offset by the sales of “Northsea Alpha” and “Northsea Beta” which occurred during the first quarter, 2022. Fleet ownership days for the six months ended June 30, 2022 was 991 days compared to 901 days for the same period in 2021.

General and administrative expenses: General and administrative expenses of $1.3 million for the six months ended June 30, 2022, represented an increase of 7.0%, from the comparable period in 2021, due to timing of certain incurred costs.

Management fees: For the six months ended June 30, 2022, management fees payable to Maritime and ITM of $0.9 million in the aggregate, represented an increase of $0.2 million compared to the six months ended June 30, 2021, as a result of the vessel additions in our fleet and the increase in the daily management fee paid to Maritime which increases annually in line with the inflation in Greece.

Amortization of special survey costs: Amortization of special survey costs of $0.2 million for the six months ended June 30, 2022, remained flat compared to the same period in 2021.

Depreciation: Depreciation of $3.0 million for the six months ended June 30, 2022, increased by $0.8 million or 37.8% compared to $2.2 million in the comparable period of 2021. The increase was attributed to the acquisition of vessels “Pyxis Karteria” and “Pyxis Lamda” after the second quarter of 2021 partly offset by the seizure of depreciation for vessels “Northsea Alpha” and “Northsea Beta” which were classified as held for sale at the end of 2021.

Loss from the sale of vessels, net: During the six months ended June 30, 2022, we recorded a transaction loss from the sale of the “Northsea Alpha” and “Northsea Beta” of $0.5 million related to the reposition costs for the delivery of the vessels to their buyer on January 28, 2022 and March 1, 2022, respectively. No such expense was recorded for the comparable period in 2021.

Loss from debt extinguishment: In the first six months of 2022, we recorded a loss from debt extinguishment of approximately $34,000 reflecting the write-off of the remaining unamortized balance of deferred financing costs, which were associated with the repayment of the “Northsea Alpha” and “Northsea Beta” loans during the first quarter of 2022. For the six months ended June 30, 2021 we recorded a loss from debt extinguishment of $0.5 million primarily reflecting a prepayment fee and the write-off of the remaining unamortized balance of deferred financing costs, both of which were associated with the loan on the “Pyxis Epsilon” that was refinanced at the end of the first quarter in 2021.

Gain from financial derivative instruments: During the six months ended June 30, 2022, we recorded a gain from financial derivative instruments amounted to $0.3 million related to the valuation of the interest rate cap purchased in July 2021, for the amount of $9.6 million. No such income or expense was recorded for the comparable period in 2021.

Interest and finance costs, net: Interest and finance costs, net, was $1.8 million for both the six months ended June 30, 2022 and 2021. Higher funded debt accompanying the acquisition of the “Pyxis Karteria” and “Pyxis Lamda” was offset by lower weighted average interest rate of 4.3% compared to 5.9% for the same period in 2021.

8

Cash Flows

Our principal sources of funds for the six months ended June 30, 2022, have been cash from our operating and investing activities as further described below under the heading “Liquidity and Capital Resources”. Our principal uses of funds have been the working capital requirements and the debt service payments on our loan agreements. Cash and cash equivalents and restricted cash as of June 30, 2022, amounted to $6.2 million, compared to $9.9 million as of December 31, 2021. As of June 30, 2022, we had a working capital deficit of $3.1 million compared to working capital deficit of $3.7 million as of December 31, 2021. We define working capital as current assets minus current liabilities.

Operating Activities

Net cash provided by operating activities was $0.8 million for the six months ended June 30, 2022, compared to net cash used of $1.1 million for the same period in 2021. The net income for the period was $1.4 million compared to net loss of $3.4 million for the six month period ended June 30, 2021, contributing $4.8 million more operating cash. Aggregate movements in working capital accounts, current assets and current liabilities, driven to decreased cash by $3.0 million. This decrease was largely attributable to the $4.1 million increase in trade accounts payable offset from $3.8 million decrease from net trade accounts receivable, $1.9 million decrease in claim receivable accounts from the brief grounding of the “Pyxis Epsilon” (see footnote (d) above), and $1.1 million decrease from inventories.

Investing Activities

Net cash provided by investing activities during the six months ended June 30, 2022, was $5.0 million primarily a result of the $8.5 million proceeds, net of commissions, of the sale of the “Northsea Alpha” and “Northsea Beta” partially offset by the $3.0 million cash settlement of the balance related to “Pyxis Lamda” acquisition and $0.6 million payments for the Ballast Water Treatment System (“BWTS”) installed in “Pyxis Lamda” during the period. The same period in 2021 reflected an aggregate $3.2 million in net cash used in investing activities which were substantially due to the advance payment for the “Pyxis Karteria” acquisition.

Financing Activities

Net cash used in financing activities was $9.4 million for the six month period ended June 30, 2022, mainly reflecting the aggregate of $8.9 million of debt principal payments, including the prepayments of the Secondone’s and Thirdone’s loan facilities of an aggregate $5.8 million to Amsterdam Trade Bank N.V. Also, during the first quarter of 2022, we paid $0.4 million dividends related to the 7.75% Series A Cumulative Convertible Preferred Shares (the “Series A Preferred Shares”). For the six months ended June 30, 2021, net cash provided by financing activities of $12.9 million mainly reflected new long-term debt of $17 million that refinanced the Eighthone Loan which is secured by the “Pyxis Epsilon”, offset by the repayment of the financing fees payments of $0.4 million related to certain new loan facilities and aggregate of $26.0 million of debt principal payments, including the prepayment of the Eighthone Loan (defined below). In addition, in the first quarter of 2021 we completed a private placement of common shares that resulted in net proceeds of $23.2 million and the exercise of warrants to purchase common shares that resulted in proceeds of $0.2 million offset by Series A Preferred Shares dividend payments of $0.2 million.

Debt Agreements

For information relating to our debt agreements, please see Note 7 to our financial statements included in our 2021 Annual Report for the year ended December 31, 2021 and Note 7 to our Unaudited Interim Condensed Consolidated Financial Statements for the six month periods ended June 30, 2021 and 2022 included elsewhere herein.

Liquidity and Capital Resources

Our principal sources of liquidity have been cash flows from operations, borrowings from bank debt and our related parties, private placement of common stock and issuance of convertible preferred shares and we expect in the future, cash flow from operations, proceeds from further issuances of equity and debt as well as re-financings of debt. Recognizing the uncertainty caused by COVID-19 and the potential impact of the Russian-Ukrainian war, we expect that our future liquidity requirements should relate primarily to:

● our vessel operating expenses, including dry-docking and special survey costs;

● payments of interest and other debt-related expenses and the repayment of principal on our loans;

● payment of technical and commercial management fees for our daily vessel operations;

● maintenance of cash reserves to provide for contingencies and to adhere to minimum liquidity for loan covenants including potential dry-docking reserves; and

● potential vessel acquisitions.

9

We expect to rely upon operating cash flows from the employment of our vessels on spot and time charters and, upon occasion, amounts due to related parties, long-term borrowings and the proceeds from future equity and debt offerings to fund our liquidity and capital needs and implement our growth plan. We perform on a regular basis cash flow projection to evaluate whether we will be in a position to cover our liquidity needs for the next 12-month period and be in compliance with the financial and security collateral cover ratio covenants under the existing debt agreements. In developing estimates of future cash flows, we make assumptions about the vessels’ future performance, with significant assumptions relating to time charter equivalent rates by vessel type, vessels’ operating expenses, vessels’ capital expenditures, fleet utilization, our management fees, general and administrative expenses and debt servicing requirements. The assumptions used to develop estimates of future cash flows are based on historical trends as well as future expectations. As of June 30, 2022, we had a working capital deficit of $3.1 million, defined as current assets minus current liabilities. As of the filing date of the second quarter of 2022 Unaudited Interim Condensed Consolidated Financial Statements, we expect that we will be in a position to cover our liquidity needs for the next 12-month period, through cash generated from operations and by managing our working capital requirements. In addition, we may consider raising capital through the incurrence of debt, the issuance of equity or debt securities, the entry into joint ventures arrangements and / or the sale of assets.

Our business is capital intensive and our future success will depend on our ability to maintain a high-quality fleet through the acquisition of modern tanker vessels and the selective sale of older tanker vessels.

While we pay cash dividends on our outstanding Series A Preferred Stock, we do not intend to pay dividends to the holders of our common shares in the near future and expect to retain our cash flows primarily for the payment of vessel operating costs, dry-docking costs, debt servicing and other obligations, general corporate and administrative expenses and reinvestment in our business (such as to fund vessel or fleet acquisitions), in each case, as determined by our board of directors.

On February 24, 2021, we closed an equity private placement with a group of investors, which resulted in gross proceeds to us of $25.0 million, before deducting placement offering expenses. We issued 14,285,715 common shares at a pre-split price of $1.75 per share (effectively 3,571,429 shares at $7.00 per share proforma for the Reverse Stock Split). We used a portion of the net proceeds from this offering to repay outstanding indebtedness for the vessel acquisition of “Pyxis Karteria” on July 15, 2021 and for general corporate purposes. The securities offered and sold by us in the private placement were subsequently registered under the Securities Act of 1933, as amended, under a resale registration statement filed with the SEC which became effective on March 11, 2021.

On March 30, 2021, we repaid in full the $24 million loan with Entrust Pernal, or the “Eighthone Loan” which was secured by the “Pyxis Epsilon”. The interest rate on this loan was 11% per annum. Upon repayment of this loan in full, we incurred a loss on debt extinguishment of approximately $0.5 million containing an early repayment fee and a write off of the unamortized deferred finance fees related to the extinguishment. On that date, we completed the refinancing of Eighthone Loan with a new $17 million secured loan with Alpha Bank, which has an interest rate of LIBOR plus 3.35% and is repayable over 5 years. Approximately $7.275 million in cash was also used in this refinancing. The loan refinancing terms result in an interest rate savings of approximately 7.5% per annum with scheduled principal amortization of $1.2 million per year.

Upon repayment of the Eighthone Loan, the maturity date for the Promissory Note was changed to March 30, 2022. The existing Promissory Note was restructured and amended as of May 27, 2021 on the following basis: a) repayment on June 17, 2021 of $1 million in principal and $0.4 million for accrued interest; b) conversion on June 17, 2021 of $1 million of principal into 272,765 (on a split adjusted basis) common shares computed on the volume weighted average closing share price for the 10 day period commencing one day after its public distribution of first quarter, 2021 financial results press release (i.e. the period from June 3 to June 16, 2021 at $0.9165); and c) remaining balance of $3 million in principal shall have a maturity date of April 1, 2023 and interest shall accrue at annual rate of 7.5%, since June 17, 2021, payable quarterly in cash, thereafter. These amendments were approved by the Company’s audit committee.

On May 14, 2021, we filed with the SEC a registration statement on Form F-3 (the “Shelf Registration Statement”), under which we may sell from time to time common shares, preferred stock, debt securities, warrants, purchase contracts and units, each as described therein, in any combination, in one or more offerings up to an aggregate dollar amount of $250.0 million. The Shelf Registration Statement was declared effective by the SEC on May 25, 2021.

On June 18, 2021 we announced that we received a deficiency notice from Nasdaq, on June 16, 2021, stating that, for a period of 30 consecutive business days, our common shares closed below the minimum bid price of $1.00 per share as required for continued listing on Nasdaq (the “Minimum Bid Price Requirement”).

On May 13, 2022, the Company implemented a Reverse Stock Split in the amount one for four common shares with the intent of complying with the Minimum Bid Price Requirement, as further noted below. The share and per share information for all periods presented has been adjusted to reflect the one for four Reverse Stock Split.

10

On July 9, 2021, Tenthone, our vessel owning subsidiary that acquired the “Pyxis Karteria”, signed a loan agreement with a European bank for $13.5 million secured loan which is repayable over seven years. The facility bears interest at LIBOR plus 4.8% with scheduled principal amortization of $0.35 million for the first four installments and annum principal amortization of $1.2 million thereafter.

On July 16, 2021, we closed a follow-on public offering of 308,487 shares of Series A Preferred Shares at a purchase price of $20.00 per Series A Preferred Share. We received gross proceeds of approximately $6.17 million from the offering, prior to deducting underwriting discounts and estimated offering expenses, which were used for general corporate purposes, including working capital.

On November 15, 2021, we signed a memorandum of agreement to acquire from a related company, the “Pyxis Lamda”, a 2017-built 50,296 DWT eco-efficient MR that was constructed at SPP Shipbuilding Co. Ltd. in South Korea, for approximately to $31.7 million (the “Pyxis Lamda Acquisition”). Our audit committee, consisting of independent and disinterested members of our board of directors negotiated and approved the terms of the Pyxis Lamda Acquisition. On December 21, 2021, we announced the closing of the Pyxis Lamda Acquisition and a new secured bank loan of $29 million with an existing lender, of which $21.68 million was used to partially fund the Pyxis Lamda Acquisition and $7.32 million to fund the full repayment of the outstanding loan secured by the “Pyxis Malou”. The fair value of the consideration for the Pyxis Lamda Acquisition amounted to $31.17 million and consisted of $21.68 million senior loan facility that matures in five years and is secured by the vessel, the seller assuming a liability of $3 million, at fair value, under the amended unsecured promissory note due 2024, the issuance of 4,139,003 our common shares, pre-Reverse Stock Split, having a fair value of $2.17 million on the delivery date of the vessel on December 20, 2021 and $4.32 million cash on hand.

On December 23, 2021, we entered into an agreement with a third-party to sell the small tankers, “Northsea Alpha” and “Northsea Beta”, for an aggregate gross sales price of $8.9 million. The vessels were delivered to their buyers on January 28, 2022 and on March 1, 2022, respectively. After the repayment of $5.8 million outstanding indebtedness securing these vessels and the payment of various transaction costs, we received aggregated net cash proceeds of approximately $2.7 million and $0.6 million from the lender’s release of the minimum liquidity deposits which was used for working capital purposes.

On May 11, 2022, following our annual shareholder meeting, our board of directors approved the implementation of The Reverse Stock Split, which split our common shares at the ratio of one share for four existing common shares, effective May 13, 2022. Following the Reverse Stock Split, our common shares continued trading on the Nasdaq Capital Markets under its existing symbol, “PXS”, with a new CUSIP number, 71726130. The payment for fractional share interests in connection with the Reverse Stock Split reduced the outstanding common shares to 10,613,424 post-Reverse Stock Split. The Reverse Stock Split was undertaken with the objective of meeting the minimum $1.00 per share requirement for maintaining the listing of the common shares on the Nasdaq Capital Markets. Furthermore, following the Reverse Stock Split, (a) the Conversion Price, as defined in the certification of designation of the Company’s 7.75% Series A Cumulative Convertible Preferred Shares (NASDAQ Cap Mkts: PXSAP), was adjusted from $1.40 to $5.60 and (b) the Exercise Price, as defined in the Company’s warrants to purchase common shares (NASDAQ Cap Mkts: PXSAW), was adjusted from $1.40 to $5.60. All the share and per share information for all periods presented has been adjusted to reflect the one for four Reverse Stock Split.

During the period from January through June 2022, we paid monthly cash dividends of $0.1615 per share for each outstanding Series A Preferred Share, which aggregated to $436 thousand for the 6 month period ended as of June, 30 2022. On July 20, 2022 we paid cash dividends of $0.1615 per Series A Preferred Share or an aggregate of $73 thousand for the month of July, 2022.

As of June 30, 2022 (on a split adjusted basis), we had 10,613,424 issued and outstanding common shares, 449,673 Series A Preferred Shares and 1,590,540 warrants (excluding non-tradeable underwriter’s common stock purchase warrants of which 428,571 and 16,000 have exercise prices of $8.75 and $5.60, respectively, and 2,000 and 2,683 Series A Preferred Shares purchase warrants which have an exercise price of $24.92 and $25 per share, respectively). As of the date of this filing, Mr. Valentis beneficially owned 5,731,942 or approximately 54.0% of our outstanding shares.

Subsequent Events

During July 2022, we paid monthly cash dividends of $0.1615 per share on its outstanding Series A Preferred Shares, amounting to $73 thousand. Similarly, on August 2, 2022, our board of directors declared a monthly dividend of $0.1615 per share, for the month of August 2022. The cash dividend of $73 thousand will be payable on August 22, 2022, to holders of record as of August 15, 2022.

There are not any other subsequent events which might affect the financial statements.

11

pYXIS TANKERS INC.

INDEX TO Unaudited Interim Condensed Consolidated Financial Statements

	Page
Consolidated Balance Sheets as of December 31, 2021 and June 30, 2022 (unaudited)	F-1
Unaudited Interim Consolidated Statements of Comprehensive Income / (Loss) for the six month periods ended June 30, 2021 and 2022	F-2
Unaudited Interim Consolidated Statements of Stockholders’ Equity for the six month periods ended June 30, 2021 and 2022	F-3
Unaudited Interim Consolidated Statements of Cash Flows for the six month periods ended June 30, 2021 and 2022	F-4
Notes to the Unaudited Interim Condensed Consolidated Financial Statements	F-5

PYXIS TANKERS INC.

Consolidated Balance Sheets

As of December 31, 2021 and June 30, 2022 (unaudited)

(Expressed in thousands of U.S. dollars, except for share and per share data)

	Notes		December 31, 2021			June 30, 2022
						(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents			$	6,180		$	3,636
Restricted cash, current portion				944			355
Inventories		4		1,567			3,466
Trade accounts receivable				1,736			5,285
Less: Allowance for credit losses				(20	)		(20	)
Trade accounts receivable, net				1,716			5,265
Vessels held-for-sale				8,509			—
Prepayments and other current assets				186			284
Insurance claim receivable				—			1,933
Total current assets				19,102			14,939
FIXED ASSETS, NET:
Vessels, net		5		119,724			117,255
Total fixed assets, net				119,724			117,255
OTHER NON-CURRENT ASSETS:
Restricted cash, net of current portion				2,750			2,250
Financial derivative instrument				74			394
Deferred dry dock and special survey costs, net		6		912			929
Total other non-current assets				3,736			3,573
Total assets			$	142,562		$	135,767
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt, net of deferred financing costs		7	$	11,695		$	5,867
Trade accounts payable				3,084			5,590
Due to related parties		3		6,962			5,659
Accrued and other liabilities				1,089			910
Total current liabilities				22,830			18,026
NON-CURRENT LIABILITIES:
Long-term debt, net of current portion and deferred financing costs		7		64,880			61,967
Promissory note		3		6,000			6,000
Total non-current liabilities				70,880			67,967
COMMITMENTS AND CONTINGENCIES		11		—			—
STOCKHOLDERS’ EQUITY:
Preferred stock ($0.001 par value; 50,000,000 shares authorized; of which 1,000,000 authorized Series A Convertible Preferred Shares; 449,673 Series A Convertible Preferred Shares issued and outstanding as at December 31, 2021 and June 30, 2022)		8		—			—
Common stock ($0.001 par value; 450,000,000 shares authorized; 10,613,424 shares issued and outstanding as at December 31, 2021 and June 30, 2022, respectively)		8		42			42
Additional paid-in capital		8		111,840			111,840
Accumulated deficit				(63,030	)		(62,108	)
Total stockholders’ equity				48,852			49,774
Total liabilities and stockholders’ equity			$	142,562		$	135,767

The accompanying notes are an integral part of these Unaudited Interim Condensed Consolidated Financial Statements

F-1

PYXIS TANKERS INC.

