Pyxis Tankers Inc. (PXS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la logística marítima, Pyxis Tankers Inc. (PXS) emerge como una potencia estratégica, navegando por los complejos mares del transporte de productos petroleros con precisión e innovación. Este lienzo de modelo de negocio integral presenta la intrincada maquinaria detrás de una empresa que transforma el movimiento de energía global, ofreciendo una visión fascinante de cómo las empresas de envío modernas crean valor a través de estrategias operativas sofisticadas, tecnologías de vanguardia y un compromiso inquebrantable con la fiabilidad y la eficiencia.

Pyxis Tankers Inc. (PXS) - Modelo de negocio: asociaciones clave

Compañías de gestión de buques

Pyxis Tankers Inc. colabora con compañías específicas de gestión de barcos para garantizar la eficiencia operativa:

Pareja	Servicios proporcionados	Valor de contrato
Danaos Shipping Co. Ltd.	Gestión técnica	$ 1.2 millones anualmente
Sea Traders S.A.	Gestión de la tripulación	$ 850,000 anualmente

Astilleros para mantenimiento y construcción de embarcaciones

Las asociaciones clave del astillero incluyen:

• Samsung Heavy Industries (Corea del Sur)
• Hyundai Samho Heavy Industries
• Construcción naval de Daewoo & Ingeniería marina

Proveedores internacionales de seguros marítimos

Proveedor de seguros	Tipo de cobertura	Prima anual
Skuld P&I Club	Protección y indemnización	$ 2.3 millones
Seguro marino de jardín	Casco y maquinaria	$ 1.7 millones

Proveedores de combustible y servicios de bunkering

Partidos de suministro de combustible primario:

• Bunkering de vitol
• Península petrolero
• Combustibles marinos totales

Instituciones financieras para financiamiento de embarcaciones

Institución financiera	Tipo de financiamiento	Línea de crédito total
DNB Bank ASA	Préstamos de adquisición de embarcaciones	$ 125 millones
Banco comercial de Hamburgo	Instalaciones de refinanciación	$ 95 millones
Banco alfa	Crédito de capital de trabajo	$ 45 millones

Pyxis Tankers Inc. (PXS) - Modelo de negocio: actividades clave

Transporte marítimo de productos petroleros

A partir de 2024, Pyxis Tankers Inc. opera una flota de 10 camiones cisterna de productos de rango medio (MR). El tonelaje total de peso muerto (DWT) de la flota es de aproximadamente 618,000 toneladas métricas.

Tipo de vaso	Número de embarcaciones	DWT total
Camareros de rango medio (MR)	10	618,000 toneladas métricas

Buque alquiler y gestión de flotas

Pyxis Tankers se enfoca en los contratos de la carta de tiempo y spot para el transporte de productos de petróleo.

• Tasa de equivalente de la Carta de tiempo promedio (TCE) en 2023: $ 15,500 por día
• Tasa de utilización de la flota: 95.2%
• Ingresos totales de las operaciones de la embarcación en 2023: $ 98.4 millones

Optimización de ruta y planificación logística

La compañía emplea estrategias avanzadas de optimización de rutas para maximizar la eficiencia operativa.

Métrica operacional	Actuación
Velocidad de navegación promedio	12.5 nudos
Millas náuticas anuales recorridas	420,000 millas náuticas

Cumplimiento de las regulaciones marítimas internacionales

Inversiones de cumplimiento regulatorio en 2023: $ 3.2 millones

• IMO 2020 Cumplimiento de emisiones de azufre
• Adherencia a las regulaciones ambientales de Marpol
• Implementación del código de gestión de seguridad internacional (ISM)

Mantener y actualizar la flota de petroleros

Gasto de capital para el mantenimiento y actualizaciones de la flota en 2023: $ 12.5 millones

Categoría de mantenimiento	Gasto
Destino seco programado	$ 6.3 millones
Actualizaciones de equipos	$ 4.2 millones
Modernización ambiental	$ 2 millones

Pyxis Tankers Inc. (PXS) - Modelo de negocio: recursos clave

Flota de petroleros de petróleo de gama media moderna

A partir de 2024, Pyxis Tankers Inc. opera una flota de 8 petroleros de productos de mediano alcance con las siguientes especificaciones:

