COMPANY PRESENTATIONFebruary 2020

2

DISCLAIMERFORWARD-LOOKING STATEMENTS & INFORMATION

This document includes "forward-looking statements" intended to qualify for the safe harbor from liability established by

the Private Securities Litigation Reform Act of 1995 in order to encourage companies to provide prospective information

about their business. These statements include statements about our plans, strategies, goals financial performance,

prospects or future events or performance and involve known and unknown risks that are difficult to predict. As a result,

our actual results, performance or achievements may differ materially from those expressed or implied by these

forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as

"may," "could," "expects," "seeks," "predict," "schedule," "projects," "intends," "plans,“ "anticipates," "believes," "estimates,"

"potential," "likely" and variations of these terms and similar expressions, or the negative of these terms or similar

expressions.

Such forward-looking statements are necessarily based upon estimates and assumptions. Although the Company

believes that these assumptions were reasonable when made, because these assumptions are inherently subject to

significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company's

control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.

The Company’s actual results may differ, possibly materially, from those anticipated in these forward-looking statements

as a result of certain factors, including changes in the Company’s financial resources and operational capabilities and

as a result of certain other factors listed from time to time in the Company's filings with the U.S. Securities and Exchange

Commission. For more information about risks and uncertainties associated with our business, please refer to our filings

with the U.S. Securities and Exchange Commission, including without limitation, under the caption “Risk Factors” in our

Annual Report on Form 20-F for the fiscal year ended December 31, 2018. We caution you not to place undue reliance

on any forward looking statements, which are made as of the date of this document. We undertake no obligation to

update publicly any information in this document, including forward-looking statements, to reflect actual results, new

information or future events, changes in assumptions or changes in other factors affecting forward-looking statements,

except to the extent required by applicable 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).

3

COMPANY OVERVIEWPURE PLAY PRODUCT TANKER COMPANY

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

►Modern tanker fleet of five IMO-certified vessels - weighted average age of 7.7 years

►Management pursuing a sale or other long-term strategy for small tankers

Growth Oriented

with Attractive,

Modern Fleet

► Long-standing relationships with first-class customers worldwide

►As of February 9, 17% of remaining 2020 available days for MRs booked at an average gross

charter rate of ~$15,400, excluding charterers’ options

►Positioned to capitalize as charter rates are expected to improve in 2020 and after

Reputable Customer

Base & Diversified

Chartering Strategy

►Disciplined, substantially fixed cost structure creates greater earnings power when

rates improve

►Competitive total daily operational costs to peer group

►Moderate capitalization with 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 consists of respected industry figures

► Solid ESG commitment and track record

Experienced,

Incentivized

Management

► IMF’s global annual growth of 3%+ should help demand outpace supply in 2020

►Historically low and declining MR2 orderbook

► Increased scrapping expected – 6% of global MR2 fleet 20 years old or more

►New environmental regulations, led by IMO 2020, should be positive for Eco-MRs resulting in

incremental demand combined with lower available capacity

Favorable Industry

Fundamentals, plus

IMO 2020 Catalyst,

Create Attractive

Entry Point

4

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

Fle

et

De

tails

Fle

et

Em

plo

ym

en

t O

ve

rvie

w

11% of the remaining days of 2020 are covered, exclusive of charters’ options

Current Charter

Vessel ShipyardVessel

Type

Carrying

Capacity

(dwt)

Year BuiltType of

Charter

Charter

rate (1)Earliest

Redelivery Date

Pyxis Epsilon (2) SPP / S.Korea MR 50,295 2015 Time $15,350 March 2020

Pyxis Theta (2) SPP / S.Korea MR 51,795 2013 Time $15,375 May 2020

Pyxis Malou SPP / S.Korea MR 50,667 2009 Time $15,500 April 2020

Northsea Alpha(3) Kejin / China Small Tanker 8,615 2010 Spot n/a n/a

Northsea Beta (3) Kejin / China Small Tanker 8,647 2010 Spot n/a n/a

Total 170,019Avg. Age

8 Years

(1) These tables are dated as of February 9th , 2020 and show gross rates and do not reflect commissions payable.