Unaudited Interim Consolidated Statements of Comprehensive Income / (Loss)

For the six month periods ended June 30, 2021 and 2022

(Expressed in thousands of U.S. dollars, except for share and per share data)

			Six months ended June 30,
	Notes		2021			2022
Revenues, net		13	$	10,228		$	22,968
Expenses:
Voyage related costs and commissions		3		(1,804	)		(7,802	)
Vessel operating expenses				(5,342	)		(6,324	)
General and administrative expenses		3		(1,226	)		(1,312	)
Management fees, related parties		3		(300	)		(394	)
Management fees, other				(387	)		(516	)
Amortization of special survey costs		6		(203	)		(175	)
Depreciation		5		(2,194	)		(3,024	)
Bad debt provisions				—			(50	)
Allowance for credit losses				(9	)		(4	)
Loss from the sale of vessels, net				—			(466	)
Operating income / (loss)				(1,237	)		2,901
Other expenses, net:
Loss from debt extinguishments		7		(458	)		(34	)
Gain from financial derivative instrument		10		—			320
Interest and finance costs, net		12		(1,750	)		(1,829	)
Total other expenses, net				(2,208	)		(1,543	)
Net income / (loss)			$	(3,445	)	$	1,358
Dividend Series A Convertible Preferred Stock				(153	)		(449	)
Net income / (loss) attributable to common shareholders		9	$	(3,598	)	$	909
Income / (loss) per common share, basic and diluted		9	$	(0.43	)	$	0.09
Weighted average number of common shares, basic and diluted		9		8,332,033			10,613,424

The accompanying notes are an integral part of these Unaudited Interim Condensed Consolidated Financial Statements

F-2

PYXIS TANKERS INC.

Unaudited Interim Consolidated Statements of Stockholders’ Equity

For the six month periods ended June 30, 2021 and 2022

(Expressed in thousands of U.S. dollars, except for share and per share data)

	Series A Convertible					Common
	Preferred Shares					Stock				Additional						Total
	# of shares			Par Value		# of shares		Par Value		Paid-in Capital			Accumulated Deficit			Stockholders’ Equity
Balance January 1, 2021		181,475			—		5,490,720	$	22	$	79,692		$	(50,155	)	$	29,559
Issuance of common stock under the PIPE, net		—			—		3,571,429		14		23,129			—			23,143
Issuance of common stock under the promissory note		—			—		16,112		1		1,111			—			1,112
Conversion of Series A Convertible Preferred Shares to common stock		(40,289	)		—		180,106		1		(1	)		—			—
Common stock from exercise of warrants		—			—		36,125		—		202			—			202
Preferred stock dividends paid		—			—		—		—		—			(151	)		(151	)
Net loss		—			—		—		—		—			(3,445	)		(3,445	)
Balance June 30, 2021		141,186			—		9,294,492	$	38	$	104,133		$	(53,751	)	$	50,420
Balance January 1, 2022		449,673			—		10,613,964	$	42	$	111,840		$	(63,030	)	$	48,852
Preferred stock dividends		—			—		—		—		—			(436	)		(436	)
Net income		—			—		—		—		—			1,358			1,358
Balance June 30, 2022		449,673			—		10,613,964	$	42	$	111,840		$	(62,108	)	$	49,774

The accompanying notes are an integral part of these Unaudited Interim Condensed Consolidated Financial Statements

F-3

PYXIS TANKERS INC.

Unaudited Interim Consolidated Statements of Cash Flows

For the six month periods ended June 30, 2021 and 2022

(Expressed in thousands of U.S. dollars, except for share and per share data)

	Six months ended June 30,
	2021			2022
Cash flows from operating activities:
Net loss	$	(3,445	)	$	1,358
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation		2,194			3,024
Amortization and write-off of special survey costs		203			175
Allowance for credit losses		9			4
Amortization and write-off of financing costs		111			155
Loss from debt extinguishment		458			34
Gain from financial derivative instruments		—			(320	)
Bad debt provisions		—			50
Issuance of common stock under the promissory note		55			—
Changes in assets and liabilities:
Inventories		(807	)		(1,899	)
Due to related parties		1,710			1,691
Trade accounts receivable, net		151			(3,602	)
Prepayments and other assets		(39	)		(98	)
Insurance claim receivable		—			(1,933	)
Special survey cost		—			(445	)
Trade accounts payable		(1,322	)		2,759
Hire collected in advance		(726	)		—
Accrued and other liabilities		322			(179	)
Net cash provided by / (used in) operating activities	$	(1,126	)	$	774
Cash flow from investing activities:
Proceeds from the sale of vessel, net		—			8,509
Payments for vessel acquisition		(3,008	)		(2,995	)
Ballast water treatment system installation		(153	)		(555	)
Net cash provided by / (used in) investing activities	$	(3,161	)	$	4,959
Cash flows from financing activities:
Proceeds from long-term debt		17,000			—
Repayment of long-term debt		(25,990	)		(8,930	)
Gross proceeds from issuance of common stock		25,000			—
Common stock offering costs		(1,774	)		—
Proceeds from conversion of warrants into common shares		202			—
Repayment of promissory note		(1,000	)		—
Payment of financing costs		(388	)		—
Preferred stock dividends paid		(151	)		(436	)
Net cash (used in) / provided by financing activities	$	12,899		$	(9,366	)
Net increase in cash and cash equivalents and restricted cash		8,612			(3,633	)
Cash and cash equivalents and restricted cash at the beginning of the period		4,037			9,874
Cash and cash equivalents and restricted cash at the end of the period	$	12,649		$	6,241
SUPPLEMENTAL INFORMATION:
Cash paid for interest	$	1,781		$	1,722
Unpaid portion of Ballast water treatment system installation		21			—
Non-cash financing activities-issuance of common stock under the promissory note		1,112			—
Unpaid portion for common stock offering costs and financing cost		131			—

The accompanying notes are an integral part of these Unaudited Interim Condensed Consolidated Financial Statements.

F-4

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. dollars, except for share and per share data)

1. Basis of Presentation and General Information:

PYXIS TANKERS INC. is a corporation incorporated in the Republic of the Marshall Islands on March 23, 2015 and together with its subsidiaries as the context requires is referred to in this section as the “Company”. As of June 30, 2022, Pyxis Tankers Inc. owns 100% ownership interest in the following five vessel-owning companies:

● FOURTHONE CORPORATION LTD, established under the laws of the Republic of Malta (“Fourthone”);

● SEVENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Seventhone”);

● EIGHTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Eighthone”);

● TENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Tenthone”);

● ELEVENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Eleventhone” and collectively with Fourthone, Seventhone, Eighthone and Tenthone the “Vessel-owning companies”).

Pyxis Tankers Inc. also currently own 100% ownership interest in the following non-vessel owning companies:

● SECONDONE CORPORATION LTD, established under the laws of the Republic of Malta (“Secondone”) that owned the vessel “Northsea Alpha” that was sold to an unaffiliated third party on January 28, 2022;

● THIRDONE CORPORATION LTD, established under the laws of the Republic of Malta (“Thirdone”) that owned the vessel “Northsea Beta” that was sold to an unaffiliated third party on March 1, 2022;

● SIXTHONE CORP., established under the laws of the Republic of the Marshal Islands (“Sixthone”) that owned the vessel “Pyxis Delta” that was sold to an unaffiliated third party on January 13, 2020 and,

● MARITIME TECHNOLOGIES CORP, established under the laws of Delaware.

All of the Vessel-owning companies are engaged in the marine transportation of liquid cargoes through the ownership and operation of tanker vessels, as listed below:

Vessel-owning Company	Incorporation date	Vessel	Dead Weight tons “DWT”		Year built		Acquisition date
Fourthone	05/30/2007	Pyxis Malou		50,667		2009	02/16/2009
Seventhone	05/31/2011	Pyxis Theta		51,795		2013	09/16/2013
Eighthone	02/08/2013	Pyxis Epsilon		50,295		2015	01/14/2015
Tenthone	04/22/2021	Pyxis Karteria		46,652		2013	07/15/2021
Eleventhone	11/09/2021	Pyxis Lamda		50,145		2017	12/20/2021

Effective May 13, 2022, the Company effected a four-for-one reverse stock split on its issued and outstanding common stock. All share and per share amounts disclosed in the accompanying financial statements give effect to this reverse stock split retroactively, for all periods presented.

The accompanying Unaudited Interim Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete annual financial statements. In the opinion of the management of the Company, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of financial position, operating results and cash flows have been included in the accompanying Unaudited Interim Condensed Consolidated Financial Statements. Interim results are not necessarily indicative of results that may be expected for the year ending December 31, 2022. These Unaudited Interim Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and footnotes for the year ended December 31, 2021, included in the Company’s Annual Report on Form 20-F filed with the SEC on April 1, 2022 (the “2021 Annual Report”).

Revenues for the six month periods ended June 30, 2021 and 2022, deriving from significant charterers individually accounting for 10% or more of revenues (in percentages of total revenues), were as follows:

Charterer	Six months ended June 30,
	2021			2022
A		0	%		36	%
B		0	%		23	%
C		62	%		0	%
Total		62	%		59	%

F-5

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. dollars, except for share and per share data)

1. Basis of Presentation and General Information: -Continued:

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying Consolidated Balance Sheets that are presented in the accompanying interim condensed consolidated statement of cash flows for the six month periods ended June 30, 2021 and 2022.

	June 30,		June 30,
	2021		2022
Cash and cash equivalents	$	10,199	$	3,636
Restricted cash, current portion		—		355
Restricted cash, net of current portion		2,450		2,250
Total cash and cash equivalents and restricted cash	$	12,649	$	6,241

PYXIS MARITIME CORP. (“Maritime”), a corporation established under the laws of the Republic of the Marshall Islands, which is beneficially owned by Mr. Valentios (“Eddie”) Valentis, the Company’s Chairman, Chief Executive Officer and Class I Director, provides certain ship management services to the Vessel-owning companies, as discussed in Note 3.

With effect from the delivery of each vessel, the crewing and technical management of the vessels were contracted to INTERNATIONAL TANKER MANAGEMENT LTD. (“ITM”) with permission from Maritime. ITM is an unrelated third party technical manager, represented by its branch based in Dubai, UAE. Each ship-management agreement with ITM is in force until it is terminated by either party. The ship-management agreements can be cancelled either by the Company or ITM for any reason at any time upon three months’ advance notice.

As of June 30, 2022, the Company had a working capital deficit of $3,087, defined as current assets minus current liabilities. As of the filing date of the Unaudited Interim Condensed Consolidated Financial Statements, the Company believes that it will be in a position to cover its liquidity needs for the next 12-month period through operating cash flows, management of working capital, sale of assets, refinancing indebtedness or raising additional equity capital, or a combination thereof.

As of June 30, 2022, Mr. Valentis beneficially owned approximately 54.0% of the Company’s common stock.

2. Significant Accounting Policies:

The accounting policies followed in the preparation of these Unaudited Interim Condensed Consolidated Financial Statements are the same with those applied in the preparation of the Company’s Consolidated Financial Statements for the year ended December 31, 2021. See Note 2 to the Company’s Consolidated Financial Statements for the year ended December 31, 2021, included in the 2021 Annual Report. There have been no material changes to these policies in the six month period ended June 30, 2022, except as discussed below:

Recent Accounting Pronouncements:

In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The ASU reduces the number of accounting models for convertible debt instruments by eliminating the cash conversion model. As compared with current U.S. GAAP, more convertible debt instruments will be reported as a single liability instrument and the interest rate of more convertible debt instruments will be closer to the coupon interest rate. The ASU also aligns the consistency of diluted Earnings Per Share (“EPS”) calculations for convertible instruments by requiring that (1) an entity use the if-converted method and (2) share settlement be included in the diluted EPS calculation for both convertible instruments and equity contracts when those contracts include an option of cash settlement or share settlement. The ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The FASB has specified that an entity should adopt the guidance as of the beginning of its annual fiscal year. The Company adopted the standard within the period. The adoption of the standard did not have any effect on the Company’s Unaudited Interim Condensed Consolidated Financial Statements and related disclosures.

F-6

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

2. Significant Accounting Policies: – Continued:

In May 2021, the FASB issued ASU No. 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. The amendments in ASU No. 2021-04 provides guidance to clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. The amendments in this ASU No. 2021-04 are effective for all entities for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, with early adoption permitted, including interim periods within those fiscal years. The Company adopted the standard within the period. The adoption of the standard did not have any effect on the Company’s Unaudited Interim Condensed Consolidated Financial Statements and related disclosures.

In July 2021, the FASB issued ASU No. 2021-05 Leases (Topic 842): Lessors-Certain Leases with Variable Lease Payments. The ASU amends the lessor lease classification guidance in ASC 842 for leases that include any amount of variable lease payments that are not based on an index or rate. If such a lease meets the criteria in ASC 842-10-25-2 through 25-3 for classification as either a sales-type or direct financing lease, and application of the sales-type or direct financing lease recognition guidance would result in recognition of a selling loss, then the amendments require the lessor to classify the lease as an operating lease. For public business entities that have adopted ASC 842 as of July 19, 2021, the amendments in ASU 2021-05 are effective for fiscal years beginning after December 15, 2021 and for interim periods within those fiscal years. The Company adopted the standard within the period. The adoption of the standard did not have any effect on the Company’s Unaudited Interim Condensed Consolidated Financial Statements and related disclosures.

Recent Accounting Pronouncements – Not Yet Adopted

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. ASU 2020-04 applies to contracts that reference LIBOR or another reference rate expected to be terminated because of reference rate reform. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848). The amendments in this Update clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. Amendments in this Update to the expedients and exceptions in Topic 848 capture the incremental consequences of the scope clarification and tailor the existing guidance to derivative instruments affected by the discounting transition. The amendments in this Update apply to all entities that elect to apply the optional guidance in Topic 848. ASU 2020-04 and ASU 2021-10 can be adopted as of March 12, 2020 through December 31, 2022. As of December 31, 2021, the Company has not yet elected any optional expedients provided in the standard. The Company will apply the accounting relief as relevant contract and hedge accounting relationship modifications are made during the reference rate reform transition period. The Company will continue to monitor and evaluate its contracts and the effects of this standard on its consolidated financial position, results of operations, and cash flows.

3. Transactions with Related Parties:

The following transactions with related parties occurred during the six month periods ended June 30, 2021 and 2022.

(a) Maritime:

The following amounts were charged by Maritime pursuant to the head management and ship-management agreements with the Company, and are included in the accompanying unaudited interim Consolidated Statements of Comprehensive Income / (Loss):

	Six months ended June 30,
	2021		2022
Included in Voyage related costs and commissions
Charter hire commissions	$	129	$	289
Included in Management fees, related parties
Ship-management Fees		300		394
Included in General and administrative expenses
Administration Fees		809		819
Total	$	1,238	$	1,502

F-7

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

3. Transactions with Related Parties: – Continued:

As of December 31, 2021 and June 30, 2022, the balances due to Maritime were $3,967 and $5,659, respectively, and are included in Due to related parties in the accompanying Consolidated Balance Sheets. The balances with Maritime are interest free and with no specific repayment terms.

The Company uses the services of Maritime, to provide a wide range of shipping services, including but not limited to, chartering, sale and purchase, insurance, operations and dry-docking and construction supervision (if any), all provided at a fixed daily fee per vessel (the “Head Management Agreement”). For the ship management services, Maritime charges a fee payable by each subsidiary of $0.325 per day per vessel while the vessel is in operation including any pool arrangements and $0.450 per day per vessel while the vessel is under construction, as well as an additional daily fee (which is dependent on the seniority of the personnel) to cover the cost of engineers employed to conduct the supervision of the newbuilding (collectively the “Ship-management Fees”). In addition, Maritime charges the Company a commission rate of 1.25% on all charter hire agreements arranged by Maritime. For the administrative management services, the Company pays Maritime a fixed fee of $1,600 annually (the “Administration Fees”) under the Head Management Agreement. In the event of a change of control of the Company during the management period or within 12 months after the early termination of the Head Management Agreement, then the Company will pay to Maritime an amount equal to 2.5 times the then annual Administration Fees. Pursuant to the amendment of this agreement on March 18, 2020, in the event of such change of control and termination, the Company shall also pay to Maritime an amount equal to 12 months of the then daily Ship-management Fees.

The Ship-management Fees and the Administration Fees are adjusted annually according to the official inflation rate in Greece or such other country where Maritime was headquartered during the preceding year. On August 9, 2016, the Company amended the Head Management Agreement with Maritime to provide that in the event that the official inflation rate for any calendar year is deflationary, no adjustment shall be made to the Ship-management Fees and the Administration Fees, which will remain, for the particular calendar year, as per the previous calendar year. Effective January 1, 2019 and 2020, the Ship-management Fees and the Administration Fees were increased by 0.62%, and, 0.26% respectively, in line with the average inflation rate of Greece for 2018 and 2019. For 2020, the average rate in Greece was a deflation of 1.24% and, as a result, no adjustment was made to the Ship-management Fees and the Administration Fees effective January 1, 2021, which remained, for the particular calendar year, as per the previous year. Effective January 1, 2022, the Ship-management Fees and the Administration Fees were increased by 1.23% in line with the average inflation rate of Greece for 2021.

