COMPANY PRESENTATIONJanuary 2019

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DISCLAIMERFORWARD-LOOKING STATEMENTS & INFORMATION

This presentation contains forward-looking statements and forward-looking information within the meaning of

applicable securities laws. The words “expected'', “estimated”, “scheduled”, “could”, “anticipated”, “long-term”,

“opportunities”, “potential”, “continue”, “likely”, “may”, “will”, “positioned”, “possible”, “believe”, “expand” and

variations of these terms and similar expressions, or the negative of these terms or similar expressions, are intended to

identify forward-looking information or statements. But the absence of such words does not mean that a statement is

not forward-looking. Forward-looking information is based on the opinions, expectations and estimates of management

of Pyxis Tankers Inc. (“we”, “our” or “Pyxis”) at the date the information is made, and is based on a number of

assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or

results to differ materially from those projected in the forward-looking information. Although we believe that the

expectations and assumptions on which such forward-looking statements and information are based are reasonable,

you should not place undue reliance on the forward-looking statements and information because we cannot give any

assurance that they will prove to be correct. Since forward-looking statements and information address future events

and conditions, by their very nature they involve inherent risks and uncertainties and actual results and future events

could differ materially from those anticipated or implied in such information. Factors that might cause or contribute to

such discrepancy include, but are not limited to, the risk factors described in our Annual Report on Form 20-F for the

year ended December 31, 2017 and our other filings with the Securities and Exchange Commission (the “SEC”). The

forward-looking statements and information contained in this presentation are made as of the date hereof. We do not

undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result

of new information, future events or otherwise, except in accordance with U.S. federal securities laws and other

applicable securities laws.

This presentation and any oral statements made in connection with it are for informational purposes only and do not

constitute an offer to buy or sell our securities. For more complete information about us, you should read the information

in this presentation together with our filings with the SEC, which may be accessed at the SEC’s website

(http://www.sec.gov).

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COMPANY OVERVIEWEMERGING GROWTH - PURE PLAY PRODUCT TANKER COMPANY

► Focus on modern medium range (“MR”) product tankers with “eco” features

►Modern tanker fleet of six IMO-certified vessels - weighted average age of ~ 8 years

►Management may pursue a sale or other long-term strategy relating to small tankers

Growth Oriented

with Attractive,

Modern Fleet

► Long-standing relationships with first-class customers worldwide

►As of January 21, 79% of Q1 2019 MR available days booked at average TCE of $13K

►Positioned to capitalize when charter rates improve

Reputable Customer

Base & Diversified

Chartering Strategy

►Disciplined fixed cost structure creates greater earnings power when rates improve

►Competitive total daily operational costs to peer group

►Balanced capitalization with moderate cost, long-lived funded debt

►Earliest scheduled balloon payment due Q3 2022

Competitive Cost

Structure &

Moderate

Capitalization

► Strong mgmt. team with 90+ years of combined industry and capital markets experience

► Founder/CEO has proven track record and is a major shareholder

►Board members consist of respected industry figures and/or with significant experience

Experienced,

Incentivized

Management

& Prominent Board

► IMF’s global annual growth of 3.5% in 2019 should help demand to outpace supply

► Lowest MR2 orderbook since 2000 with expected fleet growth (gross) of 5.5 % in 2019

► Increased scrapping expected ~ 7% of global MR2 fleet 19 years old or more

►New environmental regulations could negatively affect older vessels leading to further

scrapping as well as result in slow steaming and increased dry-dockings industry wide

Favorable Industry

Fundamentals

Create Attractive

Entry Point

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PYXIS CURRENT FLEET & EMPLOYMENT OVERVIEWPOSITIONED FOR UPSIDE OPPORTUNITIES

Our mixed chartering strategy provides upside opportunities through spot trading when rates improve and

stable, visible cash flows from time charters

Vessel ShipyardVessel

Type

Carrying

Capacity

(dwt)

Year BuiltType of

Charter

Anticipated

Redelivery Date (1)

Pyxis Epsilon SPP / S.Korea MR 50,295 2015 Time Apr. 2019

Pyxis Theta SPP / S.Korea MR 51,795 2013 Time Jul. 2019

Pyxis Malou SPP / S.Korea MR 50,667 2009 Spot N/A

Pyxis Delta Hyundai / S.Korea MR 46,616 2006 Time Jun. 2019

Northsea Alpha (2) Kejin / China Small Tanker 8,615 2010 Spot N/A

Northsea Beta (2) Kejin / China Small Tanker 8,647 2010 Spot N/A

Total 216,635Avg. Age

8.1 Years

Fle

et

De

tails

Fle

et

Em

plo

ym

en

t O

ve

rvie

w

(1) These tables are as of January 21, 2019 and show latest redelivery dates and do not reflect commissions payable.

