Cover
Cover - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Entity Addresses [Line Items] | ||
Document Type | 20-F | |
Amendment Flag | false | |
Document Registration Statement | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Shell Company Report | false | |
Document Period End Date | Dec. 31, 2023 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-37611 | |
Entity Registrant Name | PYXIS TANKERS INC. | |
Entity Central Index Key | 0001640043 | |
Entity Incorporation, State or Country Code | 1T | |
Entity Address, Address Line One | 59 K. Karamanli Street | |
Entity Address, City or Town | Maroussi | |
Entity Address, Country | GR | |
Entity Address, Postal Zip Code | 15125 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Document Accounting Standard | U.S. GAAP | |
Entity Shell Company | false | |
ICFR Auditor Attestation Flag | false | |
Document Financial Statement Error Correction [Flag] | false | |
Auditor Firm ID | 1084 | 1457 |
Auditor Name | KPMG Certified Auditors S.A. | Ernst & Young (Hellas) |
Auditor Location | Athens, Greece | Athens, Greece |
Common Stock, par value $0.001 per share [Member] | ||
Entity Addresses [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | PXS | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 10,542,547 | |
Series A Cumulative Convertible Preferred Shares, par value $0.001 per share [Member] | ||
Entity Addresses [Line Items] | ||
Title of 12(b) Security | Series A Cumulative Convertible Preferred Shares, par value $0.001 per share | |
Trading Symbol | PXSAP | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 403,631 | |
Warrants to Purchase Common Stock, par value of $0.001 per share [Member] | ||
Entity Addresses [Line Items] | ||
Title of 12(b) Security | Warrants to purchase Common Stock, par value of $0.001 per share | |
Trading Symbol | PXSAW | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 1,590,540 | |
Business Contact [Member] | ||
Entity Addresses [Line Items] | ||
Entity Address, Address Line One | 59 K. Karamanli Street | |
Entity Address, City or Town | Maroussi | |
Entity Address, Country | GR | |
Entity Address, Postal Zip Code | 15125 | |
City Area Code | 30 | |
Local Phone Number | 210 638 0200 | |
Contact Personnel Name | Mr. Henry Williams |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 34,539 | $ 7,563 |
Short-term investment in time deposits | 20,000 | |
Restricted cash, current portion | 376 | |
Inventories | 957 | 1,911 |
Trade accounts receivable, net | 4,964 | 10,469 |
Prepayments and other current assets | 226 | 204 |
Insurance claim receivable | 608 | |
Total current assets | 60,880 | 21,131 |
FIXED ASSETS, NET: | ||
Vessels, net | 99,273 | 114,185 |
Advance for vessel acquisition | 2,663 | |
Total fixed assets, net | 101,936 | 114,185 |
OTHER NON-CURRENT ASSETS: | ||
Restricted cash, net of current portion | 1,800 | 2,250 |
Financial derivative instrument | 619 | |
Deferred dry-dock and special survey costs, net | 1,622 | 794 |
Prepayments and other non-current assets | 75 | |
Total other non-current assets | 3,497 | 3,663 |
Total assets | 166,313 | 138,979 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt, net of deferred financing costs | 5,580 | 5,829 |
Trade accounts payable | 1,695 | 2,604 |
Hire collected in advance | 1,173 | 2,133 |
Accrued and other liabilities | 646 | 967 |
Total current liabilities | 10,084 | 12,561 |
NON-CURRENT LIABILITIES: | ||
Long-term debt, net of current portion and deferred financing costs | 55,370 | 59,047 |
Promissory note | 6,000 | |
Total non-current liabilities | 55,370 | 65,047 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS’ EQUITY: | ||
Preferred stock ($0.001 par value; 50,000,000 shares authorized; of which 1,000,000 authorized Series A Convertible Preferred Shares; 449,473 Series A Convertible Preferred Shares issued and outstanding as at December 31, 2022 and 403,631 at December 31, 2023) | ||
Common stock ($0.001 par value; 450,000,000 shares authorized; 10,614,319 shares issued and outstanding as at December 31, 2022 and 10,542,547 at December 31, 2023, respectively) | 11 | 11 |
Additional paid-in capital | 110,799 | 111,869 |
Accumulated deficit | (14,270) | (50,509) |
Total equity attributable to Pyxis Tankers Inc. and subsidiaries | 96,540 | 61,371 |
Non-controlling interest | 4,319 | |
Total stockholders’ equity | 100,859 | 61,371 |
Total liabilities and stockholders’ equity | 166,313 | 138,979 |
Related Party [Member] | ||
CURRENT ASSETS: | ||
Due from related parties | 194 | |
CURRENT LIABILITIES: | ||
Due to related parties | $ 990 | $ 1,028 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Common stock, shares issued | 10,542,547 | 10,614,319 |
Common stock, shares outstanding | 10,542,547 | 10,614,319 |
Series A Convertible Preferred Shares [Member] | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 403,631 | 449,473 |
Preferred stock, shares outstanding | 403,631 | 449,473 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Revenues, net | $ 45,468 | $ 58,344 | $ 25,341 |
Expenses: | |||
Voyage related costs and commissions | (6,352) | (17,357) | (9,589) |
Vessel operating expenses | (11,623) | (12,481) | (12,454) |
General and administrative expenses | (3,448) | (2,508) | (2,538) |