(2) Pyxis Theta & Pyxis Epsilon have granted the charterer an option to extend the one year time charter for an additional 12 months (+/- 30 days) at a gross charter rate of $17,500/d.

(3) Management pursuing sale or other long-term strategy for small tankers.

Vessel

Jan May July Aug Sept Oct Nov Dec

Pyxis Epsilon

Pyxis Theta

Pyxis Malou

Northsea Alpha

Northsea Beta

Fixed Employment Charterers Optional Period Spot Employment Open Days Drydocking / BWTS Days

2020

MarFeb Apr June

5

STRONG RELATIONSHIPSQUALITY VESSELS & OPERATIONS → BLUE CHIP CUSTOMERS → COMPETITIVE

LENDING TERMS

CUSTOMERS SENIOR LENDERSSHIPYARDS

6

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 &Corporate

Secretary

Valentios “Eddie”

Valentis

Chairman & CEO

Henry Williams

CFO & Treasurer

DECADES OF EXPERIENCE

7

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 V.Group, the largest 3rd party ship management 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 @ ~ $756/day/vessel provide safe and efficient operating

results compared to peers

8

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

►Maintain commercial lending and expand capital markets relationships

►Address Environmental, Social and Governance (ESG) standards throughout the

organization

►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 10 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 & Support

ESG Standards

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

9

SUPPORT GOOD ENVIRONMENTAL, SOCIAL, GOVERNANCE

STANDARDS

► Focus on eco-efficient, modern MR tankers, resulting in improved fuel

consumption and lower greenhouse gas emissions

► Clear strategy to comply with new and existing IMO regulations, including:

• Retrofitting MR fleet with Ballast Water Treatment Systems (BWTS) for

compliance with G8 guidelines

• Consuming IMO2020 compliant fuel only by avoiding installation of exhaust

gas cleaning systems

► Maintain operational excellence to ensure continued compliance with all

relevant regulatory environmental standards – no history of environmental

claims

ENVIRONMENTAL

SOCIAL

GOVERNANCE

► Outsourcing of crewing and technical management to ITM, part of the world’s

largest vessel management group, which is committed to maintaining the

highest standards in health and safety by ongoing training and development

of its staff and vessel crews

► Regular election process for all Board members

► Independent Board members chair various oversight committees

► Comprehensive whistleblower and insider trading policies

► Full compliance with all applicable NASDAQ and SEC requirements

► Experienced CEO is council member of INTERTANKO

► Best-in-class advisors and auditors – Seward & Kissel (legal), EY (audit) and

Grant Thornton (SOX)

MARKET OVERVIEWPRODUCT TANKER INDUSTRY

11

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, February 2020

12

CHANGING TRADE ROUTES & PETROLEUM REFINERY

LANDSCAPE CREATING INCREMENTAL DEMAND

Source: Drewry, February 2020

* Compound annual growth rate

Increases in Demand due to Changing Trade Routes & Refining Landscape

1,500

1,700

1,900

2,100

2,300

2,500

2,700

2,900

3,100

3,300

3,500

600

650

700

750

800

850

900

950

1,000

1,050

1,100

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Seaborne Product Trade - Million Tons (Left Hand Scale)

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

3.0% CAGR* in million tons of seaborne trade2.9% CAGR in ton mile demand

13

EVOLVING TRADE ROUTES WITH TON MILES

INCREASING

Source: Drewry, February 2020

• 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 Latin America and Africa have little refining capacity