(2) Management may pursue sale or other long-term strategy for small tankers.

(3) Pyxis Malou will perform her scheduled special survey upon completion of current spot voyage during February.

Jan Mar May Jun Aug Sep Oct Nov Dec

$13,350 p.d.

$13,800 p.d.

Spot

$12,800 p.d.

Spot

Spot

Pyxis Epsilon

Pyxis Theta

Pyxis Malou (3)

Pyxis Delta

Northsea Alpha

Northsea Beta

Fixed

Employment

Charterers

Optional Period

Spot

Employment

2019

Open

Days

Feb Apr Jul

1Q19

5

STRONG RELATIONSHIPSQUALITY VESSELS & OPERATIONS → BLUE CHIP CUSTOMERS → ATTRACTIVE

LENDING TERMS

CUSTOMERS SENIOR LENDERSSHIPYARDS

http://www.google.gr/url?url=http://www.businesswire.com/news/home/20150325005587/en/Koch-Industries-Energy-Star%C2%AE-Program-Partner&rct=j&frm=1&q=&esrc=s&sa=U&ved=0ahUKEwjRy__DyuDJAhVKDxoKHRh-Bg4QwW4IHTAE&usg=AFQjCNE7eKZNzXJREtt0dRBSLPPIr1y1lQ

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SENIOR MANAGEMENT

► Joined Pyxis affiliates in 2008; 25+ years of experience in the shipping industry

►Co-founder of Navbulk Shipping S.A., a start-up dry bulk company

►5 years as Financial Director of Neptune Lines, a car carrier company

►16 years in various financial and operational positions for other ship owning and services

companies

►25+ years of experience in owning, operating and managing within various shipping

sectors, including product, dry bulk, chemical, as well as salvage and towage

► Founder of Pyxis in 2015 and Pyxis Maritime Corp. in 2007

► For the last 16 years, Managing Director & Principal of KONKAR SHIPPING AGENCIES S.A.,

an Athens-based dry bulk owner-operator established in 1968

► Joined Pyxis affiliates in 2015; 35+ years of commercial, investment and merchant

banking experience

►Previous investment banking positions include Nordea Markets (Oslo & NY)–Global Sector

Head- Shipping, and Oppenheimer (NY)–Head of Energy & Transportation

Konstantinos

“Kostas” Lytras

Chief Operating

Officer

Valentios “Eddie”

Valentis

Chairman & CEO

Henry Williams

CFO & Treasurer

DECADES OF EXPERIENCE

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PYXIS ORGANIZATIONAL STRUCTURELEAN, EFFICIENT, SCALABLE ORGANIZATIONAL STRUCTURE

Administrative, Commercial &

Ship Management Services (1)

Administrative, Commercial &

Ship Management Fees

(1) As an affiliate, provides the commercial management for the fleet and supervises the crewing and technical management performed by ITM for all our vessels

(2) Provides technical management for all our vessels. ITM is a third party vessel manager, part of the VShips Group, the largest 3rd party ship manager provider in the world.

Technical

Management (2)

Quality, Cost Effective Ship Management

► Streamlined structure minimizes costs and allows management to focus on creating long term

shareholder value

►Very competitive ship management fees @ ~ $755/day/vessel provide safe and efficient operating

results compared to peers

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►Expand fleet by targeting balanced capital structure of debt and equity

►Maintain commercial lending and expand capital markets relationships

►Meet charterers’ preference for modern and eco tankers, which offer more

operating reliability and efficiency

►Maintain high standards ensuring high level of safety, customer service and support

►Continue solid margins and ship level financial discipline within Pyxis

► Focus on acquisition of IMO II and III MR2 class product tankers of eight years of

age or less built in Tier 1 Asian shipyards

►Prudently grow company size as soon as practical

Grow the Fleet

Opportunistically

Maintain Financial

Flexibility

Focus on the Needs

of our Customers

COMPANY STRATEGYFOCUS ON QUALITY, GROWTH, SERVICE & FINANCIAL FLEXIBILITY

►Employ mixed chartering strategy between time and spot

►Maintain optionality – spot exposure offers upside during periods of market strength