Management fees, related parties | (728) | (702) | (716) |
Management fees, other | (760) | (916) | (852) |
Amortization of special survey costs | (388) | (384) | (406) |
Depreciation | (5,503) | (6,100) | (4,898) |
Allowance for credit losses | 78 | (118) | (11) |
Loss on vessel held for sale | (2,389) | ||
Gain/(Loss) from the sale of vessels, net | 25,125 | (466) | |
Total Expenses, net | (3,599) | (41,032) | (33,853) |
Operating income/(loss) | 41,869 | 17,312 | (8,512) |
Other expenses, net: | |||
Loss from debt extinguishment | (379) | (34) | (541) |
Gain/(loss) from financial derivative instruments | (59) | 555 | |
Interest and finance costs | (5,835) | (4,441) | (3,285) |
Interest income | 1,240 | ||
Total other expenses, net | (5,033) | (3,920) | (3,826) |
Net income/(loss) | 36,836 | 13,392 | (12,338) |
Loss attributable to non-controlling interest | 201 | ||
Net income/(loss) attributable to Pyxis Tankers Inc. | 37,037 | 13,392 | (12,338) |
Dividend Series A Convertible Preferred Stock | (810) | (885) | (555) |
Net income/(loss) attributable to common shareholders | $ 36,227 | $ 12,507 | $ (12,893) |
Income/(loss) per common share, basic | $ 3.38 | $ 1.18 | $ (1.43) |
Income/(loss) per common share, diluted | $ 2.94 | $ 1.06 | $ (1.43) |
Weighted average number of common shares, basic | 10,701,059 | 10,613,672 | 8,994,768 |
Weighted average number of common shares, diluted | 12,585,777 | 12,640,581 | 8,994,768 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Series A Convertible Preferred Stock [Member] Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance, value at Dec. 31, 2020 | $ 5 | $ 79,709 | $ (50,155) | $ 29,559 | $ 29,559 | ||
Balance, shares at Dec. 31, 2020 | 181,475 | 5,490,719 | |||||
Issuance of common stock under the PIPE, net | $ 4 | 23,115 | 23,119 | 23,119 | |||
Issuance of common stock under the PIPE, net, shares | 3,571,429 | ||||||
Issuance of common stock under the promissory note | $ 1 | 1,111 | 1,112 | 1,112 | |||
Issuance of common stock under the promissory note, shares | 300,834 | ||||||
Issuance of Series A Convertible Preferred shares, net | 5,563 | 5,563 | 5,563 | ||||
Issuance of Series A Convertible Preferred shares, shares | 308,487 | ||||||
Conversion of Series A Convertible Preferred Shares to common stock | |||||||
Conversion of Series A Convertible Preferred Shares to common stock, shares | (40,289) | 180,106 | |||||
Common stock from exercise of warrants | 202 | 202 | 202 | ||||
Common stock from exercise of warrants, shares | 36,125 | ||||||
Common stock issued for vessel acquisition | $ 1 | 2,171 | 2,172 | 2,172 | |||
Common stock issued for vessel acquisition, shares | 1,034,751 | ||||||
Preferred stock dividends | (537) | (537) | (537) | ||||
Net income/(loss) | (12,338) | (12,338) | (12,338) | ||||
Balance at Dec. 31, 2021 | $ 11 | 111,871 | (63,030) | 48,852 | 48,852 | ||
Balance, shares at Dec. 31, 2021 | 449,673 | 10,613,964 | |||||
Conversion of Series A Convertible Preferred Shares to common stock | (1) | (1) | (1) | ||||
Conversion of Series A Convertible Preferred Shares to common stock, shares | (200) | 896 | |||||
Preferred stock dividends | (871) | (871) | (871) | ||||
Net income/(loss) | 13,392 | 13,392 | 13,392 | ||||
Cancellation of Shares | |||||||
Cancellation of share, shares | (1) | ||||||
Fractional shares settlement for Reverse Split | (1) | (1) | (1) | ||||
Fractional shares settlement for reverse split, shares | (540) | ||||||
Balance at Dec. 31, 2022 | $ 11 | 111,869 | (50,509) | 61,371 | 61,371 | ||
Balance, shares at Dec. 31, 2022 | 449,473 | 10,614,319 | |||||
Balance at Dec. 31, 2022 | $ 11 | 111,869 | (50,509) | 61,371 | 61,371 | ||
Conversion of Series A Convertible Preferred Shares to common stock | 3 | (1) | 2 | 2 | |||
Conversion of Series A Convertible Preferred Shares to common stock, shares | (45,842) | 204,819 | |||||
Preferred stock dividends | (797) | (797) | (797) | ||||
Net income/(loss) | 37,037 | 37,037 | (201) | 36,836 | |||
Common stock re-purchase program | (1,244) | (1,244) | $ (1,244) | ||||
Common stock re-purchase program, shares | (331,591) | 331,591 | |||||
Restricted common stock grants | 171 | 171 | $ 171 | ||||
Restricted common stock grants, shares | 55,000 | ||||||
Contributions from non-controlling interest | 4,520 | 4,520 | |||||
Balance at Dec. 31, 2023 | $ 11 | $ 110,799 | $ (14,270) | $ 96,540 | $ 4,319 | $ 100,859 | |
Balance, shares at Dec. 31, 2023 | 403,631 | 10,542,547 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income/(loss) | $ 36,836 | $ 13,392 | $ (12,338) |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||
Depreciation | 5,503 | 6,100 | 4,898 |
Amortization and write-off of special survey costs | 388 | 384 | 406 |
Allowance for credit losses | (78) | 118 | 11 |
Amortization and write-off of financing costs | 247 | 303 | 247 |
Amortization of restricted common stock grants | 171 | ||
Loss from debt extinguishment | 379 | 34 | 541 |
Loss/(Gain) from financial derivative instrument | 59 | (555) | |
Loss on vessels held for sale | 2,389 | ||
Gain on sale of vessels, net | (25,125) | ||
Issuance of common stock under the promissory note | 55 | ||
Changes in assets and liabilities: | |||
Inventories | 954 | (344) | (886) |