(b) Maritime Investors Corp.:

On May 14, 2019, the Company entered into a second amendment to the Amended & Restated Promissory Note which (i) extended the repayment of the outstanding principal, in whole or in part, until the earlier of a) one year after the repayment of the credit facility of Eighthone with Entrust Permal (the “Credit Facility”) on September 2023 (see Note 7), b) January 15, 2024 and c) repayment of any payment-in-kind (“PIK”) interest and principal deficiency amount under the Credit Facility, and (ii) increased the interest rate to 9.0% per annum of which 4.5% was to be paid in cash and 4.5% was to be paid in common shares of the Company calculated on the volume weighted average closing share price for the 10 day period immediately prior to each quarter end. The new interest rate was effective from April 1, 2019. After the repayment restrictions have been lifted per the Credit Facility, the Company, at its option, could continue to pay interest on the Amended & Restated Promissory Note in the afore-mentioned combination of cash and shares or pay all interest costs in cash.

With respect to the portion of interest that was to be settled in common shares, the Company considered the guidance in ASC 480 that requires obligations that can be settled in shares with a fixed monetary value at settlement (e.g., share-settled debt) to be carried at fair value and followed the guidance in ASC 835-30 to accrue the liability to the redemption amount using the interest method.

During 2021, the Promissory Note was restructured and amended as of May 27, 2021, on the following basis: a) repayment on June 17, 2021 of $1,000 in principal and $433 for accrued interest, b) settlement on June 17, 2021 of $1,000 of principal with the issuance 1,091,062 restricted common shares of the Company computed on the volume weighted average closing share price for the 10 day period commencing one day after its public distribution of first quarter, 2021 financial results press release (i.e. the period from June 3 to June 16, 2021 at $0.9165) and c) remaining balance of $3,000 in principal having a maturity date of April 1, 2023 and interest shall accrue at annual rate of 7.5%, since June 17, 2021, payable quarterly in cash, thereafter. In conjunction with the acquisition of the vessel “Pyxis Lamda” the Promissory Note was further amended on December 20, 2021, increasing the principal balance from $3,000 to $6,000 and extending the maturity date to April 1, 2024. The Company considered the guidance under ASC 470-50 “Debt Modifications and Extinguishments” for both transactions and concluded that the first should be accounted for as a debt modification and the second as a debt extinguishment. None of these transactions incurred additional fees or finance fee write-offs. With respect to the $1,000 of principal that was to be settled in common shares, the Company considered the guidance in ASC 480 that requires obligations that can be settled in shares with a fixed monetary value at settlement (e.g., share-settled debt) and followed the guidance in ASC 835-30 to accrue the liability to the redemption amount using the interest method.

F-8

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

3. Transactions with Related Parties: – Continued:

On November 15, 2021, the Company signed a memorandum of agreement to acquire from an entity related to the family of the Company’s Chairman and Chief Executive Officer, the “Pyxis Lamda”, a 2017-built 50,145 DWT eco-efficient medium range (“MR”) that was constructed at SPP Shipbuilding Co. Ltd. (“SPP”) in South Korea, for $32,000. The fair value of the acquisition of the Pyxis “Lamda” amounted to $31,172 (Note 5) and consisted of borrowings of $21,680 under a senior loan facility that matures in seven years and is secured by the vessel (Note 7), borrowings of $3 million, at fair value, under an amended unsecured Promissory Note due 2024, the issuance of 4,139,003 of the Company’s common shares having a fair value of $2.17 million on the delivery date of the vessel on December 20, 2021 and $4.32 million cash on hand. Of the amount payable in cash, $1,325 was settled in December 2021 and the balance of $2,995 was included in Due to related parties in the accompanying Consolidated Balance Sheets as at December 31, 2021. The balance was cash settled on January 10, 2022.

Interest charged on the Amended & Restated Promissory Note for the six months ended June 30, 2021 and 2022, amounted to $215 and $223, respectively, and is included in Interest and finance costs, net in the accompanying unaudited interim Consolidated Statements of Comprehensive Income / (Loss). The respective interest for the three months ended June 30, 2022, has been settled in cash in early July 2022. The outstanding balance of the Promissory Note as of December 31, 2021 and June 30, 2022, amounting to $6,000, and is separately reflected in the accompanying Consolidated Balance Sheets under non-current liabilities.

4. Inventories:

The amounts in the accompanying Consolidated Balance Sheets are analyzed as follows:

	December 31,		June 30,
	2021		2022
Lubricants	$	552	$	546
Bunkers		1,015		2,920
Total	$	1,567	$	3,466

5. Vessels, net:

The amounts in the accompanying Consolidated Balance Sheets are analyzed as follows:

	Vessel		Accumulated			Net Book
	Cost		Depreciation			Value
Balance January 1, 2022	$	148,175	$	(28,451	)	$	119,724
Vessel additions		—		—			—
BWTS installation		555		—			555
Depreciation		—		(3,024	)		(3,024	)
Balance June 30, 2022	$	148,730	$	(31,475	)	$	117,255

On December 23, 2021, the Company entered into an agreement with a third-party to sell the small tankers, “Northsea Alpha” and “Northsea Beta”. Considering the required criteria by the relevant accounting standard, ASC 360-10-45-9, for the classification of the vessels as “held for sale”, the Company concluded that all the criteria were met for both vessels. As at December 31, 2021, the aggregate amount of $8,509 was separately reflected in Vessel held-for-sale on the Consolidated Balance Sheets, representing the estimated fair market value of the vessel based on the vessel’s sale price, net of costs to sell. The difference between the estimated fair value less costs to sell of each vessel and the respective vessel’s carrying value plus the unamortized balance of its associated dry-docking cost, amounting to $2,389, was written-off and included in the Consolidated Statement of Comprehensive Loss for the year ended December 31, 2021 and classified as “Loss on vessels held-for-sale”. On January 28, 2022 and March 1, 2022, the “Northsea Alpha” and “Northsea Beta”, respectively, were sold. The aggregate sale price for the vessels was $8,900 of which, $5,780 was used for the prepayment of the “Northsea Alpha” and “Northsea Beta” loan facility and the balance for working capital.

As of June 30, 2022, additions amounted to $555 related to the ballast water treatment system installation of the “Pyxis Lamda”, of which, $437 was paid in the first quarter of 2022 and $118 was paid in May 2022.

As of June 30, 2022, the Company reviewed the carrying amount in connection with the estimated recoverable amount for each of its vessels held and used. This review indicated that such carrying amounts were fully recoverable for the Company’s vessels held and used and, consequently, no impairment charge was deemed necessary for the period ended June 30, 2022.

All of the Company’s vessels have been pledged as collateral to secure the bank loans discussed in Note 7.

F-9

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

6. Deferred dry dock and special survey costs, net:

The movement in deferred charges, net, in the accompanying Consolidated Balance Sheets are as follows:

	Dry docking costs
Balance January 1, 2022	$	912
Additions		192
Amortization of special survey costs		(175	)
Balance June 30, 2022	$	929

On January 14, 2022 “Pyxis Lamda” completed her first special survey. The total cost of special survey amounted $438 of which $185 incurred in the first half of 2022. Also, in the second quarter of 2022, deferred dry dock and special survey additions include $7 related to “Pyxis Malou” intermediate survey. The amortization of the special survey costs is separately reflected in the accompanying unaudited interim consolidated statement of comprehensive loss.

7. Long-term Debt:

The amounts shown in the accompanying Consolidated Balance Sheets at December 31, 2021 and June 30, 2022, are analyzed as follows:

	December 31,			June 30,
Vessel (Borrower)	2021			2022
(a) “Northsea Alpha” (Secondone)	$	2,890		$	—
(a) “Northsea Beta” (Thirdone)		2,890			—
(b) “Pyxis Malou” (Fourthone)		7,320			6,968
(c) “Pyxis Theta” (Seventhone)		13,750			13,150
(d) “Pyxis Epsilon” (Eighthone)		16,100			15,500
(e) “Pyxis Karteria” (Tenthone)		13,150			12,450
(b) “Pyxis Lamda” (Eleventhone)		21,680			20,782
Total	$	77,780		$	68,850
Current portion	$	12,030		$	6,150
Less: Current portion of deferred financing costs		(335	)		(283	)
Current portion of long-term debt, net of deferred financing costs, current	$	11,695		$	5,867
Long-term portion	$	65,750		$	62,700
Less: Non-current portion of deferred financing costs		(870	)		(733	)
Long-term debt, net of current portion and deferred financing costs, non-current	$	64,880		$	61,967

(a) Each of Secondone’s and Thirdone’s outstanding loan balance at December 31, 2021, amounting to $2,890, was repayable in 5 remaining quarterly installments of $100 each amounting to $500 in the aggregate, the first falling due in February 2022, and the last installment accompanied by a balloon payment of $2,390 falling due in February 2023.

On December 23, 2021, the Company entered into an agreement with a third-party to sell the small tankers, “Northsea Alpha” and “Northsea Beta” and the Company concluded that all the criteria required by the relevant accounting standard, ASC 360-10-45-9, for the classification of the vessels “Northsea Alpha” and “Northsea Beta” as “held for sale” were met. As at December 31, 2021, upon classification of “Northsea Alpha” and “Northsea Beta” as vessels held-for-sale, the aggregate outstanding loan balances of $5,780 was classified in the Consolidated Balance Sheets under the line item “Current portion of long-term debt, net of deferred financing costs”. On January 28, 2022 and on March 1, 2022, the “Northsea Alpha” and “Northsea Beta”, respectively, were sold. The Company upon the sale of two vessels prepaid Secondone and Thirdone’s outstanding loan balance in total.

(b) On December 20, 2021, Fourthone and Eleventhone concluded as joint and several borrowers a loan agreement with Alpha Bank in order to refinance the existing facility of the “Pyxis Malou” and to partly finance the acquisition of the “Pyxis Lamda”.

F-10

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

7. Long-term Debt: - Continued:

On the same date, Fourthone drew down an amount of $7,320 and fully settled the previous loan facility outstanding balance of $7,320. As of June 30, 2022, the outstanding balance of the Fourthone loan of $6,968 is repayable in 18 consecutive quarterly installments of $176 each, the first falling due in September 2022, and the last installment accompanied by a balloon payment of $3,800 falling due in December 2026.

Upon delivery of “Pyxis Lamda”, on December 20, 2021, Eleventhone drew down an amount of $21,680. As of June 30, 2022, the outstanding balance of the Eleventhone loan of $20,782 is repayable in 18 consecutive quarterly installments of $449 each, the first falling due in September 2022, and the last installment accompanied by a balloon payment of $12,700 falling due in December 2026.

The loan bears interest at LIBOR plus a margin of 3.15% per annum.

Standard loan covenants include, among others, a minimum liquidity and a minimum required Security Cover Ratio (“MSC”). The facility imposes certain customary covenants and restrictions with respect to, among other things, the borrower’s ability to distribute dividends, incur additional indebtedness, create liens, change its share capital, engage in mergers, or sell the vessel and a minimum collateral value to outstanding loan principal. Certain major covenants include, as defined in such agreements:

Covenants:

● The borrowers undertook to maintain minimum deposit with the bank of $1,500 at all times, (which shall be reduced to the amount of $1,000, comprising of $500 with respect to the “Pyxis Malou” and $500 with respect to the “Pyxis Lamda”, upon receipt of time charter employment for a period of at least six months for one of the vessels).

● The ratio of the corporate guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is not to exceed 75%. This requirement is only applicable in order to assess whether the borrowers are entitled to distribute dividends to Pyxis Tankers Inc.. As of June 30, 2022, the requirement was met as such ratio was 49.2%, or 25.8% lower than the required threshold.

● MSC is to be at least 125% of the respective outstanding loan balance.

● No change of control shall be made directly or indirectly in the ownership, beneficial ownership, control or management of any of the borrower and the corporate guarantor or any share therein or the vessels, as a result of which less than 100% of the shares and voting rights in each borrower are owned by the corporate guarantor or less than 25% of the shares and voting rights in the corporate guarantor will remain in the ultimate legal and beneficial ownership of the beneficial shareholders.

(c) On July 8, 2020, Seventhone entered into a $15,250 secured loan agreement with Alpha Bank, for the purpose of refinancing the outstanding indebtedness of $11,293 under the previous loan facility, which was fully settled on the same day. As of June 30, 2022, the outstanding balance of the Seventhone loan of $13,150 is repayable in 13 consecutive quarterly installments of $300 each, the first falling due in July 2022, and the last installment accompanied by a balloon payment of $9,250 falling due in July 2025. The loan bears interest at LIBOR plus a margin of 3.35% per annum.

Standard loan covenants include, among others, a minimum liquidity and a MSC. The facility imposes certain customary covenants and restrictions with respect to, among other things, the borrower’s ability to distribute dividends, incur additional indebtedness, create liens, change its share capital, engage in mergers, or sell the vessel and a minimum collateral value to outstanding loan principal. Certain major covenants include, as defined in such agreement:

Covenants:

● The borrower undertakes to maintain minimum deposit with the bank of $500 at all times.

● The ratio of the corporate guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is not to exceed 75%. This requirement is only applicable in order to assess whether the borrower is entitled to distribute dividends to Pyxis Tankers Inc.. As of June 30, 2022, the requirement was met as such ratio was 49.2%, or 25.8% lower than the required threshold.

● MSC is to be at least 125% of the respective outstanding loan balance.

● No change shall be made directly or indirectly in the ownership, beneficial ownership, control or management of Seventhone or of the Company or any share therein or the “Pyxis Theta”, as a result of which less than 100% of the shares and voting rights in Seventhone or less than 20% of the shares and voting rights in the corporate guarantor remain in the ultimate legal and beneficial ownership of the beneficial shareholders.

F-11

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

7. Long-term Debt: - Continued:

(d) As of June 30, 2022, the outstanding balance of Eighthone loan amounted to $15,500 and is repayable in 15 quarterly installments of $300 each, the first due in September 2022, and the last installment accompanied by a balloon payment of $11,000 due in March 2026. The loan bears interest at LIBOR plus a margin of 3.35% per annum.

Standard loan covenants include, among others, a minimum liquidity and a MSC. The facility imposes certain customary covenants and restrictions with respect to, among other things, the borrower’s ability to distribute dividends, incur additional indebtedness, create liens, change its share capital, engage in mergers, or sell the vessel and a minimum collateral value to outstanding loan principal. Certain major covenants include, as defined in such agreement:

● The borrower undertakes to maintain minimum deposit with the bank of $500 at all times.

● The ratio of the corporate guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is not to exceed 75%. This requirement is only applicable in order to assess whether the borrower is entitled to distribute dividends to Pyxis Tankers Inc.. As of June 30, 2022, the requirement was met as such ratio was 49.2%, or 25.8% lower than the required threshold.

● MSC is to be at least 125% of the respective outstanding loan balance.

● No change shall be made directly or indirectly in the ownership, beneficial ownership, control or management of Eighthone or of Pyxis Tankers Inc. or any share therein or the “Pyxis Epsilon”, as a result of which less than 100% of the shares and voting rights in Eighthone or less than 20% of the shares and voting rights in Pyxis Tankers Inc. remain in the ultimate legal and beneficial owners disclosed at the negotiation of this loan agreement.

(e) On July 9, 2021, Tenthone entered into a loan agreement with a new lender, Vista Bank, for an amount of $13,500 loan, in order to partly finance the acquisition cost of the vessel “Pyxis Karteria”. The Company drew down the amount of $13,500 upon delivery of the vessel in July 2021.

As of June 30, 2022, the Tenthone outstanding loan balance amounting to $12,450 is repayable in 25 quarterly installments the first falling due in July 2022, and the last installment accompanied by a balloon payment of $4,900 falling due in July 2028. The first installment amount to $350 each followed by 24 amounting to $300 each. The loan bears interest at LIBOR plus a margin of 4.8% per annum.

Standard loan covenants of the Tenthone loan include, among others, a minimum liquidity and a MSC. Certain major covenants include, as defined in such agreement:

● The borrower undertakes to maintain minimum deposit with the bank of $250 at all times.

● The borrower undertakes to maintain a monthly retention account to ensure that, in each calendar month an amount equal with one third of the repayment instalment and the relevant aggregate amount of interest falling due which is payable on the next due date for payment must be transferred to the retention account.

● MSC is to be at least 120% of the respective outstanding loan balance.

● Not less than 20% of the ultimate beneficial ownership of (i) the shares in the corporate guarantor and (ii) the ultimate voting rights attaching to such shares is held directly or indirectly by the permitted holder.

Amounts presented in Restricted cash, current and non-current, in the Consolidated Balance Sheets are related to minimum cash and the retention account requirements imposed by the Company’s debt agreements.

The annual principal payments required to be made after June 30, 2022, are as follows:

To June 30,	Amount
2023	$	6,150
2024		6,100
2025		6,100
2026 and thereafter		50,500
Total	$	68,850

Total interest expense on long-term debt and the Promissory Note for the six months ended June 30, 2021, and 2022, amounted to $1,629, and $1,686, respectively, and is included in Interest and finance costs, net (Note 12) in the accompanying Consolidated Statements of Comprehensive Income / (Loss). The Company’s weighted average interest rate (including the margin) for the six months ended June 30, 2021 and 2022, was 5.93% and 4.30% per annum, including the Promissory Note discussed in Note 3, respectively.

F-12

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

7. Long-term Debt: - Continued:

As of June 30, 2022, the Company was in compliance with all of the loan covenants in its loan agreements and there was no amount available to be drawn down under the existing loan agreements.

8. Equity Capital Structure and Equity Incentive Plan:

Effective May 13, 2022, the Company effected a four-for-one reverse stock split on its issued and outstanding common stock (Note 14). All share and per share amounts disclosed in the accompanying financial statements give effect to this reverse stock split retroactively, for all periods presented.

The Company’s authorized common and preferred stock consists of 450,000,000 common shares, 50,000,000 preferred shares of which 1,000,000 are authorized as Series A Preferred Shares.

As of December 31, 2021 and June 30, 2022, the Company had a total of 42,455,857 or 10,613,424 common shares after the reverse stock split effective May 13, 2022 and 449,673 Series A Preferred Shares issued and outstanding, with a par value of $0.001 per share. Furthermore, as of December 31, 2021 and June 30, 2022, the Company had outstanding warrants which amounted to 1,590,540, (exclusive of 4,683 underwriter’s warrants to purchase 4,683 Series A Preferred Shares at an average exercise price of $24.97 and 16,000 underwriter’s warrant to purchase 16,000 common shares with exercise price $1.40 or $5.60 after the reverse stock split effective May 13, 2022). The Company has also issued to the placement agent 428,571 non-tradeable warrants for the purchase of common shares, which can be exercised commencing one hundred eighty (180) days after the closing date, or on August 23, 2021 and expire on the five-year anniversary of the closing date, or on February 24, 2026. The initial exercise price per common share was $2.1875, or 125% of the offering price of the shares. As of December 31, 2021 and June 30, 2022 all the respective non-tradeable underwriter’s warrants remain outstanding.

