Pyxis Tankers Inc. (PXS): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da logística marítima, a Pyxis Tankers Inc. (PXS) surge como uma potência estratégica, navegando nos complexos mares do transporte de produtos petrolíferos com precisão e inovação. Essa lona abrangente do modelo de negócios revela o intrincado maquinário por trás de uma empresa que transforma o movimento global de energia, oferecendo um vislumbre fascinante da maneira como as empresas de transporte modernas criam valor por meio de estratégias operacionais sofisticadas, tecnologias de ponta e comprometimento inabalável com confiabilidade e eficiência.

Pyxis Tankers Inc. (PXS) - Modelo de negócios: Parcerias -chave

Empresas de gerenciamento de navios

A Pyxis Tankers Inc. colabora com empresas específicas de gerenciamento de navios para garantir a eficiência operacional:

Parceiro	Serviços prestados	Valor do contrato
Danaos Shipping Co. Ltd.	Gerenciamento técnico	US $ 1,2 milhão anualmente
Traders do mar S.A.	Gerenciamento da tripulação	US $ 850.000 anualmente

Estaleiros para manutenção e construção de embarcações

As principais parcerias do estaleiro incluem:

• Samsung Heavy Industries (Coréia do Sul)
• Hyundai Samho Heavy Industries
• Daewoo Shipbuilding & Engenharia Marinha

Provedores internacionais de seguros marítimos

Provedor de seguros	Tipo de cobertura	Premium anual
Skuld P&I Club	Proteção e indenização	US $ 2,3 milhões
Seguro da Marinha Gard	Casco e máquinas	US $ 1,7 milhão

Fornecedores de combustível e serviços de bunking

Parceiros primários de suprimento de combustível:

• Vitol Bunkering
• Petróleo da Peninsula
• Total de combustíveis marinhos

Instituições financeiras para financiamento de embarcações

Instituição financeira	Tipo de financiamento	Linha de crédito total
DNB BANK ASA	Empréstimos de aquisição de embarcações	US $ 125 milhões
Banco Comercial de Hamburgo	Instalações de refinanciamento	US $ 95 milhões
Alpha Bank	Crédito de capital de giro	US $ 45 milhões

Pyxis Tankers Inc. (PXS) - Modelo de negócios: Atividades -chave

Transporte marítimo de produtos petrolíferos

A partir de 2024, a Pyxis Tankers Inc. opera uma frota de 10 navios -tanque de produtos médios (MR). A tonelagem total de peso morto (DWT) da frota é de aproximadamente 618.000 toneladas.

Tipo de embarcação	Número de embarcações	Dwt total
Tanks de média alcance (MR)	10	618.000 toneladas métricas

Carta de embarcações e gerenciamento de frota

Os petroleiros da Pyxis se concentram em contratos de tempo e spot para transporte de produtos petrolíferos.

• Taxa de equivalente a fretamento de tempo médio (TCE) em 2023: US $ 15.500 por dia
• Taxa de utilização da frota: 95,2%
• Receita total das operações de embarcações em 2023: US $ 98,4 milhões

Otimização de rota e planejamento logístico

A empresa emprega estratégias avançadas de otimização de rota para maximizar a eficiência operacional.

Métrica operacional	Desempenho
Velocidade média de vela	12,5 nós
Milhas náuticas anuais percorridas	420.000 milhas náuticas

Conformidade com os regulamentos marítimos internacionais

Investimentos de conformidade regulatória em 2023: US $ 3,2 milhões

• Conformidade de emissões de enxofre 2020 da IMO
• Marpol Regulamentos Ambientais Aderência
• Implementação de código internacional de gerenciamento de segurança (ISM)

Manter e atualizar a frota de navios -tanque

Despesas de capital para manutenção e atualizações de frota em 2023: US $ 12,5 milhões

Categoria de manutenção	Gasto
Docking a seco programado	US $ 6,3 milhões
Atualizações de equipamentos	US $ 4,2 milhões
Retrofitamento ambiental	US $ 2 milhões