►Diversify charters by customer and staggered duration

Utilize Portfolio

Approach to

Commercial

Management

MARKET OVERVIEWPRODUCT TANKER INDUSTRY

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REFINED PRODUCTS OVERVIEW

Petroleum Products

Bitumen

Fuel Oil

Cycle Oils

Diesel/Gasoil

Kerosene

Gasolines

Clean Condensates

Naphthas

Other Bulk Liquids

Vegetable Oils & Organic Chemicals

Dirty

Products

Clean

Products

Crude

Most products tankers can switch

between clean and dirty products when

the tanks are carefully cleaned. Gasoil is

a good clean up cargo when switching

from dirty to clean products.

More sophisticated product tankers work

at this end of the market, some with the

ability to carry products and certain

chemicals.

Crude tankers carry only crude oil and

fuel oils (except possibly maiden

voyage).

Non-oil substances now covered by

revised IBC Code. To carry chemicals,

an IMO Certificate of Fitness is

required.

PRODUCT CARRYING VERSATILITY

Veg Oil/Light Chemicals

Source: Drewry, January 2019

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CHANGING TRADE ROUTES & PETROLEUM REFINERY

LANDSCAPE CREATING INCREMENTAL DEMAND

Source: Drewry, January 2019, provisional estimates

* Compound annual growth rate, 2008 -2018

Increases in Demand due to Changing Trade Routes & Refining Landscape

Seaborne Product Trade - Million Tons (Left Hand Scale)

Ton Mile Demand - Billion Ton Miles (Right Hand Scale)

1,500

1,700

1,900

2,100

2,300

2,500

2,700

2,900

3,100

3,300

600

650

700

750

800

850

900

950

1,000

1,050

1,100

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

3.2% CAGR* in million tons of seaborne trade

3.4% CAGR in ton mile demand

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Increases in Long-Haul Routes

EVOLVING TRADE ROUTES WITH TON MILES

INCREASING

• Growth in net refining capacity expected to further drive demand for product tankers

• Lower crude / feedstock prices generate incremental refinery demand

• Arbitrage between markets create further opportunities

• Emerging, growing markets in South America and Africa have little to no refining capacity

• U.S. exports to South America have grown at CAGR of ~13% from 2008 to 2018

R R

New RefineriesR

Source: Drewry, January 2019

R

13

0

1

2

3

4

5

6

May-08 May-09 May-10 May-11 May-12 May-13 May-14 May-15 May-16 May-17 May-18

United States Saudi Arabia India

U.S. HAS BECOME LARGEST EXPORTER OF REFINED

PRODUCTS GLOBALLYM

illio

n B

arr

els

pe

r D

ay

Increase in refinery capacity due to proliferation of shale oil production

Source: Drewry, August 2018

14

0.0

0.5

1.0

1.5

2.0

2.5

2018 2019 2020 2021 2022

REFINERY CAPACITY ADDITIONS FURTHER AWAY FROM END USERS → BOOSTING TON-MILE DEMAND

Expected Petroleum Refinery Capacity Additions Driven by Non-OECD Growth & Exports

Mill

ion

Ba

rre

ls p

er

Da

y

6.6% Increase in Global Refinery Capacity (2018-2022)

Source: Drewry, January 2019

15

MR2 ORDER BOOK AT LOWEST LEVEL SINCE 2000

• Total MR2 vessel orderbook has fallen from a ~48% high in 2007 of the then existing fleet to 7.6% (124

MR2 vessels) of the worldwide fleet, lowest since 2000

• MR2: Low ordering – 41 MR2’s in 2018 (2.5% of global trading fleet)

• Limited capacity additions scheduled due to continued financial problems/restructurings/closures at

certain shipyards and limited availability of cost-effective capital

• Worldwide MR2 fleet is expected to grow by 5.5% (gross) in 2019, without giving effect to scrapping of

older vessels and slippage of deliveries

• Delays in scheduled new vessel deliveries – estimated 31% in 2018* with 25% slippage est. for 2019

