Greek product tanker pure-play Pyxis Tankers is selling its oldest vessel to an undisclosed UK buyer.
The 2009-built 50,667 dwt Pyxis Malou will fetch $24.8m on completion of the sale scheduled to complete later this month.
will fetch $24.8m on completion of the sale scheduled to complete later this month.After the repayment of the outstanding indebtedness securing the vessel and various transaction costs, the cash proceeds should be around $18m, which the company said it would use for general corporate purposes, including additional debt repayment. A non-cash gain of approximately $8m will be recognised.
The Nasdaq-listed company currently owns five MR tankers with the youngest, Pyxis Lamda, built in 2017.
Commenting on the sale Valentios Valentis, Pyxis chairman and CEO, said: “The sale of our oldest asset at an attractive price underscores our strategic focus for modern eco–efficient MR product tankers and provides further balance sheet liquidity and financial strength. Moving forward, we will have a fleet of four MRs with an average age of eight years.”
Valentis also stated that following the sale, the company intends to pursue market opportunities with cash on hand and, if appropriate, with modest bank financing.
