Pyxis Tankers Announces Closing Of Modern Dry Bulk Vessel Joint Venture With An Entity Related To Its Chairman And CEO; After The Acquisition Of The Vessel The Consolidated Total Cash Is Estimated To Be ~$43M, Inclusive Of Restricted Cash Of $2.2M, With Total Funded Debt Of ~$89M For The Company
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Pyxis Tankers Inc. (NASDAQ: PXS) has closed a joint venture to acquire the 'Konkar Venture', a 2015 built Kamsarmax carrier. The company invested $7.3 million in cash and issued 267,857 restricted common shares for a 60% ownership interest. The vessel will continue its current time charter until mid-August 2024 at a daily rate of $18,000. Post-acquisition, Pyxis Tankers' consolidated total cash is estimated at $43 million, with total funded debt of $89 million.
June 28, 2024 | 1:30 pm
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Pyxis Tankers Inc. has closed a joint venture to acquire the 'Konkar Venture', investing $7.3 million in cash and issuing 267,857 restricted common shares for a 60% ownership interest. The vessel will continue its current time charter until mid-August 2024 at a daily rate of $18,000. Post-acquisition, the company's consolidated total cash is estimated at $43 million, with total funded debt of $89 million.
The acquisition of the 'Konkar Venture' and the associated joint venture is a significant move for Pyxis Tankers, enhancing its fleet and revenue potential. The continued time charter at a daily rate of $18,000 provides stable income. The financial metrics post-acquisition indicate a strong cash position relative to debt, which is positive for the company's financial health.
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