• U.S. exports to Latin America have grown at CAGR of 10.2% from 2009 to 2019

Major Long – haul MR2 Trade Routes

14

U.S. HAS BECOME MAJOR EXPORTER OF REFINED

PRODUCTSM

illio

n B

arr

els

pe

r D

ay

Increasing refined product exports due to proliferation of shale oil production

Source: Drewry, February 2020

0.00

1.00

2.00

3.00

4.00

5.00

6.00

Ja

n-1

0

Ap

r-1

0

Ju

l-10

Oc

t-1

0

Ja

n-1

1

Ap

r-1

1

Ju

l-11

Oc

t-1

1

Ja

n-1

2

Ap

r-1

2

Ju

l-12

Oc

t-1

2

Ja

n-1

3

Ap

r-1

3

Ju

l-13

Oc

t-1

3

Ja

n-1

4

Ap

r-1

4

Ju

l-14

Oc

t-1

4

Ja

n-1

5

Ap

r-1

5

Ju

l-15

Oc

t-1

5

Ja

n-1

6

Ap

r-1

6

Ju

l-16

Oc

t-1

6

Ja

n-1

7

Ap

r-1

7

Ju

l-17

Oc

t-1

7

Ja

n-1

8

Ap

r-1

8

Ju

l-18

Oc

t-1

8

Ja

n-1

9

Ap

r-1

9

Ju

l-19

Oc

t-1

9

United States Saudi Arabia

15

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

Source: Drewry, February 2020

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

OEC

D A

me

ric

a

OEC

D E

uro

pe

OEC

D A

sia

Oc

ea

nia

FSU

No

n-O

EC

D E

uro

pe

Ch

ina

Oth

er

Asi

a

Latin

Am

eric

a

Mid

dle

Ea

st

Afr

ica

2020 2021 2022 2023 2024

16

DECLINING MR2* ORDER BOOK

• Total MR2 vessel orderbook has fallen from ~48% high in 2007 of the then existing fleet to 5.6% (96

vessels) of the worldwide fleet as of December 31, 2019

• Low ordering – 37 MR2’s in 2019 (2.1% of global fleet) of which 13 are to be scrubber fitted

• Limited capacity additions - only 35 MR2s scheduled beyond 2020 due to continued limited

availability of cost-effective capital and future technology concerns

• Worldwide MR2 fleet is expected to grow at an annual gross rate of 2.5% through 2021, without giving

effect to scrapping of older vessels and slippage of deliveries

• Slippage of 3.3% in 2019 for new build MR2 deliveries, based on the number of units

Expected MR2 Delivery Schedule

Nu

mb

er

of

Ve

sse

ls

* MR2 37 – 54,999 DWT

Source: Drewry, February 2020

61

30

50

10

20

30

40

50

60

70

Medium Range 2 (MR2)