There were no conversions and exercises during the first quarter of 2022 and after June 30, 2022 and up to the date of these Unaudited Interim Condensed Consolidated Financial Statements.

During the months of January through June, 2022 the Company paid monthly cash dividends of $0.1615 for each outstanding Series A Preferred Share, which aggregated to $436 for the six months ended as of June 30, 2022. As of that date, Mr. Valentis beneficially owned 5,731,942 or approximately 54.0% of our outstanding shares.

9. Income / Loss per Common Share:

	Six months ended June 30,
	2021			2022
Net income / (loss) available to common stockholders	$	(3,598	)	$	909
Weighted average number of common shares, basic and diluted		8,332,033			10,613,424
Income / (loss) per common share, basic and diluted	$	(0.43	)	$	0.09

As of June 30, 2021 and 2022, securities that could potentially dilute basic income/loss per share in the future that were not included in the computation of diluted loss per share, because to do so would have anti-dilutive effect, were any incremental shares of the unexercised warrants, calculated with the treasury stock method, as well as shares assumed to be converted with respect to the Series A Preferred Shares calculated with the if-converted method.

As of June 30, 2021, we had 183,475 Series A Preferred Shares and 2,035,111 warrants (including the non-tradeable underwriter’s Series A Preferred Shares and warrants) potential converted to 819,085 and 2,035,111 common shares respectively. As of June 30, 2022, we had 454,356 Series A Preferred Shares and 2,035,111 warrants (including the non-tradeable underwriter’s Series A Preferred Shares and warrants) potential converted to 2,027,805 and 2,035,111 common shares respectively, which were not included in the computation of diluted earnings per share because inclusion of these awards would be anti-dilutive.

F-13

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

9. Income / Loss per common share: - Continued:

Following the annual meeting of shareholders (“AMS”), the Board approved the filing of an amendment to affect a Reverse Stock Split in the ratio of one for four outstanding common shares, to take effect on May 13, 2022. Beginning on such date, the Company’s common shares traded on a split-adjusted basis on the Nasdaq Capital Markets with a new assigned CUSIP number of Y71726130. After the reverse stock split, every four of the Company’s issued and outstanding common shares combined into one issued and outstanding common share, without any change to the par value of $0.001 per share or any shareholder’s ownership percentage of the common shares. This has reduced the number of outstanding common shares from 42,455,857 shares to 10,613,424.

10. Risk Management and Fair Value Measurements:

The principal financial assets of the Company consist of cash and cash equivalents, trade accounts receivable due from charterers and amounts due from related parties. The principal financial liabilities of the Company consist of long-term bank loans, trade accounts payable and a Promissory Note.

Interest rate risk: The Company’s loan interest rates (except for the Promissory Note) are calculated at LIBOR plus a margin, as described in Note 7 above, hence, the Company is exposed to movements in LIBOR. In order to hedge its variable interest rate exposure, on January 19, 2018, the Company, via one of its vessel-owning subsidiaries, purchased an interest rate cap with one of its lenders for a notional amount of $10.0 million with a cap rate on LIBOR of 3.5%. The interest rate cap terminated on July 18, 2022. Similarly, on July 16, 2021, the same subsidiary purchased an additional interest rate cap for the amount of $9.6 million at a cap rate on LIBOR of 2% with a termination date of July 8, 2025.

Credit risk: Credit risk is minimized since trade accounts receivable from charterers are presented net of the expected credit losses. The Company places its cash and cash equivalents, primarily with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. On the balance sheet date there were no significant concentrations on credit risk. The maximum exposure to credit risk is represented by the carrying amount of each financial asset on the Consolidated Balance Sheets.

Currency risk: The Company’s transactions are denominated primarily in U.S. dollars; therefore, overall currency exchange risk is limited. Balances in foreign currency other than U.S. dollars are not considered significant.

Fair value: The Management has determined that the fair values of the assets and liabilities as of June 30, 2022, are as follows:

	Carrying		Fair
	Value		Value
Cash and cash equivalents (including restricted cash)	$	6,241	$	6,241
Trade accounts receivable	$	5,265	$	5,265
Trade accounts payable	$	5,590	$	5,590
Long-term debt with variable interest rates, net	$	68,850	$	68,850
Promissory note with non-variable interest rate*	$	6,000	$	5,971
Due to related parties	$	5,659	$	5,659

* As at June 30, 2022, the carrying value and the theoretical fair value of the promissory note was $6,000 and $5,971, respectively.

The Company performs an impairment exercise whenever there are indicators of impairment. No impairment loss was recognized for the six months ended June 30, 2022. As of December 31, 2021 and June 30, 2022, the Company did not have any other assets or liabilities measured at fair value on a non- recurring basis.

Assets measured at fair value on a recurring basis: Interest rate cap

The Company’s interest rate cap does not qualify for hedge accounting. The Company adjusts its interest rate cap contract to fair market value at the end of every period and records the resulting gain or loss during the period in the Consolidated Statements of Comprehensive Income / (Loss). Information on the classification, the derivative fair value and the gain from financial derivative instruments included in the Consolidated Financial Statements is shown below:

	December 31,		June 30,
Consolidated Balance Sheets – Location	2021		2022
Financial derivative instrument – Other non-current assets	$	74	$	394

Consolidated Statements of Comprehensive Income / (Loss) – Location		Six months ended June 30,
		2021		2022
Financial derivative instrument – Fair value at the beginning of the period	$	—	$	74
Financial derivative instrument – Additions of the period		—		—
Financial derivative instrument – Fair value as at period end		—		394
Gain from financial derivative instrument	$	—	$	320

F-14

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

10. Risk Management and Fair Value Measurements: - Continued:

Assets measured at fair value on a recurring basis: Interest rate cap

The fair value of the Company’s interest rate cap agreement is determined based on market-based LIBOR rates. LIBOR rates are observable at commonly quoted intervals for the full term of the cap and therefore, are considered Level 2 items in accordance with the fair value hierarchy.

Assets measured at fair value on a non-recurring basis: Long lived assets held and used and held for sale

As of December 31, 2021 and June 30, 2022, the Company reviewed the carrying amount in connection with the estimated recoverable amount for each of its vessels held and used. This review indicated that such carrying amount was fully recoverable for the Company’s vessels held and used. No impairment loss was recognized for the three months ended June 30, 2021 and 2022.

As of December 31, 2021 and June 30, 2022, the Company did not have any other assets or liabilities measured at fair value on a non-recurring basis.

11. Commitments and Contingencies:

Minimum contractual charter revenues: The Company employs certain of its vessels under lease agreements. Time charters typically may provide for variable lease payments, charterers’ options to extend the lease terms at higher rates and termination clauses. The Company’s contracted time charters as of June 30, 2022, range from one to three months, with varying extension periods at the charterers’ option and do not provide for variable lease payments. Our time charters contain customary termination clauses which protect either the Company or the charterers from material adverse situations.

Future minimum contractual charter revenues, gross of 1.25% address commission and 1.25% brokerage commissions to Maritime and of any other brokerage commissions to third parties, based on the vessels’ committed, non-cancelable, long-term time charter contracts as of June 30, 2022, are $853.

Other: Various claims, suits and complaints, including those involving government regulations and environmental liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company’s vessels. Currently, management is not aware of any such claims not covered by insurance or contingent liabilities, which should be disclosed, or for which a provision has not been established in the accompanying Consolidated Financial Statements.

The Company accrues for the cost of environmental and other liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. As of June 30, 2022 and as of the date of the issuance of the Consolidated Financial Statements, management is not aware of any other claims or contingent liabilities, which should be disclosed or for which a provision should be established in the accompanying Unaudited Interim Condensed Consolidated Financial Statements. The Company is covered for liabilities associated with the individual vessels’ actions to the maximum limits as provided by Protection and Indemnity (P&I) Clubs, members of the International Group of P&I Clubs.

F-15

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

12. Interest and Finance Costs, net:

The amounts in the accompanying unaudited interim Consolidated Statements of Comprehensive Income / (Loss) are analyzed as follows:

	Six months ended June 30,
	2021		2022
Interest on long-term debt	$	1,414	$	1,463
Interest on promissory note		215		223
Amortization of financing costs		111		155
Financing fees and charges		10		(12	)
Total	$	1,750	$	1,829

13. Revenues, net:

The Company disaggregates its revenue from contracts with customers by the type of charter (time charters and spot charters). The following table presents the Company’s revenue disaggregated by revenue source for the three month periods ended June 30, 2021 and 2022:

	Six months ended June 30,
	2021		2022
Revenues derived from spot charters, net	$	3,202	$	17,194
Revenues derived from time charters, net		7,026		5,774
Revenues, net	$	10,228	$	22,968

The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less, in accordance with the optional exception in ASC 606.

The following table presents the Company’s net trade accounts receivable disaggregated by revenue source as December 31, 2021 and June 30, 2022:

	December 31,			June 30,
	2021			2022
Accounts receivable trade from spot charters	$	1,762		$	5,365
Accounts receivable trade from time charters		—			—
Less: Bad debt provisions		(26	)		(76	)
Less: Allowance for credit losses		(20	)		(24	)
Total	$	1,716		$	5,265

14. Subsequent Events:

Dividend payment: During July 2022, the Company paid monthly cash dividends of $0.1615 per share on its outstanding Series A Preferred Shares, amounting to $73. Similarly, on August 2, 2022, the board of directors of Pyxis Tankers Inc. declared a monthly dividend of $0.1615 per share, for the month of August 2022. The cash dividend of $73 will be payable on August 22, 2022, to holders of record as of August 15, 2022.

F-16

XML

Cover	6 Months Ended
	Jun. 30, 2022
Cover [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Entity File Number	001-37611
Entity Registrant Name	Pyxis Tankers Inc.
Entity Central Index Key	0001640043
Entity Address, Address Line One	59 K. Karamanli Street
Entity Address, City or Town	Maroussi
Entity Address, Country	GR
Entity Address, Postal Zip Code	15125
City Area Code	30
Local Phone Number	210 638 0200

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 3,636	$ 6,180
Restricted cash, current portion	355	944
Inventories	3,466	1,567
Trade accounts receivable	5,285	1,736
Less: Allowance for credit losses	(20)	(20)
Trade accounts receivable, net	5,265	1,716
Vessels held-for-sale		8,509
Prepayments and other current assets	284	186
Insurance claim receivable	1,933
Total current assets	14,939	19,102
FIXED ASSETS, NET:
Vessels, net	117,255	119,724
Total fixed assets, net	117,255	119,724
OTHER NON-CURRENT ASSETS:
Restricted cash, net of current portion	2,250	2,750
Financial derivative instrument	394	74
Deferred dry dock and special survey costs, net	929	912
Total other non-current assets	3,573	3,736
Total assets	135,767	142,562
CURRENT LIABILITIES:
Current portion of long-term debt, net of deferred financing costs	5,867	11,695
Trade accounts payable	5,590	3,084
Due to related parties	5,659	6,962
Accrued and other liabilities	910	1,089
Total current liabilities	18,026	22,830
NON-CURRENT LIABILITIES:
Long-term debt, net of current portion and deferred financing costs	61,967	64,880
Promissory note	6,000	6,000
Total non-current liabilities	67,967	70,880
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Preferred stock ($0.001 par value; 50,000,000 shares authorized; of which 1,000,000 authorized Series A Convertible Preferred Shares; 449,673 Series A Convertible Preferred Shares issued and outstanding as at December 31, 2021 and June 30, 2022)
Common stock ($0.001 par value; 450,000,000 shares authorized; 10,613,424 shares issued and outstanding as at December 31, 2021 and June 30, 2022, respectively)	42	42
Additional paid-in capital	111,840	111,840
Accumulated deficit	(62,108)	(63,030)
Total stockholders’ equity	49,774	48,852
Total liabilities and stockholders’ equity	$ 135,767	$ 142,562

XML

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	50,000,000	50,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	450,000,000	450,000,000
Common stock, shares issued	10,613,424	10,613,424
Common stock, shares outstanding	10,613,424	10,613,424
Series A Convertible Preferred Shares [Member]
Preferred stock, par value		$ 0.001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	449,673	449,673
Preferred stock, shares outstanding	449,673	449,673

XML

Interim Consolidated Statements of Comprehensive Income / (Loss) (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Revenues, net	$ 22,968	$ 10,228
Expenses:
Voyage related costs and commissions	(7,802)	(1,804)
Vessel operating expenses	(6,324)	(5,342)
General and administrative expenses	(1,312)	(1,226)
Management fees, related parties	(394)	(300)
Management fees, other	(516)	(387)
Amortization of special survey costs	(175)	(203)
Depreciation	(3,024)	(2,194)
Bad debt provisions	(50)
Allowance for credit losses	(4)	(9)
Loss from the sale of vessels, net	(466)
Operating income / (loss)	2,901	(1,237)
Other expenses, net:
Loss from debt extinguishments	(34)	(458)
Gain from financial derivative instrument	320
Interest and finance costs, net	(1,829)	(1,750)
Total other expenses, net	(1,543)	(2,208)
Net income / (loss)	1,358	(3,445)
Dividend Series A Convertible Preferred Stock	(449)	(153)
Net income / (loss) attributable to common shareholders	$ 909	$ (3,598)
Income / (loss) per common share, basic and diluted	$ 0.09	$ (0.43)
Weighted average number of common shares, basic and diluted	10,613,424	8,332,033

XML

Interim Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Series A Convertible Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2020		$ 22	$ 79,692	$ (50,155)	$ 29,559
Balance, shares at Dec. 31, 2020	181,475	5,490,720
Issuance of common stock under the PIPE, net		$ 14	23,129		23,143
Issuance of common stock under the PIPE, net, Shares		3,571,429
Issuance of common stock under the promissory note		$ 1	1,111		1,112
Issuance of common stock under the promissory note, shares		16,112
Conversion of Series A Convertible Preferred Shares to common stock		$ 1	(1)
Conversion of Series A Convertible Preferred Shares to common stock, shares	(40,289)	180,106
Common stock from exercise of warrants			202		202
Common stock from exercise of warrants, shares		36,125
Preferred stock dividends				(151)	(151)
Net income				(3,445)	(3,445)
Ending balance, value at Jun. 30, 2021		$ 38	104,133	(53,751)	50,420
Balance, shares at Jun. 30, 2021	141,186	9,294,492
Beginning balance, value at Dec. 31, 2021		$ 42	111,840	(63,030)	48,852
Balance, shares at Dec. 31, 2021	449,673	10,613,964
Preferred stock dividends				(436)	(436)
Net income				1,358	1,358
Ending balance, value at Jun. 30, 2022		$ 42	$ 111,840	$ (62,108)	$ 49,774
Balance, shares at Jun. 30, 2022	449,673	10,613,964

XML

Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net loss	$ 1,358	$ (3,445)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	3,024	2,194
Amortization and write-off of special survey costs	175	203
Allowance for credit losses	4	9
Amortization and write-off of financing costs	155	111
Loss from debt extinguishment	34	458
Gain from financial derivative instruments	(320)
Bad debt provisions	50
Issuance of common stock under the promissory note		55
Changes in assets and liabilities:
Inventories	(1,899)	(807)
Due to related parties	1,691	1,710
Trade accounts receivable, net	(3,602)	151
Prepayments and other assets	(98)	(39)
Insurance claim receivable	(1,933)
Special survey cost	(445)
Trade accounts payable	2,759	(1,322)
Hire collected in advance		(726)
Accrued and other liabilities	(179)	322
Net cash provided by / (used in) operating activities	774	(1,126)
Cash flow from investing activities:
Proceeds from the sale of vessel, net	8,509
Payments for vessel acquisition	(2,995)	(3,008)
Ballast water treatment system installation	(555)	(153)
Net cash provided by / (used in) investing activities	4,959	(3,161)
Cash flows from financing activities:
Proceeds from long-term debt		17,000
Repayment of long-term debt	(8,930)	(25,990)
Gross proceeds from issuance of common stock		25,000
Common stock offering costs		(1,774)
Proceeds from conversion of warrants into common shares		202
Repayment of promissory note		(1,000)
Payment of financing costs		(388)
Preferred stock dividends paid	(436)	(151)
Net cash (used in) / provided by financing activities	(9,366)	12,899
Net increase in cash and cash equivalents and restricted cash	(3,633)	8,612
Cash and cash equivalents and restricted cash at the beginning of the period	9,874	4,037
Cash and cash equivalents and restricted cash at the end of the period	6,241	12,649
SUPPLEMENTAL INFORMATION:
Cash paid for interest	1,722	1,781
Unpaid portion of Ballast water treatment system installation		21
Non-cash financing activities-issuance of common stock under the promissory note		1,112
Unpaid portion for common stock offering costs and financing cost		$ 131

XML

Basis of Presentation and General Information

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Basis of Presentation and General Information

1. Basis of Presentation and General Information:

PYXIS TANKERS INC. is a corporation incorporated in the Republic of the Marshall Islands on March 23, 2015 and together with its subsidiaries as the context requires is referred to in this section as the “Company”. As of June 30, 2022, Pyxis Tankers Inc. owns 100% ownership interest in the following five vessel-owning companies:

● FOURTHONE CORPORATION LTD, established under the laws of the Republic of Malta (“Fourthone”);

● SEVENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Seventhone”);

● EIGHTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Eighthone”);

● TENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Tenthone”);

● ELEVENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Eleventhone” and collectively with Fourthone, Seventhone, Eighthone and Tenthone the “Vessel-owning companies”).

Pyxis Tankers Inc. also currently own 100% ownership interest in the following non-vessel owning companies:

● SECONDONE CORPORATION LTD, established under the laws of the Republic of Malta (“Secondone”) that owned the vessel “Northsea Alpha” that was sold to an unaffiliated third party on January 28, 2022;

● THIRDONE CORPORATION LTD, established under the laws of the Republic of Malta (“Thirdone”) that owned the vessel “Northsea Beta” that was sold to an unaffiliated third party on March 1, 2022;

● SIXTHONE CORP., established under the laws of the Republic of the Marshal Islands (“Sixthone”) that owned the vessel “Pyxis Delta” that was sold to an unaffiliated third party on January 13, 2020 and,

● MARITIME TECHNOLOGIES CORP, established under the laws of Delaware.