Due from/(to) related parties | (231) | (2,940) | 6,276 |
Trade accounts receivable, net | 5,583 | (8,871) | (1,064) |
Prepayments and other assets | (97) | (18) | (53) |
Insurance claim receivable | 608 | (608) | |
Special survey cost | (1,379) | (519) | |
Trade accounts payable | (1,094) | (227) | (618) |
Hire collected in advance | (960) | 2,133 | (726) |
Accrued and other liabilities | (322) | (108) | (34) |
Net cash provided by/(used in) operating activities | 21,442 | 8,274 | (896) |
Cash flow from investing activities: | |||
Proceeds from the sale of vessel, net | 64,213 | 8,509 | |
Advance for vessel acquisition | (2,663) | ||
Payments for vessel acquisition | (28,500) | (2,995) | (43,005) |
Ballast water treatment system installation | (768) | (561) | (175) |
Vessel additions | (77) | (14) | |
Short-term investment in time deposits | (20,000) | ||
Net cash provided by investing activities | 12,205 | 4,953 | (43,194) |
Cash flows from financing activities: | |||
Proceeds from long-term debt | 34,500 | 59,500 | |
Repayment of long-term debt | (38,760) | (12,030) | (35,980) |
Contributions from non-controlling interest | 4,520 | ||
Gross proceeds from issuance of common stock | 25,000 | ||
Common stock offering costs | (1,899) | ||
Gross proceeds from the issuance of Series A Convertible Preferred units 9 | 6,170 | ||
Preferred shares offering costs | (548) | ||
Proceeds from exercise of warrants into common shares | 202 | ||
Repayment of promissory note | (6,000) | (1,000) | |
Financial derivative instrument | 561 | 10 | (74) |
Payment of financing costs | (277) | (20) | (907) |
Preferred stock dividends paid | (797) | (871) | (537) |
Common stock re-purchase program | (1,244) | ||
Fractional shares paid | (1) | ||
Net cash provided by/(used in) financing activities | (7,497) | (12,912) | 49,927 |
Net increase in cash and cash equivalents and restricted cash | 26,150 | 315 | 5,837 |
Cash and cash equivalents and restricted cash at the beginning of the period | 10,189 | 9,874 | 4,037 |
Cash and cash equivalents and restricted cash at the end of the period | 36,339 | 10,189 | 9,874 |
SUPPLEMENTAL INFORMATION: | |||
Cash paid for interest | 5,630 | 3,912 | 2,929 |
Non-cash financing activities – issuance of common stock under the promissory note | 1,055 | ||
Non-cash financing activities – Promissory Note increase financing acquisition of vessel “Pyxis Lamda” | 3,000 | ||
Non-cash financing activities – issuance of common stock financing acquisition of vessel “Pyxis Lamda” | 2,172 | ||
Unpaid portion for common stock offering costs and issuance of preferred shares | 77 | ||
Unpaid portion of financing costs | 16 | 412 | |
Unpaid portion of Special survey cost | 126 | ||
Unpaid portion of vessel additions | 15 | ||
Unpaid portion of Ballast water treatment system installation | 43 | 16 | |
Unpaid portion of acquisition of vessel “Pyxis Lamda” | $ 2,995 |
Basis of Presentation and Gener
Basis of Presentation and General Information: | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and General Information: | 1. Basis of Presentation and General Information: PYXIS TANKERS INC. (“Pyxis”) is a corporation incorporated in the Republic of the Marshall Islands on March 23, 2015. As of December 31, 2023, Pyxis owns 100% three ● SEVENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Seventhone”); ● TENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Tenthone”); ● ELEVENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Eleventhone”). Pyxis as of December 31, 2023, owns 60% 6.78 Konkar Ormi “Konkar Ormi” Pyxis also currently owns 100% ● SECONDONE CORPORATION LTD, established under the laws of the Republic of the Marshall Islands (“Secondone”) that owned the vessel “Northsea Alpha” that was sold to an unaffiliated third party on January 28, 2022; ● THIRDONE CORPORATION LTD, established under the laws of the Republic of the Marshall Islands (“Thirdone”) that owned the vessel “Northsea Beta” that was sold to an unaffiliated third party on March 1, 2022; ● FOURTHONE CORPORATION LTD, established under the laws of the Republic of Malta (“Fourthone”) that owned the vessel “Pyxis Malou” that was sold to an unaffiliated third party on March 23, 2023; ● SIXTHONE CORP., established under the laws of the Republic of the Marshal Islands (“Sixthone”) that owned the vessel “Pyxis Delta” that was sold to an unaffiliated third party on January 13, 2020; ● EIGHTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Eighthone”) that owned the vessel “Pyxis Epsilon” that was sold to an unaffiliated third party on December 15, 2023; ● MARITIME TECHNOLOGIES CORP, established under the laws of Delaware and ● DRYTWO CORP. (“Drytwo”), stablished under the laws of the Republic of the Marshall Islands (“Drytwo”). On November 28, 2023 “Drytwo” entered into a definitive agreement with an unaffiliated third party to purchase an 82,013 dwt dry-bulk vessel built in 2015 at Jiangsu New Yangzi Shipbuilding. As of December 31, 2023, the Company has paid in-advance amount of $ 2,663 All of the Vessel-owning companies are engaged in the marine transportation of liquid cargoes through the ownership and operation of tanker vessels and dry commodities through the ownership and operation of dry-bulk carriers, as listed below: Schedule of