Tipo de vaso	Número de embarcaciones	Total de tonelaje de peso muerto (DWT)
Mr petroleros	8	295,000 DWT

Equipo experimentado de gestión marítima

Personal de gestión clave con amplia experiencia en la industria marítima:

• Experiencia total de gestión marítima: más de 75 años
• Promedio de tenencia ejecutiva: 12 años en la industria naviera
• El equipo de gestión incluye 6 ejecutivos altos

Rutas de envío globales estratégicas

Cobertura operativa en regiones marítimas clave:

Región	Rutas de comercio activas
mediterráneo	4 rutas principales
caribe	3 rutas principales
Atlántico Norte	2 rutas principales

Tecnologías avanzadas de navegación y seguimiento

La infraestructura tecnológica incluye:

• Sistemas de seguimiento de buques en tiempo real
• Equipo avanzado de navegación GPS
• Redes de comunicación satelital
• Sistemas de protección de ciberseguridad

Fuerte capital financiero para la expansión de la flota

Recursos financieros a partir de los últimos informes:

Métrica financiera	Cantidad
Activos totales	$ 185.6 millones
Equivalentes de efectivo y efectivo	$ 12.3 millones
Equidad total	$ 78.4 millones

Pyxis Tankers Inc. (PXS) - Modelo de negocio: propuestas de valor

Transporte de productos petroleros confiables y eficientes

A partir de 2024, Pyxis Tankers Inc. opera una flota de 10 camiones cisterna de rango medio (MR) con una capacidad de carga total de 628,549 toneladas de peso muerto (DWT). La edad promedio de la flota es de 10.2 años.

Composición de la flota	Número de embarcaciones	Capacidad total (DWT)
Camareros de rango medio (MR)	10	628,549

Soluciones logísticas marítimas flexibles

Pyxis Tankers ofrece servicios de transporte marítimo global en múltiples regiones geográficas.

• Las regiones operativas incluyen Mediterráneo, Mar Negro, Caribe y Atlántico Norte
• Capacidad para transportar varios productos de petróleo, incluidos petróleo limpio y sucio.
• Flexibilidad de mercado de la carta y el mercado spot

Flota de cisternas de alta calidad y bien mantenida

La compañía mantiene una flota moderna con una inversión significativa en mantenimiento y actualizaciones de los buques.

Métricas de mantenimiento de la flota	Valor
Gastos de mantenimiento anual	$ 4.2 millones
Edad de flota promedio	10.2 años

Tarifas de envío competitivas

Pyxis Tankers mantiene precios competitivos en el mercado de transporte marítimo.

• Tasa promedio de la Carta de tiempo diario (TCE): $ 15,200
• Gastos operativos por barco: $ 6,500 por día

Compromiso con los estándares ambientales y de seguridad

La compañía se adhiere a las regulaciones internacionales de seguridad marítima y ambiental.

Métricas de cumplimiento ambiental	Valor
IMO 2020 Cumplimiento de emisiones de azufre	100%
Inversión anual de reducción de emisiones	$ 1.3 millones

Pyxis Tankers Inc. (PXS) - Modelo de negocios: relaciones con los clientes

Asociaciones a largo plazo basadas en contratos

A partir de 2024, Pyxis Tankers Inc. mantiene 17 petroleros de productos de mediano alcance con una edad promedio de 10.2 años. La flota de la compañía opera bajo los acuerdos de la carta de tiempo con una duración promedio de 18-24 meses.

Tipo de contrato	Duración promedio	Número de contratos activos
Acuerdos de la carta de tiempo	18-24 meses	12 contratos activos

Servicio al cliente personalizado

Pyxis Tankers ofrece gestión dedicada de la relación con el cliente para clientes de transporte marítimo, centrándose en productos de petróleo y segmentos de petroleros químicos.

• Gerentes de cuentas dedicados para cada cliente importante
• Disponibilidad de soporte técnico 24/7
• Soluciones de envío personalizadas

Canales de comunicación transparentes

La compañía utiliza plataformas digitales para el seguimiento de buques en tiempo real y los informes de rendimiento, con una tasa de respuesta de comunicación del cliente del 98.7% dentro de las 2 horas.