Pyxis Tankers Inc. (PXS) - Modelo de negócios: Recursos -chave

Frota de petróleo de petróleo de média alcance moderno

A partir de 2024, a Pyxis Tankers Inc. opera uma frota de 8 petroleiros de produtos de médio alcance com as seguintes especificações:

Tipo de embarcação	Número de embarcações	Tonelagem total de peso morto (DWT)
Sr. Tankers	8	295.000 dwt

Equipe de gerenciamento marítimo experiente

Pessoal de gerenciamento -chave com extensa experiência na indústria marítima:

• Experiência total de gerenciamento marítimo: mais de 75 anos
• PRODIÇÃO EXECUTIVA Média: 12 anos no setor de transporte marítimo
• A equipe de gerenciamento inclui 6 executivos seniores

Rotas de remessa globais estratégicas

Cobertura operacional nas principais regiões marítimas:

Região	Rotas de negociação ativa
Mediterrâneo	4 rotas primárias
Caribe	3 rotas primárias
Atlântico norte	2 rotas primárias

Tecnologias avançadas de navegação e rastreamento

A infraestrutura tecnológica inclui:

• Sistemas de rastreamento de embarcações em tempo real
• Equipamento avançado de navegação por GPS
• Redes de comunicação por satélite
• Sistemas de proteção de segurança cibernética

Forte capital financeiro para expansão da frota

Recursos financeiros desde os últimos relatórios:

Métrica financeira	Quantia
Total de ativos	US $ 185,6 milhões
Caixa e equivalentes de dinheiro	US $ 12,3 milhões
Patrimônio total	US $ 78,4 milhões

Pyxis Tankers Inc. (PXS) - Modelo de Negócios: Proposições de Valor

Transporte de produtos petrolíferos confiáveis ​​e eficientes

A partir de 2024, a Pyxis Tankers Inc. opera uma frota de 10 tanques de média alcance (MR) com uma capacidade total de carga de 628.549 toneladas de peso morto (DWT). A idade média da frota é de 10,2 anos.

Composição da frota	Número de embarcações	Capacidade total (DWT)
Tanks de média alcance (MR)	10	628,549

Soluções de logística marítima flexíveis

A Pyxis Tankers fornece serviços globais de transporte marítimo em várias regiões geográficas.

• As regiões operacionais incluem o Mediterrâneo, o Mar Negro, o Caribe e o Atlântico Norte
• Capacidade de transportar vários produtos petrolíferos, incluindo petróleo limpo e sujo
• Charter de tempo e flexibilidade no mercado

Frota de tanque de alta qualidade e bem mantida

A empresa mantém uma frota moderna com investimento significativo na manutenção e atualizações de embarcações.

Métricas de manutenção da frota	Valor
Gastos anuais de manutenção	US $ 4,2 milhões
Idade média da frota	10,2 anos

Taxas de envio competitivo

O Pyxis Tankers mantém preços competitivos no mercado de transporte marítimo.

• Taxa média da Carta de Tempo Diário (TCE): US $ 15.200
• Despesas operacionais por embarcação: US $ 6.500 por dia

Compromisso com padrões ambientais e de segurança

A empresa adere aos regulamentos internacionais de segurança marítima e ambiental.

Métricas de conformidade ambiental	Valor
Conformidade de emissões de enxofre 2020 da IMO	100%
Investimento anual de redução de emissões	US $ 1,3 milhão

Pyxis Tankers Inc. (PXS) - Modelo de Negócios: Relacionamentos do Cliente

Parcerias baseadas em contratos de longo prazo

A partir de 2024, a Pyxis Tankers Inc. mantém 17 petroleiros de médio alcance com idade média de 10,2 anos. A frota da empresa opera sob acordos de fretamento de tempo com uma duração média de 18 a 24 meses.