Ownership and Operation of Tanker Vessels Vessel-owning Company Incorporation date Vessel DWT Year built Acquisition date Tanker fleet Seventhone 05/31/2011 Pyxis Theta 51,795 2013 09/16/2013 Tenthone 04/22/2021 Pyxis Karteria 46,652 2013 07/15/2021 Eleventhone 11/09/2021 Pyxis Lamda 50,145 2017 12/20/2021 Dry-bulk fleet Dryone 07/04/2023 Konkar Ormi 63,520 2016 09/14/2023 Secondone, Thirdone and Fourthone were initially established under the laws of the Republic of the Marshall Islands, under the names SECONDONE CORP., THIRDONE CORP. and FOURTHONE CORP., respectively. In March and April 2018, these vessel-owning companies completed their re-domiciliation under the jurisdiction of the Republic of Malta and were renamed as mentioned above. In December 2022, Secondone and Thirdone re-domiciled again under the jurisdiction of the Republic of the Marshall Islands. For further information, please refer to Note 8. Northsea Alpha, Northsea Beta, Pyxis Malou and Pyxis Epsilon was sold to unaffiliated third parties on January 28, 2022, March 1, 2022, March 23, 2023 and December 15, 2023, respectively. The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of Pyxis and its subsidiaries as presented in Note 1 above (collectively the “Company”), as of December 31, 2022 and 2023 and for the years ended December 31, 2021, 2022 and 2023. All of the Company’s vessels are double-hulled and are engaged in the transportation of refined petroleum products and other liquid bulk items, such as organic chemicals and vegetable oils, and dry-bulk commodities. The vessels “ Pyxis Theta”, “Pyxis Karteria” and “Pyxis Lamda” “Konkar Ormi” Prior to the consummation of the transactions discussed below, Mr. Valentios (“Eddie”) Valentis was the sole ultimate stockholder of Pyxis and certain vessel-owning companies, holding all of their issued and outstanding share capital through Maritime Investors. Specifically, Maritime Investors owned directly 100% 100% PYXIS MARITIME CORP. (“Maritime”), a corporation established under the laws of the Republic of the Marshall Islands, which is beneficially owned by Mr. Valentis, provides certain ship management services to the Vessel-owning companies (Note 3). With effect from the delivery of each tanker vessel, the crewing and technical management of the vessels are contracted to INTERNATIONAL TANKER MANAGEMENT LTD. (“ITM”) with permission from Maritime. ITM is an unrelated third party technical manager, represented by its branch based in Dubai, UAE. Each ship-management agreement with ITM is in force until it is terminated by either party. The ship-management agreements can be cancelled either by the Company or ITM for any reason at any time upon three months’ advance notice. Konkar Shipping Agencies, S.A. (“Konkar Agencies”) provides similar technical management and commercial management services for our dry-bulk vessels. As of December 31, 2022 and December 31, 2023, Mr. Valentis beneficially owned 54.0% 54.3% |
Significant Accounting Policies
Significant Accounting Policies: | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies: | 2. Significant Accounting Policies: (a) Principles of Consolidation: Pyxis, as the holding company, determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. Under Accounting Standards Codification (“ASC”) 810 “Consolidation” a voting interest entity is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make financial and operating decisions. Pyxis consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%), of the voting interest. Variable interest entities (“VIE”) are entities as defined under ASC 810-10, that in general either do not have equity investors with voting rights or that have equity investors that do not provide sufficient financial resources for the entity to support its activities. A controlling financial interest in a VIE is present when a company absorbs a majority of an entity’s expected losses, receives a majority of an entity’s expected residual returns, or both. The company with a controlling financial interest, known as the primary beneficiary, is required to consolidate the VIE. Pyxis evaluates all arrangements that may include a variable interest in an entity to determine if it may be the primary beneficiary, and would be required to include assets, liabilities and operations of a VIE in its Consolidated Financial Statements. On July 5, 2023, the Company acquired an 60% 6.78 40% 4.52 60% 50 502 301 201 Schedule of VIE’s Assets and Liabilities Amount Total current assets $ 770 Total fixed assets, net 28,094 Total other non-current assets 800 Total assets: $ 29,664 Total current liabilities $ 1,867 Total non-current liabilities 16,999 Total stockholders’ equity 10,798 Total liabilities and stockholders’ equity: $ 29,664 (b) Use of Estimates: (c) Comprehensive Income / (Loss): (d) Foreign Currency Translation: (e) Commitments and Contingencies: (f) Insurance Claims Receivable: that there is no material impact on the Company’s as of the date of the adoption of ASC 326 on January 1, 2021 and as of December 31, 2022 and 2023, and thus no provision for credit losses was recorded as of those dates (g) Concentration of Credit Risk: (h) Cash and Cash Equivalents and Restricted Cash: that there is no impact on the