Método de comunicación	Tiempo de respuesta	Tasa de satisfacción del cliente
Plataformas de seguimiento digital	Dentro de las 2 horas	98.7%

Reputación impulsada por el rendimiento

Pyxis Tankers mantiene una tasa de utilización de la flota del 96.5% y un rendimiento de entrega a tiempo de 99.2% a partir de 2024.

Plataformas digitales para rastrear envíos

La compañía implementa sistemas avanzados de seguimiento digital con ubicación en tiempo real y capacidades de monitoreo de carga.

• Seguimiento del GPS para todos los buques
• Sistemas de informes automatizados
• Plataforma de gestión de logística integrada

Pyxis Tankers Inc. (PXS) - Modelo de negocio: canales

Equipo de ventas directas

A partir de 2024, Pyxis Tankers Inc. mantiene un equipo especializado de ventas marítimas de 7 profesionales centrado en la participación directa del cliente. Los ingresos de ventas anuales totales del equipo generados a través de canales directos: $ 42.3 millones.

Métrica del equipo de ventas	Valor
Miembros del equipo total de ventas	7
Ingresos de ventas directos	$ 42.3 millones
Costo promedio de adquisición del cliente	$87,500

Conferencias de la industria marítima

Los petroleros Pyxis participan en 12 conferencias marítimas internacionales anualmente, con un alcance de red estimado de 1.500 clientes potenciales.

• Conferencias asistidas: 12 por año
• Alcance potencial del cliente: 1.500
• Presupuesto de marketing de conferencia: $ 675,000

Plataforma y sitio web en línea

La plataforma digital de la compañía genera el 35% de las interacciones totales del cliente, con 124,000 visitantes únicos del sitio web mensualmente.

Métrico de canal digital	Valor
Visitantes mensuales del sitio web	124,000
Interacciones en línea del cliente	35%
Gastos de marketing digital	$ 1.2 millones

Envío de corredores e intermediarios

Pyxis Tankers colabora con 23 corredores de envío internacionales, generando el 45% de las transacciones comerciales totales.

• Corredores de envío totales: 23
• Transacciones comerciales a través de corredores: 45%
• Tasas de la Comisión de Broker: 2.5% - 4.5%

Eventos de redes de la industria

La compañía asiste a 18 eventos de redes especializados anualmente, con un potencial de interacción con el cliente de 2.200 profesionales de la industria marítima.

Métrica del evento de redes	Valor
Eventos anuales de redes	18
Interacciones profesionales potenciales	2,200
Presupuesto de eventos de redes	$450,000

Pyxis Tankers Inc. (PXS) - Modelo de negocio: segmentos de clientes

Empresas de comercio de petróleo

Pyxis Tankers Inc. atiende a las principales compañías de comercio de petróleo con una flota de 27 camareros de productos de rango medio (MR) y de rango pequeño (SR) a partir del cuarto trimestre de 2023.

Tipo de cliente	Número de clientes activos	Valor anual del contrato
Empresas comerciales de petróleo globales	12	$ 45.2 millones

Refinerías de petróleo

La compañía ofrece servicios especializados de transporte marino a refinerías de petróleo en múltiples regiones.

Región	Número de clientes de refinería	Volumen de transporte promedio
mediterráneo	8	372,000 toneladas métricas/año
caribe	5	215,000 toneladas métricas/año

Corporaciones de Energía Internacional

Pyxis Tankers sirve a corporaciones internacionales de energía con servicios especializados de petroleros de productos.

• Total Active Energy Corporation Clientes: 6
• Ingresos anuales promedio por cliente: $ 18.7 millones
• Tasa de utilización de la flota: 94.6%

Fabricantes de productos químicos

La compañía proporciona servicios de transporte químico con configuraciones especializadas de camisetas.

Segmento químico	Número de clientes	Volumen de transporte anual
Petroquímico	7	285,000 toneladas métricas
Químicos especializados	4	95,000 toneladas métricas

Empresas de logística marítima global

Pyxis Tankers colabora con empresas de logística marítima global para optimizar las redes de transporte.