All of the Vessel-owning companies are engaged in the marine transportation of liquid cargoes through the ownership and operation of tanker vessels, as listed below:

Vessel-owning Company	Incorporation date	Vessel	Dead Weight tons “DWT”		Year built		Acquisition date
Fourthone	05/30/2007	Pyxis Malou		50,667		2009	02/16/2009
Seventhone	05/31/2011	Pyxis Theta		51,795		2013	09/16/2013
Eighthone	02/08/2013	Pyxis Epsilon		50,295		2015	01/14/2015
Tenthone	04/22/2021	Pyxis Karteria		46,652		2013	07/15/2021
Eleventhone	11/09/2021	Pyxis Lamda		50,145		2017	12/20/2021

Effective May 13, 2022, the Company effected a four-for-one reverse stock split on its issued and outstanding common stock. All share and per share amounts disclosed in the accompanying financial statements give effect to this reverse stock split retroactively, for all periods presented.

The accompanying Unaudited Interim Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete annual financial statements. In the opinion of the management of the Company, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of financial position, operating results and cash flows have been included in the accompanying Unaudited Interim Condensed Consolidated Financial Statements. Interim results are not necessarily indicative of results that may be expected for the year ending December 31, 2022. These Unaudited Interim Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and footnotes for the year ended December 31, 2021, included in the Company’s Annual Report on Form 20-F filed with the SEC on April 1, 2022 (the “2021 Annual Report”).

Revenues for the six month periods ended June 30, 2021 and 2022, deriving from significant charterers individually accounting for 10% or more of revenues (in percentages of total revenues), were as follows:

Charterer	Six months ended June 30,
	2021			2022
A		0	%		36	%
B		0	%		23	%
C		62	%		0	%
Total		62	%		59	%

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. dollars, except for share and per share data)

1. Basis of Presentation and General Information: -Continued:

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying Consolidated Balance Sheets that are presented in the accompanying interim condensed consolidated statement of cash flows for the six month periods ended June 30, 2021 and 2022.

	June 30,		June 30,
	2021		2022
Cash and cash equivalents	$	10,199	$	3,636
Restricted cash, current portion		—		355
Restricted cash, net of current portion		2,450		2,250
Total cash and cash equivalents and restricted cash	$	12,649	$	6,241

PYXIS MARITIME CORP. (“Maritime”), a corporation established under the laws of the Republic of the Marshall Islands, which is beneficially owned by Mr. Valentios (“Eddie”) Valentis, the Company’s Chairman, Chief Executive Officer and Class I Director, provides certain ship management services to the Vessel-owning companies, as discussed in Note 3.

With effect from the delivery of each vessel, the crewing and technical management of the vessels were contracted to INTERNATIONAL TANKER MANAGEMENT LTD. (“ITM”) with permission from Maritime. ITM is an unrelated third party technical manager, represented by its branch based in Dubai, UAE. Each ship-management agreement with ITM is in force until it is terminated by either party. The ship-management agreements can be cancelled either by the Company or ITM for any reason at any time upon three months’ advance notice.

As of June 30, 2022, the Company had a working capital deficit of $3,087, defined as current assets minus current liabilities. As of the filing date of the Unaudited Interim Condensed Consolidated Financial Statements, the Company believes that it will be in a position to cover its liquidity needs for the next 12-month period through operating cash flows, management of working capital, sale of assets, refinancing indebtedness or raising additional equity capital, or a combination thereof.

As of June 30, 2022, Mr. Valentis beneficially owned approximately 54.0% of the Company’s common stock.

XML

Significant Accounting Policies

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies:

The accounting policies followed in the preparation of these Unaudited Interim Condensed Consolidated Financial Statements are the same with those applied in the preparation of the Company’s Consolidated Financial Statements for the year ended December 31, 2021. See Note 2 to the Company’s Consolidated Financial Statements for the year ended December 31, 2021, included in the 2021 Annual Report. There have been no material changes to these policies in the six month period ended June 30, 2022, except as discussed below:

Recent Accounting Pronouncements:

In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The ASU reduces the number of accounting models for convertible debt instruments by eliminating the cash conversion model. As compared with current U.S. GAAP, more convertible debt instruments will be reported as a single liability instrument and the interest rate of more convertible debt instruments will be closer to the coupon interest rate. The ASU also aligns the consistency of diluted Earnings Per Share (“EPS”) calculations for convertible instruments by requiring that (1) an entity use the if-converted method and (2) share settlement be included in the diluted EPS calculation for both convertible instruments and equity contracts when those contracts include an option of cash settlement or share settlement. The ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The FASB has specified that an entity should adopt the guidance as of the beginning of its annual fiscal year. The Company adopted the standard within the period. The adoption of the standard did not have any effect on the Company’s Unaudited Interim Condensed Consolidated Financial Statements and related disclosures.

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

2. Significant Accounting Policies: – Continued:

In May 2021, the FASB issued ASU No. 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. The amendments in ASU No. 2021-04 provides guidance to clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. The amendments in this ASU No. 2021-04 are effective for all entities for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, with early adoption permitted, including interim periods within those fiscal years. The Company adopted the standard within the period. The adoption of the standard did not have any effect on the Company’s Unaudited Interim Condensed Consolidated Financial Statements and related disclosures.

In July 2021, the FASB issued ASU No. 2021-05 Leases (Topic 842): Lessors-Certain Leases with Variable Lease Payments. The ASU amends the lessor lease classification guidance in ASC 842 for leases that include any amount of variable lease payments that are not based on an index or rate. If such a lease meets the criteria in ASC 842-10-25-2 through 25-3 for classification as either a sales-type or direct financing lease, and application of the sales-type or direct financing lease recognition guidance would result in recognition of a selling loss, then the amendments require the lessor to classify the lease as an operating lease. For public business entities that have adopted ASC 842 as of July 19, 2021, the amendments in ASU 2021-05 are effective for fiscal years beginning after December 15, 2021 and for interim periods within those fiscal years. The Company adopted the standard within the period. The adoption of the standard did not have any effect on the Company’s Unaudited Interim Condensed Consolidated Financial Statements and related disclosures.

Recent Accounting Pronouncements – Not Yet Adopted

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. ASU 2020-04 applies to contracts that reference LIBOR or another reference rate expected to be terminated because of reference rate reform. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848). The amendments in this Update clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. Amendments in this Update to the expedients and exceptions in Topic 848 capture the incremental consequences of the scope clarification and tailor the existing guidance to derivative instruments affected by the discounting transition. The amendments in this Update apply to all entities that elect to apply the optional guidance in Topic 848. ASU 2020-04 and ASU 2021-10 can be adopted as of March 12, 2020 through December 31, 2022. As of December 31, 2021, the Company has not yet elected any optional expedients provided in the standard. The Company will apply the accounting relief as relevant contract and hedge accounting relationship modifications are made during the reference rate reform transition period. The Company will continue to monitor and evaluate its contracts and the effects of this standard on its consolidated financial position, results of operations, and cash flows.

XML

Transactions with Related Parties

6 Months Ended

Jun. 30, 2022

Related Party Transactions [Abstract]

Transactions with Related Parties

3. Transactions with Related Parties:

The following transactions with related parties occurred during the six month periods ended June 30, 2021 and 2022.

(a) Maritime:

The following amounts were charged by Maritime pursuant to the head management and ship-management agreements with the Company, and are included in the accompanying unaudited interim Consolidated Statements of Comprehensive Income / (Loss):

	Six months ended June 30,
	2021		2022
Included in Voyage related costs and commissions
Charter hire commissions	$	129	$	289
Included in Management fees, related parties
Ship-management Fees		300		394
Included in General and administrative expenses
Administration Fees		809		819
Total	$	1,238	$	1,502

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

3. Transactions with Related Parties: – Continued:

As of December 31, 2021 and June 30, 2022, the balances due to Maritime were $3,967 and $5,659, respectively, and are included in Due to related parties in the accompanying Consolidated Balance Sheets. The balances with Maritime are interest free and with no specific repayment terms.

The Company uses the services of Maritime, to provide a wide range of shipping services, including but not limited to, chartering, sale and purchase, insurance, operations and dry-docking and construction supervision (if any), all provided at a fixed daily fee per vessel (the “Head Management Agreement”). For the ship management services, Maritime charges a fee payable by each subsidiary of $0.325 per day per vessel while the vessel is in operation including any pool arrangements and $0.450 per day per vessel while the vessel is under construction, as well as an additional daily fee (which is dependent on the seniority of the personnel) to cover the cost of engineers employed to conduct the supervision of the newbuilding (collectively the “Ship-management Fees”). In addition, Maritime charges the Company a commission rate of 1.25% on all charter hire agreements arranged by Maritime. For the administrative management services, the Company pays Maritime a fixed fee of $1,600 annually (the “Administration Fees”) under the Head Management Agreement. In the event of a change of control of the Company during the management period or within 12 months after the early termination of the Head Management Agreement, then the Company will pay to Maritime an amount equal to 2.5 times the then annual Administration Fees. Pursuant to the amendment of this agreement on March 18, 2020, in the event of such change of control and termination, the Company shall also pay to Maritime an amount equal to 12 months of the then daily Ship-management Fees.

The Ship-management Fees and the Administration Fees are adjusted annually according to the official inflation rate in Greece or such other country where Maritime was headquartered during the preceding year. On August 9, 2016, the Company amended the Head Management Agreement with Maritime to provide that in the event that the official inflation rate for any calendar year is deflationary, no adjustment shall be made to the Ship-management Fees and the Administration Fees, which will remain, for the particular calendar year, as per the previous calendar year. Effective January 1, 2019 and 2020, the Ship-management Fees and the Administration Fees were increased by 0.62%, and, 0.26% respectively, in line with the average inflation rate of Greece for 2018 and 2019. For 2020, the average rate in Greece was a deflation of 1.24% and, as a result, no adjustment was made to the Ship-management Fees and the Administration Fees effective January 1, 2021, which remained, for the particular calendar year, as per the previous year. Effective January 1, 2022, the Ship-management Fees and the Administration Fees were increased by 1.23% in line with the average inflation rate of Greece for 2021.

(b) Maritime Investors Corp.:

On May 14, 2019, the Company entered into a second amendment to the Amended & Restated Promissory Note which (i) extended the repayment of the outstanding principal, in whole or in part, until the earlier of a) one year after the repayment of the credit facility of Eighthone with Entrust Permal (the “Credit Facility”) on September 2023 (see Note 7), b) January 15, 2024 and c) repayment of any payment-in-kind (“PIK”) interest and principal deficiency amount under the Credit Facility, and (ii) increased the interest rate to 9.0% per annum of which 4.5% was to be paid in cash and 4.5% was to be paid in common shares of the Company calculated on the volume weighted average closing share price for the 10 day period immediately prior to each quarter end. The new interest rate was effective from April 1, 2019. After the repayment restrictions have been lifted per the Credit Facility, the Company, at its option, could continue to pay interest on the Amended & Restated Promissory Note in the afore-mentioned combination of cash and shares or pay all interest costs in cash.

With respect to the portion of interest that was to be settled in common shares, the Company considered the guidance in ASC 480 that requires obligations that can be settled in shares with a fixed monetary value at settlement (e.g., share-settled debt) to be carried at fair value and followed the guidance in ASC 835-30 to accrue the liability to the redemption amount using the interest method.

During 2021, the Promissory Note was restructured and amended as of May 27, 2021, on the following basis: a) repayment on June 17, 2021 of $1,000 in principal and $433 for accrued interest, b) settlement on June 17, 2021 of $1,000 of principal with the issuance 1,091,062 restricted common shares of the Company computed on the volume weighted average closing share price for the 10 day period commencing one day after its public distribution of first quarter, 2021 financial results press release (i.e. the period from June 3 to June 16, 2021 at $0.9165) and c) remaining balance of $3,000 in principal having a maturity date of April 1, 2023 and interest shall accrue at annual rate of 7.5%, since June 17, 2021, payable quarterly in cash, thereafter. In conjunction with the acquisition of the vessel “Pyxis Lamda” the Promissory Note was further amended on December 20, 2021, increasing the principal balance from $3,000 to $6,000 and extending the maturity date to April 1, 2024. The Company considered the guidance under ASC 470-50 “Debt Modifications and Extinguishments” for both transactions and concluded that the first should be accounted for as a debt modification and the second as a debt extinguishment. None of these transactions incurred additional fees or finance fee write-offs. With respect to the $1,000 of principal that was to be settled in common shares, the Company considered the guidance in ASC 480 that requires obligations that can be settled in shares with a fixed monetary value at settlement (e.g., share-settled debt) and followed the guidance in ASC 835-30 to accrue the liability to the redemption amount using the interest method.

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

3. Transactions with Related Parties: – Continued:

On November 15, 2021, the Company signed a memorandum of agreement to acquire from an entity related to the family of the Company’s Chairman and Chief Executive Officer, the “Pyxis Lamda”, a 2017-built 50,145 DWT eco-efficient medium range (“MR”) that was constructed at SPP Shipbuilding Co. Ltd. (“SPP”) in South Korea, for $32,000. The fair value of the acquisition of the Pyxis “Lamda” amounted to $31,172 (Note 5) and consisted of borrowings of $21,680 under a senior loan facility that matures in seven years and is secured by the vessel (Note 7), borrowings of $3 million, at fair value, under an amended unsecured Promissory Note due 2024, the issuance of 4,139,003 of the Company’s common shares having a fair value of $2.17 million on the delivery date of the vessel on December 20, 2021 and $4.32 million cash on hand. Of the amount payable in cash, $1,325 was settled in December 2021 and the balance of $2,995 was included in Due to related parties in the accompanying Consolidated Balance Sheets as at December 31, 2021. The balance was cash settled on January 10, 2022.

Interest charged on the Amended & Restated Promissory Note for the six months ended June 30, 2021 and 2022, amounted to $215 and $223, respectively, and is included in Interest and finance costs, net in the accompanying unaudited interim Consolidated Statements of Comprehensive Income / (Loss). The respective interest for the three months ended June 30, 2022, has been settled in cash in early July 2022. The outstanding balance of the Promissory Note as of December 31, 2021 and June 30, 2022, amounting to $6,000, and is separately reflected in the accompanying Consolidated Balance Sheets under non-current liabilities.

XML

Inventories

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Inventories

4. Inventories:

The amounts in the accompanying Consolidated Balance Sheets are analyzed as follows:

	December 31,		June 30,
	2021		2022
Lubricants	$	552	$	546
Bunkers		1,015		2,920
Total	$	1,567	$	3,466

XML

Vessels, net

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Vessels, net

5. Vessels, net:

The amounts in the accompanying Consolidated Balance Sheets are analyzed as follows:

	Vessel		Accumulated			Net Book
	Cost		Depreciation			Value
Balance January 1, 2022	$	148,175	$	(28,451	)	$	119,724
Vessel additions		—		—			—
BWTS installation		555		—			555
Depreciation		—		(3,024	)		(3,024	)
Balance June 30, 2022	$	148,730	$	(31,475	)	$	117,255

On December 23, 2021, the Company entered into an agreement with a third-party to sell the small tankers, “Northsea Alpha” and “Northsea Beta”. Considering the required criteria by the relevant accounting standard, ASC 360-10-45-9, for the classification of the vessels as “held for sale”, the Company concluded that all the criteria were met for both vessels. As at December 31, 2021, the aggregate amount of $8,509 was separately reflected in Vessel held-for-sale on the Consolidated Balance Sheets, representing the estimated fair market value of the vessel based on the vessel’s sale price, net of costs to sell. The difference between the estimated fair value less costs to sell of each vessel and the respective vessel’s carrying value plus the unamortized balance of its associated dry-docking cost, amounting to $2,389, was written-off and included in the Consolidated Statement of Comprehensive Loss for the year ended December 31, 2021 and classified as “Loss on vessels held-for-sale”. On January 28, 2022 and March 1, 2022, the “Northsea Alpha” and “Northsea Beta”, respectively, were sold. The aggregate sale price for the vessels was $8,900 of which, $5,780 was used for the prepayment of the “Northsea Alpha” and “Northsea Beta” loan facility and the balance for working capital.

As of June 30, 2022, additions amounted to $555 related to the ballast water treatment system installation of the “Pyxis Lamda”, of which, $437 was paid in the first quarter of 2022 and $118 was paid in May 2022.

As of June 30, 2022, the Company reviewed the carrying amount in connection with the estimated recoverable amount for each of its vessels held and used. This review indicated that such carrying amounts were fully recoverable for the Company’s vessels held and used and, consequently, no impairment charge was deemed necessary for the period ended June 30, 2022.

All of the Company’s vessels have been pledged as collateral to secure the bank loans discussed in Note 7.

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

XML

Deferred dry dock and special survey costs, net

6 Months Ended

Jun. 30, 2022

Deferred Dry Dock And Special Survey Costs Net

Deferred dry dock and special survey costs, net

6. Deferred dry dock and special survey costs, net:

The movement in deferred charges, net, in the accompanying Consolidated Balance Sheets are as follows:

	Dry docking costs
Balance January 1, 2022	$	912
Additions		192
Amortization of special survey costs		(175	)
Balance June 30, 2022	$	929

On January 14, 2022 “Pyxis Lamda” completed her first special survey. The total cost of special survey amounted $438 of which $185 incurred in the first half of 2022. Also, in the second quarter of 2022, deferred dry dock and special survey additions include $7 related to “Pyxis Malou” intermediate survey. The amortization of the special survey costs is separately reflected in the accompanying unaudited interim consolidated statement of comprehensive loss.

XML

Long-term Debt

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Long-term Debt

7. Long-term Debt:

The amounts shown in the accompanying Consolidated Balance Sheets at December 31, 2021 and June 30, 2022, are analyzed as follows:

	December 31,			June 30,
Vessel (Borrower)	2021			2022
(a) “Northsea Alpha” (Secondone)	$	2,890		$	—
(a) “Northsea Beta” (Thirdone)		2,890			—
(b) “Pyxis Malou” (Fourthone)		7,320			6,968
(c) “Pyxis Theta” (Seventhone)		13,750			13,150
(d) “Pyxis Epsilon” (Eighthone)		16,100			15,500
(e) “Pyxis Karteria” (Tenthone)		13,150			12,450
(b) “Pyxis Lamda” (Eleventhone)		21,680			20,782
Total	$	77,780		$	68,850
Current portion	$	12,030		$	6,150
Less: Current portion of deferred financing costs		(335	)		(283	)
Current portion of long-term debt, net of deferred financing costs, current	$	11,695		$	5,867
Long-term portion	$	65,750		$	62,700
Less: Non-current portion of deferred financing costs		(870	)		(733	)
Long-term debt, net of current portion and deferred financing costs, non-current	$	64,880		$	61,967

(a) Each of Secondone’s and Thirdone’s outstanding loan balance at December 31, 2021, amounting to $2,890, was repayable in 5 remaining quarterly installments of $100 each amounting to $500 in the aggregate, the first falling due in February 2022, and the last installment accompanied by a balloon payment of $2,390 falling due in February 2023.