Company’s as of the date of the adoption of ASC 326 on January 1, 2020 and as of December 31, 2022 and 2023 and thus no provision for credit losses was recorded as of those dates. (i) Income Taxes: Neither Pyxis Tankers Inc. nor any of its subsidiaries are subject to income taxes The vessel-owning companies with vessels that have called on the United States during the relevant year of operation are obliged to file income tax returns with the Internal Revenue Service. The applicable tax is 50% of 4% of U.S. related gross transportation income unless an exemption applies. The Company believes that based on current legislation the relevant vessel-owning companies are entitled to an exemption because they satisfy the relevant requirements, namely that (i) the related vessel-owning companies are incorporated in a jurisdiction granting an equivalent exemption to U.S. corporations and (ii) over 50% of the ultimate stockholders of the vessel-owning companies are residents of a country granting an equivalent exemption to U.S. persons. The Company and each of its subsidiaries believes it qualifies for this statutory tax exemption for the 2023, 2022 and 2021 taxable years (the tax years that remain subject to examination), and is not liable for U.S. federal income tax. The Company takes this position for United States federal income tax return reporting purposes. The Company also believes the vessel owning companies are exempt from income taxes in the other ports where they have called under various exemptions for the shipping industry. Instead, a non-income-based tax is levied in certain of the countries where the vessels trade based on their tonnage, which is included in Vessel operating expenses in the accompanying Consolidated Statements of Comprehensive Income/(Loss). (j) Inventories (k) Trade Accounts Receivable, Net and Hire Collected in Advance 10,572 4,764 138 60 35 260 2,133 1,173 (l) Allowance for credit losses (9) The adoption of ASC 326 primarily impacted trade receivables recorded on Consolidated Balance Sheet. In particular, the Company assessed that any impairment of receivables arising from operating leases, i.e. time charters, should be accounted for in accordance with Topic 842, Leases, and not in accordance with Topic 326. Impairment of receivables arising from voyage charters, which are accounted for in accordance with Topic 606, Revenues from Contracts with Customers, are within the scope of Subtopic 326 and must therefore be assessed for expected credit losses. The Company assessed collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when the Company identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Company considered historical collectability based on past due status. The Company also considered customer-specific information, current market conditions and reasonable and supportable forecasts of future economic conditions to inform adjustments to historical loss data. The Company maintains an allowance for credit losses for expected uncollectable accounts receivable, which is recorded as an offset to trade accounts receivable and changes in such, if any, are classified as Allowance of credit losses in the Consolidated Statements of Comprehensive Income/(Loss). As of December 31, 2022 and December 31, 2023, the Company concluded on an expected credit loss rate of 1.3 1.6 118 78 (m) Vessels, Net The cost of each of the Company’s vessels is depreciated from the date of acquisition on a straight-line basis over the vessels’ remaining estimated economic useful life, after considering the estimated residual value. A vessel’s residual value is equal to the product of its lightweight tonnage and estimated scrap rate per ton. Following the reassessment of the scrap rates effective October 1, 2021, the Company increased the estimated scrap rate per ton from $ 0.30 0.34 32 25 years (n) Impairment of Long-Lived Assets In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels’ future performance, with the significant assumptions being related to time charter equivalent rates by vessel type, while other assumptions include vessels’ operating expenses, management fees, vessels’ capital expenditures, vessels’ residual value, fleet utilization and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. To the extent impairment indicators are present, the projected net operating cash flows are determined by considering the charter revenues from existing time charters for the fixed days and an estimated daily time charter rate for the unfixed days (based on the most recent seven year historical average rates over the remaining estimated useful life of the vessels), expected outflows for vessels’ operating expenses, planned dry-docking and special survey expenditures, management fees expenditures which are adjusted every year, pursuant to the Company’s existing group management agreement, and fleet utilization. The residual value used in the impairment test is estimated to be $ 0.34 Should the carrying value plus the unamortized dry-dock and survey balance of the vessel exceed its estimated future undiscounted net operating cash flows, impairment is measured based on the excess of the carrying value plus the unamortized dry-dock and survey balance of the vessel over the fair