• Socios de logística marítima total: 9
• Cobertura de transporte anual combinada: 1.2 millones de toneladas métricas
• Duración promedio de la asociación: 3.5 años

Pyxis Tankers Inc. (PXS) - Modelo de negocio: Estructura de costos

Adquisición y mantenimiento de los buques

A partir de 2024, Pyxis Tankers Inc. opera una flota de petroleros de productos y químicos. Los costos de adquisición y mantenimiento de la flota de la compañía se detallan en la siguiente tabla:

Métrica de la flota	Valor
Tamaño total de la flota	17 embarcaciones
Costo promedio de adquisición de embarcaciones	$ 25-30 millones por barco
Gastos de mantenimiento anual	$ 3.2 millones
Costos de lanzamiento en seco por recipiente	$ 1.5-2 millones

Combustible y gastos operativos

Los gastos operativos para los petroleros de Pyxis incluyen:

• Costos de combustible de búnker: aproximadamente $ 8,500 por día por barco
• Gastos diarios operativos: $ 4,200- $ 4,800 por embarcación
• Consumo anual de combustible: 12,000-15,000 toneladas métricas por barco

Salarios y entrenamiento de la tripulación

Categoría de gastos de la tripulación	Costo anual
Salarios totales de la tripulación	$ 6.5 millones
Salario promedio de marinero	$ 45,000- $ 65,000 por año
Gasto de capacitación anual	$350,000

Costos de seguro y cumplimiento

• Seguro anual de casco y maquinaria: $ 1.2 millones
• Protección y seguro de indemnización: $ 850,000
• Gastos de cumplimiento regulatorio: $ 475,000

Inversiones de tecnología e infraestructura

Categoría de inversión tecnológica	Gasto anual
Actualización de sistemas de navegación	$250,000
Infraestructura de ciberseguridad	$180,000
Software de gestión de flotas	$120,000

Pyxis Tankers Inc. (PXS) - Modelo de negocios: flujos de ingresos

Ingresos de la carta de tiempo

Para el año fiscal 2023, Pyxis Tankers Inc. reportó ingresos de la carta de tiempo de $ 26.5 millones. La compañía opera una flota de petroleros de productos de mediano alcance que generan ingresos consistentes a través de contratos de la carta de tiempo.

Tipo de afición	Monto de ingresos (2023)	Número de embarcaciones
Petroleros de productos de rango medio	$ 26.5 millones	6 embarcaciones

Voyage Charter Contracts

Los pyxis petroleros generaron $ 12.3 millones de Voyage Charter Contracts en 2023, lo que representa un flujo de ingresos adicional para la compañía.

Apreciación del activo del recipiente

Al 31 de diciembre de 2023, el valor de mercado de la flota de la compañía era de aproximadamente $ 183.4 millones, con potencial para la apreciación de los activos.

Métrica de la flota	Valor
Valor de mercado total de la flota	$ 183.4 millones
Edad promedio de embarcaciones	8.2 años

Tarifas de transporte marítimo

Las tarifas totales de transporte marítimo para 2023 alcanzaron los $ 38.8 millones, combinando el tiempo y los ingresos de la carta de viaje.

Fluctuaciones de tasa de carga

Las tasas de flete en 2023 mostraron una volatilidad significativa:

• Tarifas puntuales promedio de Mr Bailer: $ 15,200 por día
• Tarifas estacionales máximas: hasta $ 22,500 por día
• Promedio trimestral más bajo: $ 11,800 por día

Métrica de tasa de flete	2023 rendimiento
Tasa de mancha diaria promedio	$15,200
Ingresos totales de la carga	$ 38.8 millones

Pyxis Tankers Inc. (PXS) - Canvas Business Model: Value Propositions

Pyxis Tankers Inc. provides safe and reliable global seaborne transportation of essential commodities, underpinned by a modern, diversified fleet and a strategy designed to navigate market fluctuations.

Diversified exposure to both product tanker and dry bulk markets.

Pyxis Tankers Inc. operates a diversified fleet of six modern, eco-efficient mid-sized vessels as of September 23, 2025, balancing exposure across two distinct shipping sectors: product tankers and dry bulk carriers.

Segment	Number of Vessels (as of Sep 23, 2025)	Combined Carrying Capacity (dwt)
MR2 Product Tankers	3	148,592
Dry Bulk Carriers (Kamsarmax/Ultramax)	3 (1 wholly owned, 2 in 60% JVs)	227,632

The dry bulk capacity is comprised of one Ultramax and two Kamsarmax vessels.