2020 2021 2022+

17

MR2 SCRAPPING EXPECTED TO INCREASE

Global Fleet Age Distribution of MR2s by Tonnage

• Average age of MR2 fleet is 10.5 years

• 105 MR2 vessels (6% of worldwide fleet) are 20 years old or more

• 14 MR2 (0.8% of the MR2 fleet) scrapped in 2019

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

replacement ability

• New environmental regulations should drive more scrapping

Source: Drewry, February 2020

0%

5%

10%

15%

20%

25%

30%

35%

40%

<5yrs 5-10yrs 10-15yrs 15-20yrs 20-25yrs 25+yrs

18

Jan.10-Dec.19 MR2 Avg. Rate

Average $14,141

Low $11,000

High $19,500

Dec. 2019 $16,000

Jan.10-Dec.19 MR2 Avg. Rate

Average $9,992

Low $1,100

High $26,100

Dec. 2019 $18,701

MR2 CHARTER RATES POSITIONED FOR IMPROVEMENT

MR2 Time Charter Equivalent* Daily Spot Rates

1 Year MR2 Time Charter Equivalent Daily Rates *

Source: Drewry, February 2020

* Please see Exhibit I- Non-GAAP Definitions

USD

pe

r D

ay

USD

pe

r D

ay

5,000

10,000

15,000

20,000

25,000

Jan

-10

Jun

-10

No

v-1

0

Ap

r-1

1

Se

p-1

1

Feb

-12

Jul-12

De

c-1

2

Ma

y-1

3

Oc

t-1

3

Ma

r-1

4

Au

g-1

4

Jan

-15

Jun

-15

No

v-1

5

Ap

r-1

6

Se

p-1

6

Feb

-17

Jul-17

De

c-1

7

Ma

y-1

8

Oc

t-1

8

Ma

r-1

9

Au

g-1

9

MR2 10 Year Average

0

5,000

10,000

15,000

20,000

25,000

30,000

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

2015 2016 2017 2018 2019 10 Year Average

19

Type ($ million) Dec’19 *2010-2019Average * Difference

New Build (delivery Late ‘21) ** $36.0 $35.0 3%

5 yr. old 30.0 26.2 14%

10 yr. old 19.0 17.5 9%

MODERATE MR2 ASSET VALUES CREATE ATTRACTIVE

ENTRY POINT

MR2 Asset Prices

USD

Mill

ion

* Source: Drewry, February 2020, excludes Jones Act vessels ** Tier III vessel, exclusive of higher design specifications, yard supervision costs and spares

10.0

15.0

20.0

25.0

30.0

35.0

40.0

Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19

NB Price NB Price Average 10-19 SH Price - 5 Yrs Old

SH Price 5 Yrs old Average 10-19 SH Price - 10 Yrs Old SH Price 10 Yrs old Average 10-19

20

IMO2020 – STARTING A WAVE OF DECARBONIZATION CHANGE

Effective January 1st, Industry-Wide Fuel Regulations Limiting Sulfur Emissions to 0.5%; HSFO Carriage Ban Starting March 31st

INITIAL MARITIME

RESPONSE

► Refineries manufactured sufficient supplies of blends of compliant VLSFO

► Logistical challenges in a few major ports creating congestion & delivery

problems for re-fueling

► Temporary floating storage in handful of major ports (e.g. 22 VLCC’s in Singapore

mostly holding VLSFO*)

► Limited compatibility issues of new fuel blends but greater demand for MGO due

to proven reliability

► Initial HSFO price spreads to MGO and VLSFO higher than anticipated but

declining, e.g. 3 major ports HSFO to VLSFO avg. spread fallen 45% YTD to $209/Mt

► YE 2020 HSFO to VLSFO spread expected to be ~$180/Mt with ample supply

► Some tanker owners, who previously elected to install scrubbers, delayed retrofits

due to strong charter rates with further delays expected at Chinese yards due to

the Coronavirus outbreak

► Initial indications of scrubber economics seem to be better than anticipated but

time will tell; depending on vessel, installations cost $1.5-5M with off-hire of up to

90 days; unclear impact to vessel OPEX

► Ban on use of open-loop scrubbers in certain jurisdictions

► Widening charter premiums for Eco and modern scrubber fitted vessels vs.

standard vessels (up to $2K/d for Eco MR2 with additional $1.5K for scrubber fitted

unit)

► Little reported slow-steaming and violations

► New trading routes developing for product tankers

Pyxis will Not Install Scrubbers due to Overall Risk/Return Profile & Allot Fuel Risks to MR Charterers under Staggered T/C’s

* Source: DNB January 24, 2020

21

IMO2020 – STARTING A WAVE OF DECARBONIZATION CHANGE(cont.)

Longer Term Regulatory Goal to Reduce Carbon Emissions by 2050 to 50% of 2008 levels

LONGER-TERM

RESPONSE

► Implementation of Poseidon Principles and ongoing ESG monitoring by major

financial institutions to disclose their assessment of whether borrowers are in-line

with IMO goals will result in greater lending selectivity

► Expanding issuance of “green” debt financings

► Vessel owners burdened with costs of increasing regulatory compliance but

should benefit from lower fuel consumption, greater operating efficiencies and

demand-pull for newer, environmentally-friendly vessels

► Worldwide collaborative efforts to develop new ship designs, engine/propulsion

systems and fuels

► Various technological uncertainties and limited cost-effective capital continues

to result in low new build vessel orders

► S&P activity for tankers primarily focused on older, less efficient units

► Potential for increase in “qualified” scrapping under the pending IMO Hong Kong

International Convention

Pyxis Welcomes the Responsibilities & Opportunities of Greater Environmental Regulation

