Pyxis Tankers, Inc. Q2 FY2024 earnings call

• Acquired a 2015 build Kamsarmax in late June 2024, expanding fleet to 6 modern vessels (3 MR2 product tankers, 1 Ultramax, 2 Kamsarmax bulk carriers). • Q2 2024 consolidated TCE revenues $12.2 million, up ~42% y-o-y. • Net income $5 million, adjusted EBITDA $8 million. • Product tanker chartering environment strong due to tighter inventories, changing trade patterns. • Dry bulk sector supply-demand balanced, positive outlook with 76% of bulkers' Q3 2024 days booked. • Fleet has an average age materially below industry averages.

In the quarter ended June 30, 2024, Pyxis Tankers generated consolidated time charter equivalent revenues of $12.2 million, a 42% increase from Q2 2023. The daily time charter equivalent for the fleet in Q2 2024 was approx. $29,150. MRs averaged close to $32,900 per day, and midsized bulkers averaged $22,300 per day. For product tankers, 68% of available days in Q3 2024 were booked for MRs at an average estimated TC rate of $33,850 per day. For dry bulk, 76% of available days in Q3 2024 were booked for bulkers at an average estimated TC of $17,200 per day.

• Positive outlook for product tanker and dry bulk sectors supported by healthy chartering environments. • Will actively pursue value-enhancing accretive investment opportunities but is selective in modern MR acquisitions due to current high prices. • Aim to strengthen balance sheet by amortizing scheduled debt and repurchasing additional shares.

• Disruption in global seaborne trade from Russia-Ukraine war and Middle East conflict. • Macroeconomic and geopolitical events beyond control affecting market conditions. • Escalating tensions in Middle East affecting oil markets and adding uncertainty. • Slippage in new product tanker deliveries due to backlogs in Asian yards.