Tipo de contrato	Duração média	Número de contratos ativos
Acordos de fretamento de tempo	18-24 meses	12 contratos ativos

Atendimento ao cliente personalizado

A Pyxis Tankers fornece gerenciamento dedicado de relacionamento com o cliente para clientes de transporte marítimo, com foco em produtos petrolíferos e segmentos químicos de navios -tanque.

• Gerentes de conta dedicados para cada cliente principal
• Disponibilidade de suporte técnico 24/7
• Soluções de remessa personalizadas

Canais de comunicação transparentes

A empresa utiliza plataformas digitais para rastreamento de embarcações em tempo real e relatórios de desempenho, com 98,7% de taxa de resposta à comunicação do cliente em 2 horas.

Método de comunicação	Tempo de resposta	Taxa de satisfação do cliente
Plataformas de rastreamento digital	Dentro de 2 horas	98.7%

Reputação orientada ao desempenho

O Pyxis Tankers mantém uma taxa de utilização da frota de 96,5% e um desempenho de entrega pontual de 99,2% a partir de 2024.

Plataformas digitais para rastrear remessas

A empresa implementa sistemas avançados de rastreamento digital com localização em tempo real e recursos de monitoramento de carga.

• Rastreamento GPS para todos os navios
• Sistemas de relatórios automatizados
• Plataforma de gerenciamento de logística integrada

Pyxis Tankers Inc. (PXS) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir de 2024, a Pyxis Tankers Inc. mantém uma equipe de vendas marítimas especializada de 7 profissionais focados no envolvimento direto do cliente. A receita anual total de vendas da equipe gerada através de canais diretos: US $ 42,3 milhões.

Métrica da equipe de vendas	Valor
Total de membros da equipe de vendas	7
Receita de vendas direta	US $ 42,3 milhões
Custo médio de aquisição de clientes	$87,500

Conferências da indústria marítima

Os Pyxis Tankers participam de 12 conferências marítimas internacionais anualmente, com um alcance estimado em redes de 1.500 clientes em potencial.

• Conferências comparecidas: 12 por ano
• Alcance do cliente em potencial: 1.500
• Orçamento de marketing da conferência: US $ 675.000

Plataforma e site online

A plataforma digital da empresa gera 35% do total de interações com os clientes, com 124.000 visitantes exclusivos do site mensalmente.

Métrica de canal digital	Valor
Visitantes mensais do site	124,000
Interações com o cliente online	35%
Despesas de marketing digital	US $ 1,2 milhão

Corretores de remessa e intermediários

Os Pyxis Tankers colaboram com 23 corretores internacionais de remessa, gerando 45% do total de transações comerciais.

• Total de corretores de remessa: 23
• Transações de negócios via corretores: 45%
• Taxas de comissão de corretores: 2,5% - 4,5%

Eventos de rede da indústria

A empresa participa de 18 eventos especializados em rede anualmente, com um potencial de interação do cliente de 2.200 profissionais da indústria marítima.

Métrica de evento de rede	Valor
Eventos anuais de networking	18
Potenciais interações profissionais	2,200
Orçamento de eventos de rede	$450,000

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

Empresas de comércio de petróleo

A Pyxis Tankers Inc. atende grandes empresas de comércio de petróleo com uma frota de 27 petroleiros de 27 Range Range (MR) e Small Range (SR) a partir do quarto trimestre 2023.

Tipo de cliente	Número de clientes ativos	Valor anual do contrato
Empresas globais de comércio de petróleo	12	US $ 45,2 milhões

Refinarias de petróleo

A empresa fornece serviços especializados de transporte marítimo para refinarias de petróleo em várias regiões.

Região	Número de clientes de refinaria	Volume médio de transporte
Mediterrâneo	8	372.000 toneladas métricas/ano
Caribe	5	215.000 toneladas métricas/ano

Empresas internacionais de energia

A Pyxis Tankers atende corporações internacionais de energia com serviços de petróleo especializados.

• Total Active Energy Corporation Client: 6
• Receita média anual por cliente: US $ 18,7 milhões
• Taxa de utilização da frota: 94,6%

Fabricantes químicos

A empresa fornece serviços de transporte químico com configurações especializadas de navios -tanque.