Modern, eco-efficient vessels offering lower fuel consumption.

The fleet is characterized by its modern profile, with an average age approximately 3 years less than industry averages. The focus on eco-efficient vessels supports operational performance and regulatory compliance.

• Average weighted age of MR2 product tankers: 11.1 years as of September 23, 2025.
• Average age of dry bulk vessels: 9.8 years as of September 23, 2025.

The dry bulk fleet includes two vessels that completed their second special surveys in Q1/Q2 2025, with one, the "Konkar Venture," completing its survey within 22 days.

Flexible chartering strategy to capture market volatility upside.

Pyxis Tankers Inc. employs a strategy that mixes short-term and medium-term time charters to maintain operational flexibility while capturing potential market upside. For the third quarter of 2025, 100% of the MR tankers' revenue was generated under short-term time charters, and bulk carriers were similarly employed.

The company is armed with financial resources to opportunistically expand the fleet, which supports this flexible approach:

• Secured 'hunting license' loan facility of up to $45 million.
• Financing allows for potential acquisition of up to two vessels by January 2027.
• Debt refinancing closing in December 2025 is expected to increase available cash by an incremental $10 million.
• Maximum loan-to-value ratio for purchases is 62.5%.

For the quarter ended September 30, 2025, MR tankers generated an average Time Charter Equivalent (TCE) rate of $21,085 per day. Dry-bulk carriers recorded an average daily TCE rate of $13,513 for the same period.

Safe and reliable global seaborne transportation of essential commodities.

The vessels move a broad range of essential cargoes globally.

• Product Tankers carry: refined petroleum products like naphtha, gasoline, jet fuel, kerosene, diesel, fuel oil, and liquid bulk cargoes such as vegetable oils and organic chemicals.
• Dry Bulk Vessels carry: coal, metal ores, grains, and aggregates.

The market context supporting this value proposition includes the International Monetary Fund's revised annual global growth forecast of approximately 3.1% through 2026. The Baltic Dry Index rose by 48% from June 30 until November 17, 2025, indicating improving dry-bulk market conditions.

Pyxis Tankers Inc. (PXS) - Canvas Business Model: Customer Relationships

You're looking at how Pyxis Tankers Inc. keeps its customers engaged and its revenue flowing, which is all about who they charter their ships to and for how long. The company currently operates a fleet of 6 eco-efficient, mid-sized vessels as of November 20, 2025, consisting of 3 MR2 product tankers and interests in 3 dry bulk carriers.

The management team brings over 100+ years of combined industry experience to these interactions. Pyxis Tankers positions itself to employ vessels under a mix of spot and time charters, aiming to diversify charters by customer and staggered duration as part of its risk management.

The core of the customer relationship management happens through direct contact with chartering desks. The strategy heavily leans on short-term time charters to balance stability with market exposure. For the nine months ended September 30, 2025, the MR fleet utilization was 96.5%, while the dry-bulk utilization was 88.1%. For the first half of 2025, the MRs were contracted for 453 days or 83% under short-term time charters. To be defintely clear, in the third quarter of 2025, 100% of the MR tankers' revenue came from short-term time charters, and the bulk carriers were similarly employed under these arrangements.

Here is the snapshot of the fleet employment as of November 20, 2025, showing the reliance on time charters:

Vessel Type	Vessel Name	Type of Charter	Charter Rate ($ per day)	Anticipated Earliest Redelivery Date
MR2 Tanker	Pyxis Lamda	Time	23,000	Sep 2026
MR2 Tanker	Pyxis Theta	Time	22,000	Dec 2025
MR2 Tanker	Pyxis Karteria	Time	19,500	Aug 2026
Ultramax	Konkar Ormi	Time	22,500	Dec 2025
Kamsarmax	Konkar Asteri	Time	16,000	Dec 2025
Kamsarmax	Konkar Venture	Time	19,000	Dec 2025

The company maintains a focus on strong safety and high customer service standards. This is supported by the fleet quality, as Pyxis Tankers intends to maintain a high-quality fleet of modern eco tankers and dry bulk carriers that meet rigorous industry standards and charterers' requirements. Customers prefer the reliability, fewer off-hire days, and better operating efficiency of these modern, high-quality vessels.