22

PRELIMINARY IMPACT OF CORONAVIRUS – UNCHARTERED WATERS

Coronavirus - A Significant Impact on World Trade and, to a Limited Extent, the Product Tanker Market

EVOLVING IMPACT

OF THE SPREAD OF

CORONAVIRUS

► Difficult to read effect within China due to extension of Lunar Year holiday and

evolving ripple effect worldwide

► Short-term decline in economic growth globally, and specifically within China -

Chinese GDP growth estimated to decline from 6-6.5% to 5-5.5% in 2020

► BP recently estimated a short-term reduction of Chinese daily oil consumption of

7.4%, or 1Mbpd, primarily reflecting lower jet fuel and gasoline demand for

transportation

► Changes to trade routes and potential increase in ton-miles

► Lower seasonal demand and refinery turnarounds combined with Coronavirus

effects have resulted in slightly lower charter rates – One year T/C reduced

$500/d and lower spot rates in Asia

► Disruption of vessel operations: increased monitoring of crew health, review of

prior ports of call, potential delays at ports with quarantines for vessels which

recently called in China and selective port closures within China

► Reduction of fuel costs due to lower short-term activity

► Reduction and delays in shipyard activity - newbuilds, retrofits of scrubbers and

repairs

► Implementation of Force Majeure - Chinese Council of Promotion of International

Trade is issuing Force Majeure certificates to domestic companies which has an

unquantifiable impact commercially and uncertain regulatory / legal implications

Limited Short Term Impact to Pyxis due to Time Charter Coverage but Unhealthy for All as long as Coronavirus

Persists. Rebound Could be Dramatic.

PYXIS TANKERSFINANCIAL HIGHLIGHTS

24

CAPITALIZATION AT SEPTEMBER 30, 2019, AS ADJUSTED

Moderate

leverage

No bank balloon

payments

scheduled until

Q3 2022

* Adjusted for the sale of Delta and scheduled debt amortization through Feb 9, 2020

• Weighted average interest rate of total debt for the nine months ended September 30, 2019 was 8.2%

At September 30, 2019

In ‘000 USD ACTUAL, as adjusted*

Cash and cash equivalents, including restricted cash $ 4,622

Institutional debt, net of deferred financing fees 52,524

Promissory note 5,000

Total funded debt $ 57,524

Stockholders' equity 32,648

Total capitalization $ 89,902

Net funded debt $ 52,902

Total funded debt / total capitalization 64.0%

Net funded debt / total capitalization 58.8%

25

ECO-MR TVOCs EASILY COVERED BY TC REVENUE

MR Daily TCE compared to Total Operational Costs in 2019*

► Our eco-MRs’ total daily operational costs continue to be stable and very

competitive vs our peers

► TC Revenue provides significant cash flow surplus to meet capital requirements

* 9M Through Sep 2019

6,8945,768

756

756

1,091

1,09113,046

14,185

$ 0

$ 2,000

$ 4,000

$ 6,000

$ 8,000

$ 10,000

$ 12,000

$ 14,000

$ 16,000

Opex Man Fee SGA TCE

Eco-Efficient MRs (2 vessels)Eco-Mod MR (1 vessel)

26

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 February 9, 2020:

▪ Maritime Investors Corp. (“MIC”) 17,188,238 (80.2% of outstanding)

▪ Public Float 3,978,582 (18.6%)

▪ Other Management 253,648 (1.2%)

▪ Total Shares Outstanding 21,420,468 (100%)

► No outstanding overhang of dilutive securities e.g. warrants, options or equity-linked

securities

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

shareholders

27

INVESTMENT HIGHLIGHTSPURE PLAY PRODUCT TANKER COMPANY

Growth Oriented with Attractive, Modern

Eco Fleet

Reputable Customer Base & Mixed

Chartering Strategy

Competitive Cost Structure & Moderate

Capitalization

Experienced, Incentivized

Management & Commitment to Good

ESG Standards

Favorable Industry Fundamentals Create Attractive Entry Point

with Upside

NON-GAAP DEFINITIONSEXHIBIT I

29

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

revenues, net 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 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, management organization and dry-dockings.

30

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