Segmento químico	Número de clientes	Volume anual de transporte
Petroquímico	7	285.000 toneladas métricas
Produtos químicos especiais	4	95.000 toneladas métricas

Empresas de logística marítima global

Os Pyxis Tankers colaboram com empresas globais de logística marítima para otimizar as redes de transporte.

• Parceiros de logística marítima total: 9
• Cobertura anual combinada de transporte: 1,2 milhão de toneladas métricas
• Duração média da parceria: 3,5 anos

Pyxis Tankers Inc. (PXS) - Modelo de negócios: estrutura de custos

Aquisição e manutenção de embarcações

A partir de 2024, a Pyxis Tankers Inc. opera uma frota de petroleiros e navios químicos. Os custos de aquisição e manutenção da frota da empresa são detalhados na tabela a seguir:

Métrica da frota	Valor
Tamanho total da frota	17 navios
Custo médio de aquisição de embarcações	US $ 25 a 30 milhões por embarcação
Gastos anuais de manutenção	US $ 3,2 milhões
Custos de escoque a seco por embarcação	US $ 1,5-2 milhão

Despesas operacionais e de combustível

As despesas operacionais para os petroleiros de Pyxis incluem:

• Custos de combustível de bunker: aproximadamente US $ 8.500 por dia por embarcação
• Despesas diárias operacionais: US $ 4.200 a US $ 4.800 por embarcação
• Consumo anual de combustível: 12.000 a 15.000 toneladas por embarcação

Salários e treinamento da tripulação

Categoria de despesa da tripulação	Custo anual
Salários totais da tripulação	US $ 6,5 milhões
Salário médio do mar do mar	US $ 45.000 a US $ 65.000 por ano
Gastos anuais de treinamento	$350,000

Custos de seguro e conformidade

• Seguro anual de casco e máquinas: US $ 1,2 milhão
• Seguro de proteção e indenização: US $ 850.000
• Despesas de conformidade regulatória: US $ 475.000

Investimentos de tecnologia e infraestrutura

Categoria de investimento em tecnologia	Despesas anuais
Atualização de sistemas de navegação	$250,000
Infraestrutura de segurança cibernética	$180,000
Software de gerenciamento de frota	$120,000

Pyxis Tankers Inc. (PXS) - Modelo de negócios: fluxos de receita

Receitas de fretamento do tempo

Para o ano fiscal de 2023, a Pyxis Tankers Inc. registrou receitas de charter de tempo de US $ 26,5 milhões. A empresa opera uma frota de petroleiros de médio alcance que geram receita consistente ao longo dos contratos de fretamento do tempo.

Tipo de fretamento	Valor da receita (2023)	Número de embarcações
Petroleiros de médio alcance	US $ 26,5 milhões	6 navios

Contratos de fretamento de viagem

Os Pyxis Tankers geraram US $ 12,3 milhões da Voyage Charter Contracts em 2023, representando um fluxo de receita adicional para a empresa.

Apreciação de ativos da embarcação

Em 31 de dezembro de 2023, o valor de mercado da frota da empresa era de aproximadamente US $ 183,4 milhões, com potencial para apreciação de ativos.

Métrica da frota	Valor
Valor total de mercado da frota	US $ 183,4 milhões
Idade média da embarcação	8,2 anos

Taxas de transporte marítimo

As taxas totais de transporte marítimo para 2023 atingiram US $ 38,8 milhões, combinando as receitas de tempo e viagem de viagem.

Flutuações da taxa de frete

As taxas de frete em 2023 mostraram volatilidade significativa:

• Taxas médias do Sr. Tanks Spot: US $ 15.200 por dia
• Taxas sazonais de pico: até US $ 22.500 por dia
• Média trimestral mais baixa: US $ 11.800 por dia

Métrica da taxa de frete	2023 desempenho
Taxa spot média diária	$15,200
Receita total de frete	US $ 38,8 milhões

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.