On December 23, 2021, the Company entered into an agreement with a third-party to sell the small tankers, “Northsea Alpha” and “Northsea Beta” and the Company concluded that all the criteria required by the relevant accounting standard, ASC 360-10-45-9, for the classification of the vessels “Northsea Alpha” and “Northsea Beta” as “held for sale” were met. As at December 31, 2021, upon classification of “Northsea Alpha” and “Northsea Beta” as vessels held-for-sale, the aggregate outstanding loan balances of $5,780 was classified in the Consolidated Balance Sheets under the line item “Current portion of long-term debt, net of deferred financing costs”. On January 28, 2022 and on March 1, 2022, the “Northsea Alpha” and “Northsea Beta”, respectively, were sold. The Company upon the sale of two vessels prepaid Secondone and Thirdone’s outstanding loan balance in total.

(b) On December 20, 2021, Fourthone and Eleventhone concluded as joint and several borrowers a loan agreement with Alpha Bank in order to refinance the existing facility of the “Pyxis Malou” and to partly finance the acquisition of the “Pyxis Lamda”.

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

7. Long-term Debt: - Continued:

On the same date, Fourthone drew down an amount of $7,320 and fully settled the previous loan facility outstanding balance of $7,320. As of June 30, 2022, the outstanding balance of the Fourthone loan of $6,968 is repayable in 18 consecutive quarterly installments of $176 each, the first falling due in September 2022, and the last installment accompanied by a balloon payment of $3,800 falling due in December 2026.

Upon delivery of “Pyxis Lamda”, on December 20, 2021, Eleventhone drew down an amount of $21,680. As of June 30, 2022, the outstanding balance of the Eleventhone loan of $20,782 is repayable in 18 consecutive quarterly installments of $449 each, the first falling due in September 2022, and the last installment accompanied by a balloon payment of $12,700 falling due in December 2026.

The loan bears interest at LIBOR plus a margin of 3.15% per annum.

Standard loan covenants include, among others, a minimum liquidity and a minimum required Security Cover Ratio (“MSC”). The facility imposes certain customary covenants and restrictions with respect to, among other things, the borrower’s ability to distribute dividends, incur additional indebtedness, create liens, change its share capital, engage in mergers, or sell the vessel and a minimum collateral value to outstanding loan principal. Certain major covenants include, as defined in such agreements:

Covenants:

● The borrowers undertook to maintain minimum deposit with the bank of $1,500 at all times, (which shall be reduced to the amount of $1,000, comprising of $500 with respect to the “Pyxis Malou” and $500 with respect to the “Pyxis Lamda”, upon receipt of time charter employment for a period of at least six months for one of the vessels).

● The ratio of the corporate guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is not to exceed 75%. This requirement is only applicable in order to assess whether the borrowers are entitled to distribute dividends to Pyxis Tankers Inc.. As of June 30, 2022, the requirement was met as such ratio was 49.2%, or 25.8% lower than the required threshold.

● MSC is to be at least 125% of the respective outstanding loan balance.

● No change of control shall be made directly or indirectly in the ownership, beneficial ownership, control or management of any of the borrower and the corporate guarantor or any share therein or the vessels, as a result of which less than 100% of the shares and voting rights in each borrower are owned by the corporate guarantor or less than 25% of the shares and voting rights in the corporate guarantor will remain in the ultimate legal and beneficial ownership of the beneficial shareholders.

(c) On July 8, 2020, Seventhone entered into a $15,250 secured loan agreement with Alpha Bank, for the purpose of refinancing the outstanding indebtedness of $11,293 under the previous loan facility, which was fully settled on the same day. As of June 30, 2022, the outstanding balance of the Seventhone loan of $13,150 is repayable in 13 consecutive quarterly installments of $300 each, the first falling due in July 2022, and the last installment accompanied by a balloon payment of $9,250 falling due in July 2025. The loan bears interest at LIBOR plus a margin of 3.35% per annum.

Standard loan covenants include, among others, a minimum liquidity and a MSC. The facility imposes certain customary covenants and restrictions with respect to, among other things, the borrower’s ability to distribute dividends, incur additional indebtedness, create liens, change its share capital, engage in mergers, or sell the vessel and a minimum collateral value to outstanding loan principal. Certain major covenants include, as defined in such agreement:

Covenants:

● The borrower undertakes to maintain minimum deposit with the bank of $500 at all times.

● The ratio of the corporate guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is not to exceed 75%. This requirement is only applicable in order to assess whether the borrower is entitled to distribute dividends to Pyxis Tankers Inc.. As of June 30, 2022, the requirement was met as such ratio was 49.2%, or 25.8% lower than the required threshold.

● MSC is to be at least 125% of the respective outstanding loan balance.

● No change shall be made directly or indirectly in the ownership, beneficial ownership, control or management of Seventhone or of the Company or any share therein or the “Pyxis Theta”, as a result of which less than 100% of the shares and voting rights in Seventhone or less than 20% of the shares and voting rights in the corporate guarantor remain in the ultimate legal and beneficial ownership of the beneficial shareholders.

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

7. Long-term Debt: - Continued:

(d) As of June 30, 2022, the outstanding balance of Eighthone loan amounted to $15,500 and is repayable in 15 quarterly installments of $300 each, the first due in September 2022, and the last installment accompanied by a balloon payment of $11,000 due in March 2026. The loan bears interest at LIBOR plus a margin of 3.35% per annum.

Standard loan covenants include, among others, a minimum liquidity and a MSC. The facility imposes certain customary covenants and restrictions with respect to, among other things, the borrower’s ability to distribute dividends, incur additional indebtedness, create liens, change its share capital, engage in mergers, or sell the vessel and a minimum collateral value to outstanding loan principal. Certain major covenants include, as defined in such agreement:

● The borrower undertakes to maintain minimum deposit with the bank of $500 at all times.

● The ratio of the corporate guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is not to exceed 75%. This requirement is only applicable in order to assess whether the borrower is entitled to distribute dividends to Pyxis Tankers Inc.. As of June 30, 2022, the requirement was met as such ratio was 49.2%, or 25.8% lower than the required threshold.

● MSC is to be at least 125% of the respective outstanding loan balance.

● No change shall be made directly or indirectly in the ownership, beneficial ownership, control or management of Eighthone or of Pyxis Tankers Inc. or any share therein or the “Pyxis Epsilon”, as a result of which less than 100% of the shares and voting rights in Eighthone or less than 20% of the shares and voting rights in Pyxis Tankers Inc. remain in the ultimate legal and beneficial owners disclosed at the negotiation of this loan agreement.

(e) On July 9, 2021, Tenthone entered into a loan agreement with a new lender, Vista Bank, for an amount of $13,500 loan, in order to partly finance the acquisition cost of the vessel “Pyxis Karteria”. The Company drew down the amount of $13,500 upon delivery of the vessel in July 2021.

As of June 30, 2022, the Tenthone outstanding loan balance amounting to $12,450 is repayable in 25 quarterly installments the first falling due in July 2022, and the last installment accompanied by a balloon payment of $4,900 falling due in July 2028. The first installment amount to $350 each followed by 24 amounting to $300 each. The loan bears interest at LIBOR plus a margin of 4.8% per annum.

Standard loan covenants of the Tenthone loan include, among others, a minimum liquidity and a MSC. Certain major covenants include, as defined in such agreement:

● The borrower undertakes to maintain minimum deposit with the bank of $250 at all times.

● The borrower undertakes to maintain a monthly retention account to ensure that, in each calendar month an amount equal with one third of the repayment instalment and the relevant aggregate amount of interest falling due which is payable on the next due date for payment must be transferred to the retention account.

● MSC is to be at least 120% of the respective outstanding loan balance.

● Not less than 20% of the ultimate beneficial ownership of (i) the shares in the corporate guarantor and (ii) the ultimate voting rights attaching to such shares is held directly or indirectly by the permitted holder.

Amounts presented in Restricted cash, current and non-current, in the Consolidated Balance Sheets are related to minimum cash and the retention account requirements imposed by the Company’s debt agreements.

The annual principal payments required to be made after June 30, 2022, are as follows:

To June 30,	Amount
2023	$	6,150
2024		6,100
2025		6,100
2026 and thereafter		50,500
Total	$	68,850

Total interest expense on long-term debt and the Promissory Note for the six months ended June 30, 2021, and 2022, amounted to $1,629, and $1,686, respectively, and is included in Interest and finance costs, net (Note 12) in the accompanying Consolidated Statements of Comprehensive Income / (Loss). The Company’s weighted average interest rate (including the margin) for the six months ended June 30, 2021 and 2022, was 5.93% and 4.30% per annum, including the Promissory Note discussed in Note 3, respectively.

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

7. Long-term Debt: - Continued:

As of June 30, 2022, the Company was in compliance with all of the loan covenants in its loan agreements and there was no amount available to be drawn down under the existing loan agreements.

XML

Equity Capital Structure and Equity Incentive Plan

6 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

Equity Capital Structure and Equity Incentive Plan

8. Equity Capital Structure and Equity Incentive Plan:

Effective May 13, 2022, the Company effected a four-for-one reverse stock split on its issued and outstanding common stock (Note 14). All share and per share amounts disclosed in the accompanying financial statements give effect to this reverse stock split retroactively, for all periods presented.

The Company’s authorized common and preferred stock consists of 450,000,000 common shares, 50,000,000 preferred shares of which 1,000,000 are authorized as Series A Preferred Shares.

As of December 31, 2021 and June 30, 2022, the Company had a total of 42,455,857 or 10,613,424 common shares after the reverse stock split effective May 13, 2022 and 449,673 Series A Preferred Shares issued and outstanding, with a par value of $0.001 per share. Furthermore, as of December 31, 2021 and June 30, 2022, the Company had outstanding warrants which amounted to 1,590,540, (exclusive of 4,683 underwriter’s warrants to purchase 4,683 Series A Preferred Shares at an average exercise price of $24.97 and 16,000 underwriter’s warrant to purchase 16,000 common shares with exercise price $1.40 or $5.60 after the reverse stock split effective May 13, 2022). The Company has also issued to the placement agent 428,571 non-tradeable warrants for the purchase of common shares, which can be exercised commencing one hundred eighty (180) days after the closing date, or on August 23, 2021 and expire on the five-year anniversary of the closing date, or on February 24, 2026. The initial exercise price per common share was $2.1875, or 125% of the offering price of the shares. As of December 31, 2021 and June 30, 2022 all the respective non-tradeable underwriter’s warrants remain outstanding.

There were no conversions and exercises during the first quarter of 2022 and after June 30, 2022 and up to the date of these Unaudited Interim Condensed Consolidated Financial Statements.

During the months of January through June, 2022 the Company paid monthly cash dividends of $0.1615 for each outstanding Series A Preferred Share, which aggregated to $436 for the six months ended as of June 30, 2022. As of that date, Mr. Valentis beneficially owned 5,731,942 or approximately 54.0% of our outstanding shares.

XML

Income / Loss per Common Share

6 Months Ended

Jun. 30, 2022

Income Loss Per Common Share

Income / Loss per Common Share

9. Income / Loss per Common Share:

	Six months ended June 30,
	2021			2022
Net income / (loss) available to common stockholders	$	(3,598	)	$	909
Weighted average number of common shares, basic and diluted		8,332,033			10,613,424
Income / (loss) per common share, basic and diluted	$	(0.43	)	$	0.09

As of June 30, 2021 and 2022, securities that could potentially dilute basic income/loss per share in the future that were not included in the computation of diluted loss per share, because to do so would have anti-dilutive effect, were any incremental shares of the unexercised warrants, calculated with the treasury stock method, as well as shares assumed to be converted with respect to the Series A Preferred Shares calculated with the if-converted method.

As of June 30, 2021, we had 183,475 Series A Preferred Shares and 2,035,111 warrants (including the non-tradeable underwriter’s Series A Preferred Shares and warrants) potential converted to 819,085 and 2,035,111 common shares respectively. As of June 30, 2022, we had 454,356 Series A Preferred Shares and 2,035,111 warrants (including the non-tradeable underwriter’s Series A Preferred Shares and warrants) potential converted to 2,027,805 and 2,035,111 common shares respectively, which were not included in the computation of diluted earnings per share because inclusion of these awards would be anti-dilutive.

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

9. Income / Loss per common share: - Continued:

Following the annual meeting of shareholders (“AMS”), the Board approved the filing of an amendment to affect a Reverse Stock Split in the ratio of one for four outstanding common shares, to take effect on May 13, 2022. Beginning on such date, the Company’s common shares traded on a split-adjusted basis on the Nasdaq Capital Markets with a new assigned CUSIP number of Y71726130. After the reverse stock split, every four of the Company’s issued and outstanding common shares combined into one issued and outstanding common share, without any change to the par value of $0.001 per share or any shareholder’s ownership percentage of the common shares. This has reduced the number of outstanding common shares from 42,455,857 shares to 10,613,424.

XML

Risk Management and Fair Value Measurements:

6 Months Ended

Jun. 30, 2022

Risk Management And Fair Value Measurements

Risk Management and Fair Value Measurements:

10. Risk Management and Fair Value Measurements:

The principal financial assets of the Company consist of cash and cash equivalents, trade accounts receivable due from charterers and amounts due from related parties. The principal financial liabilities of the Company consist of long-term bank loans, trade accounts payable and a Promissory Note.

Interest rate risk: The Company’s loan interest rates (except for the Promissory Note) are calculated at LIBOR plus a margin, as described in Note 7 above, hence, the Company is exposed to movements in LIBOR. In order to hedge its variable interest rate exposure, on January 19, 2018, the Company, via one of its vessel-owning subsidiaries, purchased an interest rate cap with one of its lenders for a notional amount of $10.0 million with a cap rate on LIBOR of 3.5%. The interest rate cap terminated on July 18, 2022. Similarly, on July 16, 2021, the same subsidiary purchased an additional interest rate cap for the amount of $9.6 million at a cap rate on LIBOR of 2% with a termination date of July 8, 2025.

Credit risk: Credit risk is minimized since trade accounts receivable from charterers are presented net of the expected credit losses. The Company places its cash and cash equivalents, primarily with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. On the balance sheet date there were no significant concentrations on credit risk. The maximum exposure to credit risk is represented by the carrying amount of each financial asset on the Consolidated Balance Sheets.

Currency risk: The Company’s transactions are denominated primarily in U.S. dollars; therefore, overall currency exchange risk is limited. Balances in foreign currency other than U.S. dollars are not considered significant.

Fair value: The Management has determined that the fair values of the assets and liabilities as of June 30, 2022, are as follows:

	Carrying		Fair
	Value		Value
Cash and cash equivalents (including restricted cash)	$	6,241	$	6,241
Trade accounts receivable	$	5,265	$	5,265
Trade accounts payable	$	5,590	$	5,590
Long-term debt with variable interest rates, net	$	68,850	$	68,850
Promissory note with non-variable interest rate*	$	6,000	$	5,971
Due to related parties	$	5,659	$	5,659

* As at June 30, 2022, the carrying value and the theoretical fair value of the promissory note was $6,000 and $5,971, respectively.

The Company performs an impairment exercise whenever there are indicators of impairment. No impairment loss was recognized for the six months ended June 30, 2022. As of December 31, 2021 and June 30, 2022, the Company did not have any other assets or liabilities measured at fair value on a non- recurring basis.

Assets measured at fair value on a recurring basis: Interest rate cap

The Company’s interest rate cap does not qualify for hedge accounting. The Company adjusts its interest rate cap contract to fair market value at the end of every period and records the resulting gain or loss during the period in the Consolidated Statements of Comprehensive Income / (Loss). Information on the classification, the derivative fair value and the gain from financial derivative instruments included in the Consolidated Financial Statements is shown below:

	December 31,		June 30,
Consolidated Balance Sheets – Location	2021		2022
Financial derivative instrument – Other non-current assets	$	74	$	394

Consolidated Statements of Comprehensive Income / (Loss) – Location		Six months ended June 30,
		2021		2022
Financial derivative instrument – Fair value at the beginning of the period	$	—	$	74
Financial derivative instrument – Additions of the period		—		—
Financial derivative instrument – Fair value as at period end		—		394
Gain from financial derivative instrument	$	—	$	320

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

10. Risk Management and Fair Value Measurements: - Continued:

Assets measured at fair value on a recurring basis: Interest rate cap

The fair value of the Company’s interest rate cap agreement is determined based on market-based LIBOR rates. LIBOR rates are observable at commonly quoted intervals for the full term of the cap and therefore, are considered Level 2 items in accordance with the fair value hierarchy.

Assets measured at fair value on a non-recurring basis: Long lived assets held and used and held for sale

As of December 31, 2021 and June 30, 2022, the Company reviewed the carrying amount in connection with the estimated recoverable amount for each of its vessels held and used. This review indicated that such carrying amount was fully recoverable for the Company’s vessels held and used. No impairment loss was recognized for the three months ended June 30, 2021 and 2022.

As of December 31, 2021 and June 30, 2022, the Company did not have any other assets or liabilities measured at fair value on a non-recurring basis.

XML

Commitments and Contingencies:

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies:

11. Commitments and Contingencies:

Minimum contractual charter revenues: The Company employs certain of its vessels under lease agreements. Time charters typically may provide for variable lease payments, charterers’ options to extend the lease terms at higher rates and termination clauses. The Company’s contracted time charters as of June 30, 2022, range from one to three months, with varying extension periods at the charterers’ option and do not provide for variable lease payments. Our time charters contain customary termination clauses which protect either the Company or the charterers from material adverse situations.

Future minimum contractual charter revenues, gross of 1.25% address commission and 1.25% brokerage commissions to Maritime and of any other brokerage commissions to third parties, based on the vessels’ committed, non-cancelable, long-term time charter contracts as of June 30, 2022, are $853.