market value of the asset. The Company determines the fair value of its vessels based on management estimates and assumptions and by making use of available market data and taking into consideration third party valuations. The review of the carrying amounts plus the unamortized dry-dock and survey balances in connection with the estimated recoverable amount of the Company’s vessels as of December 31, 2021, 2022 and 2023, did not indicate any impairment charge. (o) Long-lived Assets Classified as Held for Sale (p) Financial Derivative Instruments The Company discontinues cash flow hedge accounting if the hedging instrument expires and it no longer meets the criteria for hedge accounting or its designation is revoked by the Company. At that time, any cumulative gain or loss on the hedging instrument recognized in equity is kept in equity until the forecasted transaction occurs. When the forecasted transaction occurs, any cumulative gain or loss on the hedging instrument is recognized in the Consolidated Statement of Comprehensive Income/(loss). If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in equity is transferred to the current period’s Consolidated Statement of Comprehensive Income/(loss) as financial income or expense. (q) Accounting for Special Survey and Dry-docking Costs (r) Interest Income, Interest and Finance Costs 1,240 (s) Fair Value Measurements ● Level 1: Quoted market prices in active markets for identical assets or liabilities; ● Level 2: Observable market- based inputs or unobservable inputs that are corroborated by market data; ● Level 3: Unobservable inputs that are not corroborated by market data. (t) Segment Reporting (u) Income/(Loss) per Share The computation of diluted income/(loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted at the beginning of the periods presented, or issuance date, if later. The treasury stock method is used to compute the dilutive effect of warrants and shares issued under the equity incentive plan and the Promissory Note. The if-converted method is used to compute the dilutive effect of shares which could be issued upon conversion of the Series A Convertible Preferred Shares into common shares. Potential common shares that have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted earnings per share. As the Company reported losses for the year ended December 31, 2021, the effect of any incremental shares would be antidilutive and thus excluded from the computation of loss per share. However, for the year ended December 31, 2022 and 2023 the effect of any incremental shares dilutes the income per share and has been included in diluted earnings per share calculations. (w) Revenues, net The following table presents the Company’s revenue disaggregated by revenue source, net of commissions, for the years ended December 31, 2021, 2022 and 2023: Schedule of Revenue Disaggregated by Revenue Source 2021 2022 2023 Year ended December 31, 2021 2022 2023 Revenues derived from spot charters, net $ 13,711 $ 39,099 $ 12,665 Revenues derived from time charters, net 11,630 19,245 32,803 Revenues, net $ 25,341 $ 58,344 $ 45,468 Revenue from customers (ASC 606): Under a spot charter, the Company incurs and pays for certain voyage expenses, primarily consisting of brokerage commissions, port and canal costs and bunker consumption, during the spot charter (load-to-discharge) and during the ballast voyage (date of previous discharge to loading, assuming a new charter has been agreed before the completion of the previous spot charter). The Company recognize the voyage costs during the ballast voyage represented costs to fulfil a contract which give rise to an asset that being capitalized and amortized over the spot charter, consistent with the recognition of voyage revenues from spot charter from load-to-discharge, while voyage costs incurred during the spot charter should be expensed as incurred. With respect to incremental costs, the Company has adopted the practical expedient in the guidance and any costs to obtain a contract will be expensed as incurred, for the Company’s spot charters that do not exceed one year. Vessel operating expenses are expensed as incurred. In addition, pursuant to this standard and the Leases standard (discussed below), the Company presents Revenues net of address commissions. Address commissions represent a discount provided directly to the charterers based on a fixed percentage of the agreed upon charter. Since address commissions represent a discount (sales incentive) on services rendered by the Company and no identifiable benefit is received in exchange for the consideration provided to the charterer, these commissions are presented as a reduction of revenue in the accompanying Consolidated Statements of Comprehensive Income/(Loss). The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less, in accordance with the optional exception in ASC 606. Leases Revenues for the years ended December 31, 2021, 2022 and 2023, deriving from significant charterers individually accounting for 10% or more of revenues (in percentages of total revenues), were as follows: Summary of Revenue from Significant Charterers for 10% or More of Revenue 2021 2022 2023 Charterer Year ended December 31, 2021 2022 2023 A 27 % — 43 % B — 41 % 24 % C 17 % 27 % 18 % D 12 % — — Total 56 % 68 % 85 % Revenues 56 % 68 % 85 % The maximum aggregate amount of loss due to credit risk, net of related allowances, that the Company would incur if the aforementioned charterers failed completely to perform according to the terms of the relevant charter parties, amounted to $ 8,834 1,843 (x) Restricted Cash Statement of Cash Flows (Topic 230): Restricted Cash 2,626 1,800 The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying Consolidated Balance Sheets are presented in the accompanying consolidated statement of cash flows for the years ended December 31, 2021, 2022 and 2023. Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash 2021 2022 2023 December 31, 2021 2022 2023 Cash and cash equivalents $ 6,180 $ 7,563 $ 34,539 Restricted cash, current portion 944 376 — Restricted cash, net of current portion 2,750 2,250 1,800 Total cash and cash equivalents and restricted cash $ 9,874 $ 10,189 $ 36,339 (y) Short-term investments 20,000 nil nil nil 1,240 (z) Business combinations (aa) Debt Modifications and Extinguishments 541 34 379 (ab) Distinguishing Liabilities from Equity (ac) Share based payments (ad) Deferred financing costs (ae) New Accounting Pronouncements – Not Yet Adopted Segment Reporting: |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 3. Transactions with Related Parties The Company uses the services of Maritime, a tanker ship management company with its principal office in Greece and an office in the U.S.A.. Maritime is engaged under separate management agreements directly by the Company’s respective subsidiaries to provide a wide range of shipping services, including but not limited to, chartering, sale and purchase, insurance, operations and dry-docking and construction supervision, all provided at a fixed daily fee per vessel. For the ship management services, Maritime charges a fee payable by each subsidiary of $ 0.325 0.450 1.25% The management agreements for the vessels had an initial term of five years “Pyxis Theta” December 31, 2017 December 31, 2018 “Pyxis Karteria” “Pyxis Lamda” The Head Management Agreement (the “Head Management Agreement”) with Maritime commenced on March 23, 2015 and continued through March 23, 2020 five-year 1,600 In the event of a change of control of the Company during the management period or within 12 months after the early termination of the Head Management Agreement, then the Company will pay to Maritime an amount equal to 2.5 times the then annual Administration Fees. Pursuant to the amendment of this agreement on March 18, 2020, in the event of such change of control and termination, the Company shall also pay to Maritime an amount equal to 12 months of the then daily Ship-management Fees. The Ship-management Fees and the Administration Fees are adjusted annually according to the official inflation rate in Greece or such other country where Maritime was headquartered during the preceding year. On August 9, 2016, the Company amended the Head Management Agreement with Maritime to provide that in the event that the official inflation rate for any calendar year is deflationary, no adjustment shall be made to the Ship-management Fees and the Administration Fees, which will remain, for the particular calendar year, as per the previous calendar year. For 2021, the average rate in Greece was a deflation of 1.23% and, as a result, no adjustment was made to the Ship-management Fees and the Administration Fees for 2022. The average inflation rate in Greece in 2022 was 9.65% and, as a result, an adjustment to the Ship-management Fees and the Administration Fees have been made effective January 1, 2023. Effective January 1, the Ship-Management Fees and the Administration Fees for 2024 were increased by 3.50% in line with the average inflation rate in Greece in 2023 and were $381 per day per ship and $1.9 million annually, respectively. The Company uses the services of Konkar Agencies, a dry-bulk ship management company with its principal office in Greece. Konkar Agencies is engaged under separate management agreement directly by the Company’s respective ship owning companies to provide a wide range of shipping services, including but not limited to, chartering, technical, sale and purchase, insurance, operations and dry-docking and construction supervision, all provided at a fixed daily fee per vessel. For the ship management services, Konkar Agencies charges a fee payable by each subsidiary of $ 0.850 1.25% Konkar Ormi The following amounts were charged by Maritime pursuant to the head management and ship-management agreements and by Konkar Agencies pursuant to the ship-management agreement with the ship-owning company of vessel “Konkar Ormi” Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Loss 2021 2022 2023 Year ended December 31, 2021 2022 2023 Included in Voyage related costs and commissions Charter hire commissions $ 322 $ 735 $ 575 Included in Management fees, related parties Ship-management Fees 716 702 728 Included in General and administrative expenses Administration Fees 1,632 1,652 1,812 Total $ 2,670 $ 3,089 $ 3,115 As of December 31, 2022 and 2023, there was a balance due to Maritime of $ 1,028 990 On October 28, 2015, the Company issued a Promissory Note in