Pyxis Tankers Inc. (NASDAQ: PXS), an international shipping company, today announced that it has entered into an agreement to acquire the remaining 40% non-controlling interest in the entity that owns the Ormi, a 2016-built, Japanese-built, scrubber-fitted 63,250 dwt Ultramax dry bulk vessel.
The transaction is expected to be immediately accretive and, upon closing, will result in Pyxis owning 100% of the vessel-owning entity and further simplify the Company’s ownership structure.
The Ormi was acquired in October 2023 from an unaffiliated third party for $28.5 million. Pyxis acquired a 60% controlling interest, while the remaining 40% was acquired by a company related to Pyxis’ Chief Executive Officer Eddie Valentis, whose participation provided additional capital support and allowed Pyxis to preserve liquidity and financial flexibility at the time.
The Ormi has recently been appraised by three recognized international shipbrokers, each acting independently, at an average value of approximately $32.08 million, with a range of less than 1% among the three appraisals. After $15.0 million of vessel-related debt, the implied net appraised equity value is approximately $17.08 million, of which 40% corresponds to $6.83 million.
Under the transaction, Pyxis has agreed to acquire the remaining 40% interest for the seller’s share of the vessel’s net appraised equity value. Working capital will be determined as of the completion of the vessel’s most recent voyage and settled separately at closing.
PXS shares captured 16 cents, or 2.1%, to $7.90.