Other: Various claims, suits and complaints, including those involving government regulations and environmental liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company’s vessels. Currently, management is not aware of any such claims not covered by insurance or contingent liabilities, which should be disclosed, or for which a provision has not been established in the accompanying Consolidated Financial Statements.

The Company accrues for the cost of environmental and other liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. As of June 30, 2022 and as of the date of the issuance of the Consolidated Financial Statements, management is not aware of any other claims or contingent liabilities, which should be disclosed or for which a provision should be established in the accompanying Unaudited Interim Condensed Consolidated Financial Statements. The Company is covered for liabilities associated with the individual vessels’ actions to the maximum limits as provided by Protection and Indemnity (P&I) Clubs, members of the International Group of P&I Clubs.

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

XML

Interest and Finance Costs, net:

6 Months Ended

Jun. 30, 2022

Interest And Finance Costs Net

Interest and Finance Costs, net:

12. Interest and Finance Costs, net:

The amounts in the accompanying unaudited interim Consolidated Statements of Comprehensive Income / (Loss) are analyzed as follows:

	Six months ended June 30,
	2021		2022
Interest on long-term debt	$	1,414	$	1,463
Interest on promissory note		215		223
Amortization of financing costs		111		155
Financing fees and charges		10		(12	)
Total	$	1,750	$	1,829

XML

Revenues, net:

6 Months Ended

Jun. 30, 2022

Revenue Recognition and Deferred Revenue [Abstract]

Revenues, net:

13. Revenues, net:

The Company disaggregates its revenue from contracts with customers by the type of charter (time charters and spot charters). The following table presents the Company’s revenue disaggregated by revenue source for the three month periods ended June 30, 2021 and 2022:

	Six months ended June 30,
	2021		2022
Revenues derived from spot charters, net	$	3,202	$	17,194
Revenues derived from time charters, net		7,026		5,774
Revenues, net	$	10,228	$	22,968

The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less, in accordance with the optional exception in ASC 606.

The following table presents the Company’s net trade accounts receivable disaggregated by revenue source as December 31, 2021 and June 30, 2022:

	December 31,			June 30,
	2021			2022
Accounts receivable trade from spot charters	$	1,762		$	5,365
Accounts receivable trade from time charters		—			—
Less: Bad debt provisions		(26	)		(76	)
Less: Allowance for credit losses		(20	)		(24	)
Total	$	1,716		$	5,265

XML

Subsequent Events:

6 Months Ended

Jun. 30, 2022

Subsequent Events [Abstract]

Subsequent Events:

14. Subsequent Events:

Dividend payment: During July 2022, the Company paid monthly cash dividends of $0.1615 per share on its outstanding Series A Preferred Shares, amounting to $73. Similarly, on August 2, 2022, the board of directors of Pyxis Tankers Inc. declared a monthly dividend of $0.1615 per share, for the month of August 2022. The cash dividend of $73 will be payable on August 22, 2022, to holders of record as of August 15, 2022.

XML

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Recent Accounting Pronouncements

Recent Accounting Pronouncements:

In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The ASU reduces the number of accounting models for convertible debt instruments by eliminating the cash conversion model. As compared with current U.S. GAAP, more convertible debt instruments will be reported as a single liability instrument and the interest rate of more convertible debt instruments will be closer to the coupon interest rate. The ASU also aligns the consistency of diluted Earnings Per Share (“EPS”) calculations for convertible instruments by requiring that (1) an entity use the if-converted method and (2) share settlement be included in the diluted EPS calculation for both convertible instruments and equity contracts when those contracts include an option of cash settlement or share settlement. The ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The FASB has specified that an entity should adopt the guidance as of the beginning of its annual fiscal year. The Company adopted the standard within the period. The adoption of the standard did not have any effect on the Company’s Unaudited Interim Condensed Consolidated Financial Statements and related disclosures.

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

2. Significant Accounting Policies: – Continued:

In May 2021, the FASB issued ASU No. 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. The amendments in ASU No. 2021-04 provides guidance to clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. The amendments in this ASU No. 2021-04 are effective for all entities for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, with early adoption permitted, including interim periods within those fiscal years. The Company adopted the standard within the period. The adoption of the standard did not have any effect on the Company’s Unaudited Interim Condensed Consolidated Financial Statements and related disclosures.

In July 2021, the FASB issued ASU No. 2021-05 Leases (Topic 842): Lessors-Certain Leases with Variable Lease Payments. The ASU amends the lessor lease classification guidance in ASC 842 for leases that include any amount of variable lease payments that are not based on an index or rate. If such a lease meets the criteria in ASC 842-10-25-2 through 25-3 for classification as either a sales-type or direct financing lease, and application of the sales-type or direct financing lease recognition guidance would result in recognition of a selling loss, then the amendments require the lessor to classify the lease as an operating lease. For public business entities that have adopted ASC 842 as of July 19, 2021, the amendments in ASU 2021-05 are effective for fiscal years beginning after December 15, 2021 and for interim periods within those fiscal years. The Company adopted the standard within the period. The adoption of the standard did not have any effect on the Company’s Unaudited Interim Condensed Consolidated Financial Statements and related disclosures.

Recent Accounting Pronouncements – Not Yet Adopted

Recent Accounting Pronouncements – Not Yet Adopted

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. ASU 2020-04 applies to contracts that reference LIBOR or another reference rate expected to be terminated because of reference rate reform. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848). The amendments in this Update clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. Amendments in this Update to the expedients and exceptions in Topic 848 capture the incremental consequences of the scope clarification and tailor the existing guidance to derivative instruments affected by the discounting transition. The amendments in this Update apply to all entities that elect to apply the optional guidance in Topic 848. ASU 2020-04 and ASU 2021-10 can be adopted as of March 12, 2020 through December 31, 2022. As of December 31, 2021, the Company has not yet elected any optional expedients provided in the standard. The Company will apply the accounting relief as relevant contract and hedge accounting relationship modifications are made during the reference rate reform transition period. The Company will continue to monitor and evaluate its contracts and the effects of this standard on its consolidated financial position, results of operations, and cash flows.

XML

Basis of Presentation and General Information (Tables)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Schedule of Ownership and Operation of Tanker Vessels

All of the Vessel-owning companies are engaged in the marine transportation of liquid cargoes through the ownership and operation of tanker vessels, as listed below:

Vessel-owning Company	Incorporation date	Vessel	Dead Weight tons “DWT”		Year built		Acquisition date
Fourthone	05/30/2007	Pyxis Malou		50,667		2009	02/16/2009
Seventhone	05/31/2011	Pyxis Theta		51,795		2013	09/16/2013
Eighthone	02/08/2013	Pyxis Epsilon		50,295		2015	01/14/2015
Tenthone	04/22/2021	Pyxis Karteria		46,652		2013	07/15/2021
Eleventhone	11/09/2021	Pyxis Lamda		50,145		2017	12/20/2021

Summary of Revenue from Significant Charterers for 10% or More of Revenue

Revenues for the six month periods ended June 30, 2021 and 2022, deriving from significant charterers individually accounting for 10% or more of revenues (in percentages of total revenues), were as follows:

Charterer	Six months ended June 30,
	2021			2022
A		0	%		36	%
B		0	%		23	%
C		62	%		0	%
Total		62	%		59	%

Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying Consolidated Balance Sheets that are presented in the accompanying interim condensed consolidated statement of cash flows for the six month periods ended June 30, 2021 and 2022.

	June 30,		June 30,
	2021		2022
Cash and cash equivalents	$	10,199	$	3,636
Restricted cash, current portion		—		355
Restricted cash, net of current portion		2,450		2,250
Total cash and cash equivalents and restricted cash	$	12,649	$	6,241

XML

Transactions with Related Parties (Tables)

6 Months Ended

Jun. 30, 2022

Related Party Transactions [Abstract]

Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Loss

The following amounts were charged by Maritime pursuant to the head management and ship-management agreements with the Company, and are included in the accompanying unaudited interim Consolidated Statements of Comprehensive Income / (Loss):

	Six months ended June 30,
	2021		2022
Included in Voyage related costs and commissions
Charter hire commissions	$	129	$	289
Included in Management fees, related parties
Ship-management Fees		300		394
Included in General and administrative expenses
Administration Fees		809		819
Total	$	1,238	$	1,502

XML

Inventories (Tables)

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Schedule of Inventories

The amounts in the accompanying Consolidated Balance Sheets are analyzed as follows:

	December 31,		June 30,
	2021		2022
Lubricants	$	552	$	546
Bunkers		1,015		2,920
Total	$	1,567	$	3,466

XML

Vessels, net (Tables)

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Schedule of Vessels

The amounts in the accompanying Consolidated Balance Sheets are analyzed as follows:

	Vessel		Accumulated			Net Book
	Cost		Depreciation			Value
Balance January 1, 2022	$	148,175	$	(28,451	)	$	119,724
Vessel additions		—		—			—
BWTS installation		555		—			555
Depreciation		—		(3,024	)		(3,024	)
Balance June 30, 2022	$	148,730	$	(31,475	)	$	117,255

XML

Deferred dry dock and special survey costs, net (Tables)

6 Months Ended

Jun. 30, 2022

Deferred Dry Dock And Special Survey Costs Net

Schedule of Deferred Charges

The movement in deferred charges, net, in the accompanying Consolidated Balance Sheets are as follows:

	Dry docking costs
Balance January 1, 2022	$	912
Additions		192
Amortization of special survey costs		(175	)
Balance June 30, 2022	$	929

On January 14, 2022 “Pyxis Lamda” completed her first special survey. The total cost of special survey amounted $438 of which $185 incurred in the first half of 2022. Also, in the second quarter of 2022, deferred dry dock and special survey additions include $7 related to “Pyxis Malou” intermediate survey. The amortization of the special survey costs is separately reflected in the accompanying unaudited interim consolidated statement of comprehensive loss.

XML

Long-term Debt (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

The amounts shown in the accompanying Consolidated Balance Sheets at December 31, 2021 and June 30, 2022, are analyzed as follows:

	December 31,			June 30,
Vessel (Borrower)	2021			2022
(a) “Northsea Alpha” (Secondone)	$	2,890		$	—
(a) “Northsea Beta” (Thirdone)		2,890			—
(b) “Pyxis Malou” (Fourthone)		7,320			6,968
(c) “Pyxis Theta” (Seventhone)		13,750			13,150
(d) “Pyxis Epsilon” (Eighthone)		16,100			15,500
(e) “Pyxis Karteria” (Tenthone)		13,150			12,450
(b) “Pyxis Lamda” (Eleventhone)		21,680			20,782
Total	$	77,780		$	68,850
Current portion	$	12,030		$	6,150
Less: Current portion of deferred financing costs		(335	)		(283	)
Current portion of long-term debt, net of deferred financing costs, current	$	11,695		$	5,867
Long-term portion	$	65,750		$	62,700
Less: Non-current portion of deferred financing costs		(870	)		(733	)
Long-term debt, net of current portion and deferred financing costs, non-current	$	64,880		$	61,967

Schedule of Principal Payments

The annual principal payments required to be made after June 30, 2022, are as follows:

To June 30,	Amount
2023	$	6,150
2024		6,100
2025		6,100
2026 and thereafter		50,500
Total	$	68,850

XML

Income / Loss per Common Share (Tables)

6 Months Ended

Jun. 30, 2022

Income Loss Per Common Share

Schedule of Loss Per Common Share

	Six months ended June 30,
	2021			2022
Net income / (loss) available to common stockholders	$	(3,598	)	$	909
Weighted average number of common shares, basic and diluted		8,332,033			10,613,424
Income / (loss) per common share, basic and diluted	$	(0.43	)	$	0.09

XML

Risk Management and Fair Value Measurements: (Tables)

6 Months Ended

Jun. 30, 2022

Risk Management And Fair Value Measurements

Schedule of Fair Value of Assets and Liabilities

Fair value: The Management has determined that the fair values of the assets and liabilities as of June 30, 2022, are as follows:

	Carrying		Fair
	Value		Value
Cash and cash equivalents (including restricted cash)	$	6,241	$	6,241
Trade accounts receivable	$	5,265	$	5,265
Trade accounts payable	$	5,590	$	5,590
Long-term debt with variable interest rates, net	$	68,850	$	68,850
Promissory note with non-variable interest rate*	$	6,000	$	5,971
Due to related parties	$	5,659	$	5,659

* As at June 30, 2022, the carrying value and the theoretical fair value of the promissory note was $6,000 and $5,971, respectively.

Schedule of Financial Derivative Instrument Location

	December 31,		June 30,
Consolidated Balance Sheets – Location	2021		2022
Financial derivative instrument – Other non-current assets	$	74	$	394

Schedule of Gains Losses on Derivative Instruments

Consolidated Statements of Comprehensive Income / (Loss) – Location		Six months ended June 30,
		2021		2022
Financial derivative instrument – Fair value at the beginning of the period	$	—	$	74
Financial derivative instrument – Additions of the period		—		—
Financial derivative instrument – Fair value as at period end		—		394
Gain from financial derivative instrument	$	—	$	320

XML

Interest and Finance Costs, net: (Tables)

6 Months Ended

Jun. 30, 2022

Interest And Finance Costs Net

Schedule of Interest and Finance Costs

The amounts in the accompanying unaudited interim Consolidated Statements of Comprehensive Income / (Loss) are analyzed as follows:

	Six months ended June 30,
	2021		2022
Interest on long-term debt	$	1,414	$	1,463
Interest on promissory note		215		223
Amortization of financing costs		111		155
Financing fees and charges		10		(12	)
Total	$	1,750	$	1,829

XML

Revenues, net: (Tables)

6 Months Ended

Jun. 30, 2022

Revenue Recognition and Deferred Revenue [Abstract]

Schedule of Revenue Disaggregated by Revenue Source

	Six months ended June 30,
	2021		2022
Revenues derived from spot charters, net	$	3,202	$	17,194
Revenues derived from time charters, net		7,026		5,774
Revenues, net	$	10,228	$	22,968

Schedule of Accounts Receivable Disaggregated Revenue

The following table presents the Company’s net trade accounts receivable disaggregated by revenue source as December 31, 2021 and June 30, 2022:

	December 31,			June 30,
	2021			2022
Accounts receivable trade from spot charters	$	1,762		$	5,365
Accounts receivable trade from time charters		—			—
Less: Bad debt provisions		(26	)		(76	)
Less: Allowance for credit losses		(20	)		(24	)
Total	$	1,716		$	5,265

XML

Schedule of Ownership and Operation of Tanker Vessels (Details) - Vessels [Member] Integer in Thousands	6 Months Ended
	Jun. 30, 2022 Integer
Fourthone Corporation Ltd [Member]
Property, Plant and Equipment [Line Items]
Entity incorporation date of incorporation	May 30, 2007
Vessel	Pyxis Malou
DWT	50,667
Year built	2009
Acquisition date	Feb. 16, 2009
Seventhone Corp [Member]
Property, Plant and Equipment [Line Items]
Entity incorporation date of incorporation	May 31, 2011
Vessel	Pyxis Theta
DWT	51,795
Year built	2013
Acquisition date	Sep. 16, 2013
Eighthone Corp [Member]
Property, Plant and Equipment [Line Items]
Entity incorporation date of incorporation	Feb. 08, 2013
Vessel	Pyxis Epsilon
DWT	50,295
Year built	2015
Acquisition date	Jan. 14, 2015
Tenthone Corp [Member]
Property, Plant and Equipment [Line Items]
Entity incorporation date of incorporation	Apr. 22, 2021
Vessel	Pyxis Karteria
DWT	46,652
Year built	2013
Acquisition date	Jul. 15, 2021
Eleventhone Corp [Member]
Property, Plant and Equipment [Line Items]
Entity incorporation date of incorporation	Nov. 09, 2021
Vessel	Pyxis Lamda
DWT	50,145
Year built	2017
Acquisition date	Dec. 20, 2021

XML

Summary of Revenue from Significant Charterers for 10% or More of Revenue (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member]	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Charterer A [Member]
Product Information [Line Items]
Total	36.00%	0.00%
Charterer B [Member]
Product Information [Line Items]
Total	23.00%	0.00%
Charterer C [Member]
Product Information [Line Items]
Total	0.00%	62.00%
Charterers [Member]
Product Information [Line Items]
Total	59.00%	62.00%

XML

Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 3,636	$ 6,180	$ 10,199
Restricted cash, current portion	355
Restricted cash, net of current portion	2,250		2,450
Total cash and cash equivalents and restricted cash	$ 6,241		$ 12,649

XML

Basis of Presentation and General Information (Details Narrative) $ in Thousands	Jun. 30, 2022 USD ($) Integer
Working capital deficit | $	$ 3,087
Mr Valentis [Member]
Percentage of beneficially owned common stock	54.00%
Vessel Ownership [Member]
Number of vessel ownership interest entities | Integer	5
Vessels [Member]
Entity ownership interest	100.00%
Non Vessels [Member]
Entity ownership interest	100.00%

XML

Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Loss (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Related Party Transactions [Abstract]
Charter hire commissions	$ 289	$ 129
Ship-management Fees	394	300
Administration Fees	819	809
Total	$ 1,502	$ 1,238

