Pyxis obtains bank ‘hunting licence’ for new acquisitions
- Greece-based product tanker owner has also dipped into bulk carriers since 2023
- Owner of six vessels estimates new facility could fund purchase of up to two modern tankers or bulkers
- Funds can be drawn down within 18 months of closing
US-listed owner is weighing both tanker and dry bulk tonnage after lining up new $45m loan
PYXIS Tankers is eyeing new acquisitions after lining up a so-called ‘hunting licence’ for $45m from one of its existing banks.
The Nasdaq-listed owner of product tankers, that diversified into dry bulk tonnage two years ago, said that it is looking at both the dry and wet market for opportunities.
Potentially, the new five-year bank loan that can be tapped could finance two product tankers of handymax up to aframax sizes, or two bulkers within the ultramax to kamsarmax segments, according to Pyxis.
It could also opt to acquire one tanker and one bulker.
The Greece-based company currently owns a fleet of three medium-range tankers, one kamsarmax and majority interests in another kamsarmax and an ultramax.
Pyxis said that it is looking at modern vessels and under the commitment letter from the bank funds could be applied to up to 62.5% of the value of any vessel purchased.
The owner will pay the balance of the purchase price out of the company’s cash on hand.
The new facility can be drawn on any time during a period of 18 months after closing, which is expected during June.