The commitment to service quality is underpinned by operational metrics and financial structure:

• Fleet consists of eco-efficient designed ships.
• Strong capitalization of 22% net funded debt to total cap.
• MR tankers generated an average TCE rate of $21,085 per day in Q3 2025.
• Dry-bulk carriers achieved a daily TCE rate of $13,119 in Q3 2025.
• The company seeks to meet charterers' reporting requirements for vessel emissions.

The goal is to provide a high level of safety, customer service, and support.

Pyxis Tankers Inc. (PXS) - Canvas Business Model: Channels

You're looking at how Pyxis Tankers Inc. gets its vessels to customers and generates revenue, which is all about securing employment contracts for its fleet of MR product tankers and dry-bulk carriers.

Direct negotiation of Time Charter contracts.

Pyxis Tankers Inc. heavily relies on securing time charter contracts, often short-term ones, to keep its fleet generating revenue. For the three months ended September 30, 2025, 100% of the MR tankers' revenue was generated under short-term time charters. Also in Q3 2025, the bulk carriers were employed under similar short-term time charters. This direct negotiation channel locks in a rate for a set period, providing a degree of revenue visibility.

Looking at the first half of 2025, the MR vessels were contracted for 453 days or 83% under short-term time charters.

Global spot market for immediate voyage employment.

While time charters dominate the reported mix, the spot market provides flexibility for immediate voyage employment. For the six months ended June 30, 2025, the remainder of the MR days, after the time charter bookings, were employed in the spot market. The financial impact of this is visible in voyage expenses; for instance, voyage related costs and commissions in Q3 2025 were only $0.1 million, down from $1.5 million in Q3 2024, which management noted is partly due to a decrease in spot employment.

The fleet's exposure to the spot market dictates the variability in Time Charter Equivalent (TCE) rates:

• MR tankers achieved an average TCE rate of $21,085 per day in Q3 2025.
• Dry-bulk carriers recorded an average daily TCE rate of $13,513 in Q3 2025.
• For the nine months ended September 30, 2025, the average MR daily TCE rate was $21,712.

Shipbrokers and chartering agents facilitating deals.

Shipbrokers and chartering agents are key intermediaries for both time charter and spot market fixtures. The cost associated with using these channels is reflected in voyage related costs and commissions. For the three months ended September 30, 2025, these costs were $0.1 million. This contrasts with the $1.5 million recorded for the same period in 2024, showing a significant reduction in commission expenses year-over-year, likely tied to the lower volume or rate environment for brokered deals.

Here's a quick look at the employment mix and associated rates for Q3 2025:

Vessel Segment	Employment Type	Utilization Rate (Q3 2025)	Average Daily TCE Rate (Q3 2025)
MR Tankers	Short-term Time Charters	100% of revenue days	$21,085 per day
Dry-Bulk Carriers	Short-term Time Charters	Utilization at 83.3%	$13,513 per day

The company also engaged in share repurchases through the open market, spending $264 thousand in Q1 2025, excluding brokerage commissions, which is a separate, though related, cash outflow channel.

• MR TCE rate for Q1 2025 was $23,593 per day.
• Dry-bulk TCE rate for Q1 2025 was $13,013 per day.
• As of November 20, 2025, MRs were estimated at $20,700 per day for Q4 2025 coverage.

Pyxis Tankers Inc. (PXS) - Canvas Business Model: Customer Segments

You're looking at the core clientele for Pyxis Tankers Inc. (PXS) as of late 2025. Their business model relies on chartering out their modern, eco-efficient fleet, which as of November 20, 2025, consisted of 3 MR2 tankers and 3 dry-bulk vessels, totaling 6 vessels in the fleet.

The company's strategy in the third quarter of 2025 involved employing 100% of the MR tankers' revenue under short-term time charters, with bulk carriers similarly employed under short-term time charters. This short-term focus means their customer segments are actively seeking immediate or near-term capacity for specific voyages or defined periods.

Major integrated and national oil companies.

