Pyxis Tankers lines up funds for fleet growth

Greek owner Pyxis Tankers has set out to potentially expand its fleet by up to two ships with the signing of a commitment letter for a bank loan of up to $45m.

The Nasdaq-listed firm said it is eyeing modern product tankers between 45,000 dwt and 115,000 dwt or bulk carriers between 60,000 dwt and 85,000 dwt.

The loan deal is expected to close in June and the amount can be drawn down anytime for up to 18 months to cover as much as 62.5% of the vessel purchase price, with the remaining part coming from cash-in-hand.

Borrowings would be for five years and secured by the vessels purchased at an average interest rate of SOFR plus 1.9%, Pyxis Tankers said.

The Valentios (Eddie) Valentis-led company currently controls three product tankers and three bulkers built between 2013 and 2017.