PYXIS Tankers, the Nasdaq-listed shipowner, expects to see attractive opportunities to add to its fleet against a backdrop of “challenging” market prospects.

“We believe there will be compelling opportunities in the near future to expand our fleet of mid-sized, modern eco-efficient vessels in both the product tanker and dry bulk sectors,” said chief executive Valentios Valentis.

In the meantime, he expected the company would continue to use its cashflow to “further enhance balance sheet liquidity, repay scheduled debt and maintain strong technical and commercial performance”.

Greece-based Pyxis owns a fleet of three medium-range tankers, one kamsarmax and majority interests in another kamsarmax and an ultramax.

It has recently lined up a so-called “hunting licence” for $45m from one of its existing banks to support its ambitions to acquire further vessels.

At a maximum loan-to-value ratio of 62.5% for any purchases, the company has estimated the financing may enable it to move for two vessels either in the dry bulk or product tanker spaces, or one in each.

Commenting on the company’s first-quarter results, Valentis said that the product tanker sector experienced lower rates than the same quarter last year, “due to slowing global economic activity as evidenced by softening global demand for transportation fuels”.

An average time cheater equivalent rate of $23,593 for the MR tankers was 26% lower than in the year-ago quarter, but 7% higher than in the immediately prior quarter, he said.

In dry bulk, chartering conditions “remained subdued” but rates were also higher than in the fourth quarter of 2024.

“For the remainder of 2025, we expect the chartering environment for both product tankers and the dry bulk carriers to remain challenging,” said Valentis.

First-quarter revenues decreased by 18.6% to $9.6m and net income fell from more than $3.6m in last year’s first quarter to $766,000 in the latest quarter.