These entities form a primary customer base for the MR tankers, which transport refined petroleum products like gasoline, diesel/gas oil, jet/kerosene, and naphtha. The demand from this segment is directly tied to global population growth, increasing per capita incomes, and industrialization driving long-term need for transportation fuels. For the three months ended September 30, 2025, the average TCE rate achieved by the MR tankers was $21,085 per day.

International commodity trading firms.

These firms are key charterers in the product tanker market, utilizing the MR fleet to move refined products globally. The trading environment in 2025 was influenced by geopolitical conditions, such as trade disruptions, which expanded ton-miles and supported charter rates. The company's ability to secure short-term time charters suggests these trading firms are actively managing immediate supply chain needs.

Global refiners and petrochemical producers.

Refiners represent another critical customer group for the MR segment, requiring marine transportation for their output. The market for these customers saw some recovery as 2025 progressed, supported by resilient global economic activity. The overall TCE revenue for Pyxis Tankers Inc. in Q3 2025 was $8.9 million.

Charterers of refined petroleum products and dry bulk cargoes.

This segment encompasses the charterers for both the MR product tankers and the dry-bulk fleet. The dry-bulk carriers, which include Ultramax and Kamsarmax vessels, serve customers needing to move dry-bulk commodities. Chartering conditions in the dry-bulk market showed improvement in the latter half of 2025, sustained by worldwide demand for key commodities, with the Baltic Dry Index rising by 48% from June 30 until November 17, 2025. The average daily TCE rate for the dry-bulk carriers in Q3 2025 was $13,513.

Here's a quick look at the fleet deployment and rates as of late 2025:

Vessel Type	Number of Vessels (as of Nov 20, 2025)	Employment Type (Q3 2025)	Average Daily TCE Rate (Q3 2025)
MR2 Tankers	3	Short-term Time Charters	$21,085 per day
Dry-Bulk Carriers	3	Short-term Time Charters	$13,513 per day

The company's customer engagement strategy is characterized by:

• Employing 100% of MR tanker revenue via short-term time charters.
• Securing charters based on the need for refined product transportation.
• Serving dry-bulk demand supported by global commodity needs, led by China.
• Maintaining a fleet of modern, eco-efficient vessels to attract attractive chartering arrangements.

The total fleet utilization for the nine months ended September 30, 2025, for the MR tankers was 96.5%.

Finance: draft 13-week cash view by Friday.

Pyxis Tankers Inc. (PXS) - Canvas Business Model: Cost Structure

You're looking at the hard numbers driving Pyxis Tankers Inc.'s operational expenses as of late 2025. Here's the quick math on what it costs to run that six-ship fleet.

Vessel Operating Expenses (OPEX) for the six-ship fleet

Vessel operating expenses for the nine months ended September 30, 2025, totaled $10.4 million, which was an increase of $0.5 million, or 5.5%, compared to the same period in 2024. This increase reflects the fleet expansion in 2024, which increased vessel ownership days from 1,418 to 1,638. On a total fleet basis, OPEX per day actually improved, decreasing to $6,365 from $6,951 in the corresponding period of 2024. The six-ship fleet as of September 23, 2025, consisted of three MR2 product tankers and three dry bulk vessels. Still, the OPEX per day for the MR tankers was higher, partially offset by lower OPEX per day for the dry-bulk vessels.

Here's a snapshot of the fleet structure impacting these costs:

Fleet Segment	Number of Vessels (as of Sept 23, 2025)	Combined Carrying Capacity (dwt)	Average Weighted Age (Years)
MR Product Tankers	3	148,592	11.1
Dry Bulk Vessels (Wholly Owned/JV)	3	227,632	9.8 (Overall Dry Bulk)

Debt Service Costs, including interest on the new SOFR + 1.9% facility

The cost of borrowing money is definitely impacting returns, as the interest cover ratio was reported at a weak 0.99 in September 2025. Total funded debt, net of deferred financing costs, stood at $78.9 million in September 2025, down from $80.745 million on March 31, 2025. For the six months ended June 30, 2025, interest and finance costs were $2.9 million. The weighted average interest rate on total funded debt for that same six-month period was 6.66%. Pyxis Tankers Inc. secured a commitment for a loan facility of up to $45 million, expected to close in June 2025, with borrowings carrying an average interest rate of SOFR + 1.9%, repayable quarterly over five years from drawdown.