XML

Transactions with Related Parties (Details Narrative) - USD ($)					6 Months Ended		12 Months Ended
	Dec. 20, 2021	Nov. 15, 2021	Jun. 17, 2021	May 14, 2019	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Jul. 17, 2021	Jun. 16, 2021
Related Party Transaction [Line Items]
Due to related parties					$ 5,659,000		$ 3,967,000
Due to related parties					5,659,000		6,962,000
Interest on debt					223	$ 215
Promissory Note [Member]
Related Party Transaction [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			7.50%
Debt Instrument, Face Amount	$ 6,000,000		$ 3,000,000					$ 1,000,000
Accrued interest								433,000
Fair value of shares issued for debt conversion			$ 1,000,000
Debt Instrument, Convertible, Conversion Price									$ 0.9165
Debt Instrument, Maturity Date	Apr. 01, 2024
Amount payable in cash								$ 1,000,000
Promissory notes outstanding amount					$ 6,000,000		6,000,000
Promissory Note [Member] | Restricted Stock Units (RSUs) [Member]
Related Party Transaction [Line Items]
Number of shares issued for debt conversion			1,091,062
Maritime Investors Promissory Note [Member]
Related Party Transaction [Line Items]
Debt Instrument, Maturity Date, Description				the Company entered into a second amendment to the Amended & Restated Promissory Note which (i) extended the repayment of the outstanding principal, in whole or in part, until the earlier of a) one year after the repayment of the credit facility of Eighthone with Entrust Permal (the “Credit Facility”) on September 2023 (see Note 7), b) January 15, 2024 and c) repayment of any payment-in-kind (“PIK”) interest and principal deficiency amount under the Credit Facility, and (ii) increased the interest rate to 9.0% per annum of which 4.5% was to be paid in cash and 4.5% was to be paid in common shares of the Company calculated on the volume weighted average closing share price for the 10 day period immediately prior to each quarter end. The new interest rate was effective from April 1, 2019. After the repayment restrictions have been lifted per the Credit Facility, the Company, at its option, could continue to pay interest on the Amended & Restated Promissory Note in the afore-mentioned combination of cash and shares or pay all interest costs in cash.
Debt Instrument, Interest Rate, Stated Percentage				9.00%
Interest rate paid in cash				4.50%
Interest rate paid in restricted shares				4.50%
SPP Shipbuilding Co. Ltd [Member] | Memorandum Of Agreement [Member]
Related Party Transaction [Line Items]
Senior loan facility maturities		7 years
Pyxis Maritime Corporation [Member]
Related Party Transaction [Line Items]
Ship management services per day per vessel					$ 0.325
Charter hire agreement commission rate					1.25%
Administration fees payable to related party					$ 1,600,000
Head management agreement, terms and manner of settlement					In the event of a change of control of the Company during the management period or within 12 months after the early termination of the Head Management Agreement, then the Company will pay to Maritime an amount equal to 2.5 times the then annual Administration Fees. Pursuant to the amendment of this agreement on March 18, 2020, in the event of such change of control and termination, the Company shall also pay to Maritime an amount equal to 12 months of the then daily Ship-management Fees.
Ship-management and administration fees percentage increase					Effective January 1, 2019 and 2020, the Ship-management Fees and the Administration Fees were increased by 0.62%, and, 0.26% respectively, in line with the average inflation rate of Greece for 2018 and 2019. For 2020, the average rate in Greece was a deflation of 1.24% and, as a result, no adjustment was made to the Ship-management Fees and the Administration Fees effective January 1, 2021, which remained, for the particular calendar year, as per the previous year. Effective January 1, 2022, the Ship-management Fees and the Administration Fees were increased by 1.23% in line with the average inflation rate of Greece for 2021.
Pyxis Maritime Corporation [Member] | While Vessel is Under Construction [Member]
Related Party Transaction [Line Items]
Ship management services per day per vessel					$ 0.450
SPP Shipbuilding Co. Ltd [Member] | Memorandum Of Agreement [Member]
Related Party Transaction [Line Items]
Fair value of shares issued for debt conversion							$ 2,170,000
Number of shares issued for debt conversion							4,139,003
Amount payable in cash							$ 1,325
Payment of construction		$ 32,000,000
Fair value of acquistion		31,172,000
Senior loan facility		21,680,000
Cash on hand							4,320,000
Due to related parties							$ 2,995
SPP Shipbuilding Co. Ltd [Member] | Memorandum Of Agreement [Member] | Secured Debt [Member]
Related Party Transaction [Line Items]
Fair value senior loan facility		$ 3,000,000

XML

Schedule of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Inventory [Line Items]
Inventories	$ 3,466	$ 1,567
Lubricants [Member]
Inventory [Line Items]
Inventories	546	552
Bunkers [Member]
Inventory [Line Items]
Inventories	$ 2,920	$ 1,015

XML

Schedule of Vessels (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Property, Plant and Equipment [Line Items]
Net book value beginning balance	$ 119,724
Vessel additions	555
Depreciation	(3,024)	$ (2,194)
Vessel cost, ending balance	117,255
Vessel Cost [Member]
Property, Plant and Equipment [Line Items]
Vessel cost, beginning balance	148,175
Vessel additions
BWTS installation	555
Depreciation
Vessel cost, ending balance	148,730
Accumulated Depreciation [Member]
Property, Plant and Equipment [Line Items]
Accumulated depreciation, beginning balance	(28,451)
Vessel additions
BWTS installation
Depreciation	(3,024)
Vessel cost, ending balance	(31,475)
Net Book Value [Member]
Property, Plant and Equipment [Line Items]
Net book value beginning balance	119,724
Vessel additions
BWTS installation	555
Depreciation	(3,024)
Vessel cost, ending balance	$ 117,255

XML

Vessels, net (Details Narrative) - USD ($)		1 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended
	Dec. 23, 2021	May 31, 2022	Mar. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Assets held for sale					$ 8,509,000
Loss on vessel held-for-sale					$ 2,389,000
Aggregate sale price for the vessels	$ 8,900,000
Prepayment for loan facility	$ 5,780,000
Property, Plant and Equipment, Additions				555,000
Payment for installation			$ 437,000
Accrued and remains unpaid amount of ballast water treatment system installation		$ 118,000
Impairment charges				$ 0

XML

Schedule of Deferred Charges (Details) - USD ($) $ in Thousands		6 Months Ended
	Jan. 14, 2022	Jun. 30, 2022	Jun. 30, 2021
Deferred Dry Dock And Special Survey Costs Net
Balance January 1, 2022	$ 912	$ 912
Additions	$ 7	192
Amortization of special survey costs		(175)	$ (203)
Balance June 30, 2022		$ 929

XML

Deferred dry dock and special survey costs, net (Details Narrative) - USD ($) $ in Thousands		6 Months Ended
	Jan. 14, 2022	Jun. 30, 2022	Dec. 31, 2021	Jan. 14, 2021
Deferred Dry Dock And Special Survey Costs Net
Balance January 1, 2022		$ 929	$ 912	$ 438
Amortization of special survey costs	$ 185
Additions	$ 7	$ 192

XML

Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total	$ 68,850	$ 77,780
Current portion	6,150	12,030
Less: Current portion of deferred financing costs	(283)	(335)
Current portion of long-term debt, net of deferred financing costs, current	5,867	11,695
Long-term portion	62,700	65,750
Less: Non-current portion of deferred financing costs	(733)	(870)
Long-term debt, net of current portion and deferred financing costs, non-current	61,967	64,880
Northsea Alpha Vessel [Member] | Secondone Corporation Ltd [Member]
Property, Plant and Equipment [Line Items]
Total		2,890
Northsea Beta Vessel [Member] | Thirdone Corporation Ltd [Member]
Property, Plant and Equipment [Line Items]
Total		2,890
Pyxis Malou Vessel [Member] | Fourthone Corporation Ltd [Member]
Property, Plant and Equipment [Line Items]
Total	6,968	7,320
Pyxis Theta Vessel [Member] | Seventhone Corp [Member]
Property, Plant and Equipment [Line Items]
Total	13,150	13,750
Pyxis Epsilon Vessel [Member] | Eighthone Corp [Member]
Property, Plant and Equipment [Line Items]
Total	15,500	16,100
Pyxis Karteria Vessel [Member] | Tenthone Corp [Member]
Property, Plant and Equipment [Line Items]
Total	12,450	13,150
Pyxis Lamda Vessel [Member] | Eleventhone Corp [Member]
Property, Plant and Equipment [Line Items]
Total	$ 20,782	$ 21,680

XML

Schedule of Principal Payments (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Debt Disclosure [Abstract]
2023	$ 6,150
2024	6,100
2025	6,100
2026 and thereafter	50,500
Total	$ 68,850

XML

Long-term Debt (Details Narrative) - USD ($) $ in Thousands				6 Months Ended		12 Months Ended
	Dec. 20, 2021	Jul. 09, 2021	Jul. 08, 2020	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Assets held for sale						$ 8,509
Debt outstanding balance				68,850		77,780
Repayments of long term debt				8,930	$ 25,990
Total long-term debt outstanding				$ 68,850
Long-term debt, weighted average interest rate, at point in time				4.30%	5.93%
Long Term Debt and Promissory Note [Member]
Debt Instrument [Line Items]
Interest expense on long-term debt and promissory note				$ 1,686	$ 1,629
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest rate margin	3.15%
Fourth one [Member]
Debt Instrument [Line Items]
Down payment	$ 7,320
Debt outstanding balance	7,320
Repayments of long term debt	$ 6,968
Northsea Alpha and Northsea Beta [Member]
Debt Instrument [Line Items]
Assets held for sale						5,780
Pyxis Malou Vessel [Member] | Fourth one [Member]
Debt Instrument [Line Items]
Long term debt balloon payment year	2026-12
Debt quarterly installments	$ 176
Long term debt balloon payment	$ 3,800
Pyxis Lamda Vessel [Member] | Eleventh one [Member]
Debt Instrument [Line Items]
Long term debt balloon payment year	2026-12
Down payment	$ 21,680
Repayments of long term debt	20,782
Debt quarterly installments	449
Long term debt balloon payment	$ 12,700
Pyxis Epsilon Vessel [Member] | Eighth one [Member]
Debt Instrument [Line Items]
Total long-term debt				15,500
Pyxis Epsilon Vessel [Member] | Tenth one [Member]
Debt Instrument [Line Items]
Total long-term debt				12,450
New Secured Loan - Secondone, and Thirdone [Member]
Debt Instrument [Line Items]
[custom:DebtInstrumentCarryingAmountPerFacility-0]						2,890
[custom:QuarterlyInstallmentsPayableInAggregatePerFacility]						$ 500
Long-term debt first periodic payment						2022-02
Long-term debt balloon payment, per facility						$ 2,390
Long term debt balloon payment year						2023-02
Secured Loan Fourthone Corp [Member]
Debt Instrument [Line Items]
Minimum cash deposits.				1,500
Reduced minimum cash deposits				1,000
Maximum required leverage ratio						75.00%
Debt to market value of adjusted assets ratio actual						49.20%
Ratio difference by which actual exceeds required debt to assets ratio threshold						25.80%
Minimum security collateral cover required						125.00%
Secured Loan Fourthone Corp [Member] | Pyxis Malou [Member]
Debt Instrument [Line Items]
Reduced minimum cash deposits				500
Secured Loan Fourthone Corp [Member] | Pyxis Lamda [Member]
Debt Instrument [Line Items]
Reduced minimum cash deposits				500
Secured Loan - Seventhone Corp. [Member]
Debt Instrument [Line Items]
Long term debt balloon payment			$ 9,250
Minimum cash deposits.				$ 500
Maximum required leverage ratio				75.00%
Debt to market value of adjusted assets ratio actual				49.20%
Ratio difference by which actual exceeds required debt to assets ratio threshold				25.80%
Minimum security collateral cover required				125.00%
Total long-term debt			15,250
Total long-term debt outstanding				$ 13,150
Quarterly installments payable (15 installments)			$ 300
Maturity date			July 2025
Previous Secured Loan - Seventhone Corp [Member]
Debt Instrument [Line Items]
Total long-term debt			$ 11,293
Secured Loan Eighth one Corp [Member]
Debt Instrument [Line Items]
Long term debt balloon payment				$ 11,000
Interest rate margin				3.35%
Maturity date				March 2026
Vessel acquisition date				$ 300
Secured Loan Eightth one Corp [Member]
Debt Instrument [Line Items]
Minimum cash deposits.				500
Secured Loan Tenthone Corp [Member]
Debt Instrument [Line Items]
Down payment		$ 13,500
Minimum cash deposits.				$ 250
Maximum required leverage ratio				120.00%
Loan amount		$ 13,500
Secured Loan Tenthone Corp [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest rate margin				4.80%
New Secured Loan Tenthone [Member]
Debt Instrument [Line Items]
Long-term debt balloon payment, per facility				$ 4,900
Maturity date				July 2028
Quarterly installments payable (3 installments)				$ 350
New Secured Loan - Fourthone [Member]
Debt Instrument [Line Items]
Quarterly installments payable (24 installments)				$ 300

XML

Equity Capital Structure and Equity Incentive Plan (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Aug. 23, 2021
Common stock, shares authorized	450,000,000	450,000,000
Preferred Stock, Shares Authorized	50,000,000	50,000,000
Common stock shares outstanding	10,613,424	10,613,424
Preferred stock par value	$ 0.001	$ 0.001
Warrant outstanding	1,590,540
Warrants issued to purchase of securities	16,000
Warrant exercise price per shares			$ 2.1875
Warrant exercise price increase	$ 5.60
Number of non-tradable warrant to purchase shares of common stock			428,571
Mr Valentis [Member]
Non controling ownership percentage	54.00%		125.00%
Over-Allotment Option [Member]
Warrant outstanding	4,683
Warrants issued to purchase of securities	16,000
Common Stock [Member]
Common stock shares outstanding	10,613,424	42,455,857
Series A Convertible Preferred Shares [Member]
Preferred Stock, Shares Authorized	1,000,000	1,000,000
Preferred stock shares outstanding	449,673	449,673
Preferred stock par value		$ 0.001
Preferred stock, shares issued	449,673	449,673
Series A Convertible Preferred Shares and Detachable Warrants [Member]
Warrants issued to purchase of securities	4,683
Warrant exercise price per shares	$ 24.97
Warrant exercise price increase	1.40
Cash dividend per share	$ 0.1615
Dividend payable	$ 436
Preferred stock, shares issued	5,731,942

XML

Schedule of Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Income Loss Per Common Share
Net income / (loss) available to common stockholders	$ 909	$ (3,598)
Weighted average number of common shares, basic and diluted	10,613,424	8,332,033
Income / (loss) per common share, basic and diluted	$ 0.09	$ (0.43)

XML

Income / Loss per Common Share (Details Narrative) - $ / shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Common stock par value	$ 0.001		$ 0.001
Common stock shares outstanding	10,613,424		10,613,424
Minimum [Member]
Conversion of common shares	2,027,805	819,085
Maximum [Member]
Conversion of common shares	2,035,111	2,035,111
Common stock par value	$ 0.001
Warrant [Member]
Preferred stock shares	2,035,111	2,035,111
Common Stock [Member]
Common stock shares outstanding	10,613,424		42,455,857
Common Stock [Member] | Minimum [Member]
Common stock shares outstanding	10,613,424
Common Stock [Member] | Maximum [Member]
Common stock shares outstanding	42,455,857
Series A Preferred Stock [Member]
Preferred stock shares	454,356	183,475

XML

Schedule of Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021
Trade accounts receivable		$ 5,265	$ 1,716
Trade accounts payable		5,590	$ 3,084
Carrying Value [Member]
Cash and cash equivalents (including restricted cash)		6,241
Trade accounts receivable		5,265
Trade accounts payable		5,590
Long-term debt with variable interest rates, net		68,850
Promissory note with non-variable interest rate*	[1]	6,000
Due to related parties		5,659
Fair Value [Member]
Cash and cash equivalents (including restricted cash)		6,241
Trade accounts receivable		5,265
Trade accounts payable		5,590
Long-term debt with variable interest rates, net		68,850
Promissory note with non-variable interest rate*	[1]	5,971
Due to related parties		$ 5,659

[1] As at June 30, 2022, the carrying value and the theoretical fair value of the promissory note was $6,000 and $5,971, respectively.

XML

Schedule of Fair Value of Assets and Liabilities (Details) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Short-Term Debt [Line Items]
Long-Term Debt, Gross	$ 68,850	$ 77,780
Promissory Note [Member]
Short-Term Debt [Line Items]
Long-Term Debt, Gross	6,000
Long-Term Debt, Fair Value	$ 5,971

XML

Schedule of Financial Derivative Instrument Location (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Risk Management And Fair Value Measurements
Financial derivative instrument – Other non-current assets	$ 394	$ 74

XML

Schedule of Gains Losses on Derivative Instruments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Risk Management And Fair Value Measurements
Financial derivative instrument – Fair value at the beginning of the period	$ 74
Financial derivative instrument – Additions of the period
Financial derivative instrument – Fair value as at period end	394
Gain from financial derivative instrument	$ 320

XML

Risk Management and Fair Value Measurements: (Details Narrative) - USD ($)			6 Months Ended
	Jul. 16, 2021	Jan. 19, 2018	Jun. 30, 2022	Jun. 30, 2021
Debt Instrument [Line Items]
Impairment, Long-Lived Asset, Held-for-Use			$ 0	$ 0
London Interbank Offered Rate (LIBOR) [Member] | Vessel Owing Company [Member]
Debt Instrument [Line Items]
Derivative, Notional Amount	$ 9,600,000	$ 10,000,000.0
Derivative, Cap Interest Rate	2.00%	3.50%
Derivative, Maturity Date	Jul. 08, 2025	Jul. 18, 2022

XML

Commitments and Contingencies: (Details Narrative)	Jun. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Long-term time charter contracts	$ 853

XML

Schedule of Interest and Finance Costs (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Interest And Finance Costs Net
Interest on long-term debt	$ 1,463	$ 1,414
Interest on promissory note	223	215
Amortization of financing costs	155	111
Financing fees and charges	(12)	10
Total	$ 1,829	$ 1,750

XML

Schedule of Revenue Disaggregated by Revenue Source (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Revenues, net	$ 22,968	$ 10,228
Revenues Derived From Spot Charters [Member]
Revenues, net	17,194	3,202
Revenues Derived From Time Charters [Member]
Revenues, net	$ 5,774	$ 7,026

XML

Schedule of Accounts Receivable Disaggregated Revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accounts receivable trade from spot charters	$ 5,365	$ 1,762
Accounts receivable trade from time charters
Less: Bad debt provisions	(76)	(26)
Total	5,265	1,716
Revenues Derived From Spot Charters [Member]
Less: Allowance for credit losses	$ (24)	$ (20)

XML

Subsequent Events: (Details Narrative) - USD ($)		1 Months Ended	6 Months Ended
	Aug. 02, 2022	Jul. 31, 2022	Jun. 30, 2022	Jun. 30, 2021
Subsequent Event [Line Items]
Convertible preferred stock dividends paid			$ 436,000	$ 151,000
Subsequent Event [Member] | Series A Preferred Stock [Member] | Dividend Paid [Member]
Subsequent Event [Line Items]
Cash dividends per share		$ 0.1615
Convertible preferred stock dividends paid		$ 73
Subsequent Event [Member] | Series A Preferred Stock [Member] | Dividend Declared [Member]
Subsequent Event [Line Items]
Cash dividends per share	$ 0.1615
Convertible preferred stock dividends paid	$ 73
Dividend payable date	Aug. 22, 2022
Dividend record of date	Aug. 15, 2022