Expected Delivery Schedule – Medium Range 2

Nu

mb

er

of

Ve

sse

ls

Source: Drewry, January 2019 - excludes Jones Act vessels

* Allied Shipbrokering, January 2019

0

10

20

30

40

50

60

70

80

90

100

2019 2020 2021 +

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MR2 SCRAPPING EXPECTED TO INCREASE; LOW NET

FLEET GROWTH EXPECTED

Global MR2 Fleet Age Distribution by Tonnage

• Average age of MR2 fleet is 10.1 years

• 90 MR2 vessels (5.5%) are 20 years old or more

• 2% scrapping (33 MR2) in 2018

• Sizeable portion of global fleet approaching end of its useful life - future supply will affect

replacement ability

• New environmental regulations should drive more scrapping

• 52 MR2 face 4th special survey during 2019-20

Source: Drewry, January 2019

0%

5%

10%

15%

20%

25%

30%

35%

17

► New environmental regulations should lead to increased scrapping and more dry-

dockings• Force owners to either scrap earlier or make significant vessel capital expenditures to remain

operationally competitive

• Increased dry-docking days temporarily reduce available supply

• 115 MR2 (7% of world fleet) are 19 years old or more

► Ballast Water Treatment System (“BWTS”)• Ballast sea water is used to stabilize vessels and ensure structural integrity; Pumped before/after

cargo is loaded/unloaded

• Starting September 2019 at vessel’s next special survey, owners will have to install approved

BWTS, which removes inactive organisms from ballast water prior to discharge

• Retrofits in older tankers can be challenging and costly

• Depending on vessel, fully loaded installation costs expected to be between $0.5-0.6 million for

a standard MR tanker

• Pyxis Malou second special survey with BWTS upgrade in Q1 2019

NEW ENVIRONMENTAL REGULATIONS

TO DRIVE MORE SCRAPPING

Source: Drewry, January 2019

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New stricter regulations on sulphur emissions starting January 1, 2020• Limits reduced from 3.5% to 0.5% for bunker fuel

• Impact to worldwide merchant fleet of over 75,000 vessels and 3.5 million bpd of bunkers

• Refineries will increase distillate yields starting 2H 2019 to capture higher margins and demand

for low - sulphur fuel oil (LSFO)

• Bunker fuel redistribution to global ports, hubs and storage terminals create new and

expanded trade routes resulting in incremental demand for MR2’s

► Vessel owners can either:I. Install expensive scrubbers (~$2.0 million cost vs. ~$4.0 million vessel scrap value) to

burn current grade of 380 fuel, or

II. Pay sizeable fuel premium (currently ~ $225 per ton or $6,750 per day) to burn marine

gas oil (MGO) and run vessel at slower speed

• Scrubber installation requires incremental drydocking days and temporarily reduces

capacity

• Potential onboard technical and operating challenges of scrubbers could increase

operating costs; expanding list of coastal areas and countries banning open-loop

scrubbers could negatively effect scrubber adoption

• Slow steaming to effectively reduce global vessel supply in 2020 by ~50 MR2

• Introduction of compliant fuel blends of LSFO –when and what prices TBD

► Multi-tiered charter market, favoring eco-efficient vessels, expected within multi-year rising

charter rate environment

IMO 2020 – MAJOR CATALYST

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2009-18 MR2 Rate

Average $14,164

Low $10,800

High $20,000

Dec. 2018 $14,000

2009-18 MR2 Rate

Average $12,073

Low $1,800

High $28,800

Dec. 2018 $26,700

MR2 TIME CHARTER RATES POSITIONED FOR

IMPROVEMENT

Daily MR2 Time Charter Equivalent Spot Rates (Caribs-USAC)

1 Year MR2 Time Charter Equivalent Rates *

Source: Drewry, January 2019

* Please see Exhibit I - Non-GAAP Definitions

USD

pe

r D

ay

USD

pe

r D

ay

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2014 2015 2016 2017 2018 10 Yr Average

9,000

11,000

13,000

15,000

17,000

19,000

21,000

MR2 10 Year Average

20

REASONABLE MR2 ASSET VALUES CREATE

ATTRACTIVE ENTRY POINT

MR2 Asset Prices

USD

Mill

ion

Type Dec 201810 Yr.