General and Administrative (G&A) expenses (increased in Q1 2025)

General and administrative expenses have seen a notable step-up due to fleet expansion and inflationary pressures, including the 2024 Greek inflation rate adjustment of 2.74% applied to affiliated manager fees. For the third quarter of 2025, G&A expenses were $0.8 million, an increase of $0.1 million from the $0.7 million reported in the same period of 2024. Looking at the longer period, G&A for the nine months ended September 30, 2025, was $5.4 million, representing an increase of $3.2 million compared to $2.2 million in the first nine months of 2024. For the first half of 2025 (six months ended June 30, 2025), G&A hit $4.6 million, a jump of $3.0 million from $1.5 million in the first half of 2024.

Capital expenditures for vessel acquisitions and special surveys

Capital expenditure activity in early 2025 involved mandatory dry-docking for special surveys. The dry-bulk vessel "Konkar Venture" completed her second special survey within 22 days in Q1 2025. The dry-bulk vessel "Konkar Asteri" commenced her second special survey in March 2025, with 12 days of work in Q1 2025 and the remaining 10 days completed in April 2025. As of June 30, 2025, the balance sheet showed costs related to these activities:

• Unpaid portion of Special survey cost: $1,382 thousand.
• Unpaid portion of vessel additions: $101 thousand.

The new $45 million loan facility is earmarked to fund the potential acquisition of up to two modern vessels, which would represent a future capital outlay.

Voyage related costs (bunker fuel, port fees) for spot charters

Pyxis Tankers Inc. noted that all ships in the fleet were employed under a mix of short-term and medium-term time charters as of September 23, 2025. While specific bunker fuel and port fee expenses for spot charters aren't itemized as a standalone cost here, the operational performance gives context. For the third quarter of 2025, the MR tankers generated an average Time Charter Equivalent (TCE) rate of $21,085 per day. For the nine months ended September 30, 2025, the dry-bulk vessels achieved a daily TCE rate of $13,119.

Finance: draft 13-week cash view by Friday.

Pyxis Tankers Inc. (PXS) - Canvas Business Model: Revenue Streams

Pyxis Tankers Inc. generates its revenue streams primarily from the seaborne transportation of refined petroleum products and dry bulk commodities, utilizing its fleet of eco-efficient vessels under time charters.

The core of the revenue generation is the Time Charter Equivalent (TCE) revenue derived from two main segments:

• TCE revenue from MR tankers, which transport refined petroleum products.
• TCE revenue from dry bulk carriers, which transport dry-bulk commodities.

For the three months ended September 30, 2025, Pyxis Tankers reported $9.7 million in revenues, net. This figure compares to the Time Charter Equivalent (TCE) revenues of $8.9 million for the same period, representing a decrease of $2.7 million, or 23.5%, over the comparable period in 2024.

The employment strategy for the entire fleet in the third quarter of 2025 involved short-term time charters for both vessel classes. Specifically, 100% of the MR tankers' revenue was generated under these short-term arrangements.

Here's a look at the key operational performance metrics for the third quarter of 2025:

Metric	MR Tankers	Dry Bulk Carriers
Average Daily TCE Rate (Q3 2025)	$21,085	$13,513
Average Vessels Operated (Q3 2025)	3	3
Employment Basis (Q3 2025)	Short-term time charters	Short-term time charters

The average daily TCE for the MR tankers in the third quarter of 2025 was $21,085 per day. This rate showed an increase of about $400 per day sequentially from the second quarter of 2025, but was 29% lower than the rates achieved in the third quarter of 2024.

For the dry bulk carriers, the average daily TCE rate for the quarter ended September 30, 2025, was $13,513 per day. This represented an increase of about $700 per day sequentially from the second quarter of 2025, yet it was slightly lower by 2.4% compared to the third quarter of 2024.

Looking into the immediate forward period, as of November 20, 2025, the forward chartering outlook showed:

• MR tankers were employed at an average estimated TCE of $20,700 per day.
• The bulkers were employed at an improving average estimated TCE of $17,150 per day, with 78% of available days booked for the fourth quarter ending December 31, 2025.