Pyxis Tankers, Inc. Q1 FY2024 earnings call

• Global economic activity was resilient despite tight monetary policies and conflicts like the Red Sea issue. Inflation persisted and interest rate cuts were less likely. • Healthy financial performance in Q1 2024 with TCE up 10.2%, net income $3.6 million, and adjusted EBITDA $6 million. • Expanded dry bulk fleet by adding a Modern Kamsarmax, ending Q1 with 5 vessels. • Implemented a mixed chartering strategy with focus on diversification by customer and duration. • Board authorized purchase of $1 million of common shares in open market and planned redemption of ~25% of Series A Convertible Preferred shares. • Agreed to acquire Konkar Venture bulker via joint venture, to be funded by bank debt, cash, and restricted common stock issuance.

In Q1 2024, Pyxis Tankers had consolidated time charter equivalent (TCE) revenues of $10.2 million, a 10.2% increase from the same period in 2023. For the product tanker segment, the Eco fleet's MRs had a daily TCE of approximately $31,719 in Q1 2024. The dry bulk segment expanded its fleet with the addition of a Modern Kamsarmax, and its midsized bulkers had a daily TCE of $16,950. The product tankers contributed to the overall revenue, with the MRs' daily TCE being a key component, and the dry bulk segment's expansion added to the consolidated TCE.

• Product tanker chartering environment remains strong with 83% of available days in Q2 2024 booked for MRs at an average TCE of $32,500 per day. • Dry bulk supply-demand fundamentals relatively balanced for 2024. • Committed to actively pursuing value-enhancing investment opportunities, including further fleet expansion with acquisition of Konkar Venture sister-ship. • Share buyback and preferred stock redemption plans are expected to be accretive to shareholders.

• Geopolitical conflicts such as the Russian-Ukraine war and Red Sea conflict continue to impact global seaborne trade and create market uncertainty. • Unpredictable delays in scheduled new build deliveries in the product tanker sector, with order book for MR2 at 9.8% of global fleet and 13.8% of MR2 fleet over 20 years old. • Market volatility and potential fluctuations in charter rates affecting financial performance.