Average Difference

New Build(delivery 2H20) * $36.0 $35.4 3%

SH 5 yr. old $27.0 $26.4 2%

Source: Drewry, January 2019 - excludes Jones Act vessels

* Exclusive of higher specifications, yard supervision costs and spares, Tier III vessel with no scrubber installed

15

20

25

30

35

40

45

50

55

60

Jan-

08

Jun-

08

Nov-

08

Apr-0

9

Sep-

09

Feb-

10

Jul-1

0

Dec-

10

May

-11

Oct-1

1

Mar

-12

Aug-

12

Jan-

13

Jun-

13

Nov-

13

Apr-1

4

Sep-

14

Feb-

15

Jul-1

5

Dec-

15

May

-16

Oct-1

6

Mar

-17

Aug-

17

Jan-

18

Jun-

18

Nov-

18

NB Price SH Price (5yr Old) NB Price 10 Yr Ave SH Price 10 Yr Ave

PYXIS TANKERSFINANCIAL HIGHLIGHTS

22

At September 30, 2018

In ‘000 USD ACTUAL

Cash and cash equivalents, including restricted cash $ 10,873

Institutional debt, net of deferred financing fees 63,444

Promissory note 5,000

Total funded debt $ 68,444

Stockholders' equity 43,382

Total capitalization $ 111,826

Net funded debt $ 57,571

Total funded debt / total capitalization 61.2%

Net funded debt / total capitalization 51.5%

CAPITALIZATIONAT SEPTEMBER 30, 2018

• Weighted average interest rate of total debt for the nine months ended September 30, 2018 was 5.34%

Balanced

leverage at

moderate

interest costs

No bank balloon

payments

scheduled until

Q3 2022

23

MANAGEMENT INCENTIVIZED TO ACHIEVE GROWTHFOUNDER/CEO’S SUBSTANTIAL SHAREHOLDINGS

► Common shares listed on NASDAQ Capital Market under trading symbol “PXS”

► The shareholder base as of December 31, 2018:

▪ Maritime Investors Corp. 17,033,927 (80.9% of outstanding)

▪ Public Float 4,026,263 (19.1%)

▪ Total Shares Outstanding 21,060,190 (100%)

► Our Founder/CEO’s substantial shareholdings and interests are aligned with our shareholders

24

INVESTMENT HIGHLIGHTSEMERGING GROWTH - PURE PLAY PRODUCT TANKER COMPANY

Growth Oriented with Attractive,

Modern Eco Fleet

Reputable Customer Base &

Diversified Chartering Strategy

Competitive Cost Structure & Moderate

Capitalization

Experienced, Incentivized

Management & Prominent Board

Favorable Industry Fundamentals

Create Attractive Entry Point with

Upside

NON-GAAP DEFINITIONSEXHIBIT I

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EXHIBIT I | NON-GAAP DEFINITIONS

Daily time charter equivalent (“TCE”) is a shipping industry performance measure of the average daily revenue performance of a

vessel on a per voyage basis. TCE is not calculated in accordance with U.S. GAAP. We utilize TCE because we believe it is a

meaningful measure to compare period-to-period changes in our performance despite changes in the mix of charter types (i.e.,

spot charters, time charters and bareboat charters) under which our vessels may be employed between the periods. Our

management also utilizes TCE to assist them in making decisions regarding employment of the vessels. We calculate TCE by dividing

voyage revenues after deducting voyage related costs and commissions by operating days for the relevant period. Voyage

related costs and commissions primarily consist of brokerage commissions, port, canal and fuel costs that are unique to a particular

voyage, which would otherwise be paid by the charterer under a time charter contract.

Vessel operating expenses (“Opex”) per day are our vessel operating expenses for a vessel, which primarily consist of crew wages

and related costs, insurance, lube oils, communications, spares and consumables, tonnage taxes as well as repairs and

maintenance, divided by the ownership days in the applicable period.

We define total daily operational costs as vessel Opex, technical and commercial management fees plus allocable general and

administrative expenses, applied on a daily basis, typically in comparison of our eco-efficient and eco-modified MR’s. These costs

can vary by fleet composition, vessel delivery, operating structure and management organization.

27

CONTACT

Pyxis Tankers Inc.

K. Karamanli 59

Maroussi 15125, Greece

Email: info@pyxistankers.com

www.pyxistankers.com

Henry Williams

CFO & Treasurer

Phone: +1 516 455 0106/ +30 210 638 0200

Email: hwilliams@pyxistankers.com

mailto:info@pyxistankers.com