favor of Maritime Investors in the amount of $ 2,500 2.75% January 15, 2017 5,000 March 31, 2020 4.5% the Company entered into a second amendment to the Amended & Restated Promissory Note which (i) extended the repayment of the outstanding principal, in whole or in part, until the earlier of a) one year after the repayment of the credit facility of Eighthone with Entrust Global Permal (the “Credit Facility”) on September 2023 (see Note 8), b) January 15, 2024 and c) repayment of any Paid-In-Kind (“PIK”) interest and principal deficiency amount under the Credit Facility 9.0% 4.5% 4.5% During 2021, the Promissory Note was restructured and amended as of May 27, 2021, on the following basis: a) repayment on June 17, 2021 of $ 1,000 433 1,000 272,766 3.6660 3,000 April 1, 2023 7.5% Pyxis Lamda 3,000 6,000 April 1, 2024 1,000 On November 15, 2021, the Company signed a Memorandum of Agreement to acquire from an entity related to the family of the Company’s Chairman and Chief Executive Officer, the “ Pyxis Lamda 32,000 31,172 21,680 seven years 3 1,034,751 2.17 4.32 1,325 2,995 On February 10, 2023 we repaid $ 3 6 7.5% Interest charged on the Promissory Note for the years ended December 31, 2021, 2022 and 2023, amounted to $ 335 450 69 216 64 55 64 337 113 113 69 With respect to the portion of interest that was to be settled in common shares, the Company considered the guidance in ASC 480 that requires obligations that can be settled in shares with a fixed monetary value at settlement (e.g., share-settled debt) and followed the guidance in ASC 835-30 to accrue the liability to the redemption amount using the interest method. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories The amounts in the accompanying Consolidated Balance Sheets are analyzed as follows: Schedule of Inventories December 31, 2022 2023 Lubricants $ 617 $ 414 Bunkers 1,294 543 Total $ 1,911 $ 957 |
Vessels, net
Vessels, net | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Vessels, net | 5. Vessels, net The amounts in the accompanying Consolidated Balance Sheets are analyzed as follows: Schedule of Vessels Vessel Accumulated Net Book Cost Depreciation Value Balance January 1, 2022 $ 148,175 $ (28,451 ) $ 119,724 BWTS installation 561 — 561 Depreciation — (6,100 ) (6,100 ) Balance December 31, 2022 $ 148,736 $ (34,551 ) $ 114,185 Balance January 1, 2023 $ 148,736 $ (34,551 ) $ 114,185 Vessel acquicition - Konkar Ormi 28,500 — 28,500 Sale of Vessel - Pyxis Malou (25,625 ) 9,519 (16,106 ) Sale of Vessel - Pyxis Epsilon (33,198 ) 10,505 (22,693 ) Vessel additions 77 — 77 BWTS installation 813 — 813 Depreciation — (5,503 ) (5,503 ) Balance December 31, 2023 $ 119,303 $ (20,030 ) $ 99,273 As of December 31, 2021, 2022 and 2023, the Company reviewed the carrying amount in connection with the estimated recoverable amount for each of its vessels held and used. This review indicated that such carrying amounts were fully recoverable for the Company’s vessels held and used and, consequently, no As of December 31, 2022, additions amounted to $ 561 Pyxis Lamda 890 813 Pyxis Theta 43 27 On March 23, 2023 the Company sold the “Pyxis Malou”, the 2009 built 50,667 dwt. MR product tanker, for a sale price of $ 24.8 18.9 8,017 On September 14, 2023 the Company took delivery of a 2016 Japanese built Ultramax dry-bulk carrier named “Konkar Ormi” 28.5 19.0 On December 15, 2023 we sold the “Pyxis Epsilon”, the 2015 built 50,295 dwt. Product tanker, for $ 40.75 26.8 17,108 All of the Company’s vessels have been pledged as collateral to secure the bank loans discussed in Note 8. Subsequently on February 15, 2024 the Company took delivery of the “Konkar Asteri” an 82,013 dwt dry-bulk vessel built in 2015 at Jiangsu New Yangzi Shipbuilding in China. The $ 26,625 14.5 |
Insurance claim receivable
Insurance claim receivable | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Insurance claim receivable | 6. Insurance claim receivable In February 2022, the “Pyxis Epsilon” experienced a brief grounding at port which resulted in minor damages to the vessel. The vessel was off-hire for 43 days including shipyard repairs and returned to commercial employment at the end of March 2022. As of December 31, 2022, the outstanding balance of this insurance claim was $ 608 2,022 |
Deferred dry-dock and special s
Deferred dry-dock and special survey costs, net | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Dry-dock And Special Survey Costs Net | |
Deferred dry-dock and special survey costs, net | 7. Deferred dry-dock and special survey costs, net The movement in deferred charges, net, in the accompanying Consolidated Balance Sheets are as follows: Schedule of Deferred Charges Dry-docking costs 2021 2022 2023 Balance January 1, $ 1,594 $ 912 $ 794 Additions 253 266 1,506 Amortization of special survey costs (406 ) (384 ) (388 ) Transfer to vessels held for sale (529 ) — — Pyxis Malou sale — — (168 ) Pyxis Epsilon sale — — (122 ) Balance December 31, $ 912 $ 794 $ 1,622 During the year “ Pyxis Theta” “Pyxis Karteria” 700 806 1,379 |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-term Debt | 8. Long-term Debt The amounts shown in the accompanying Consolidated Balance Sheets at December 31, 2021 and 2022, are analyzed as follows: Schedule of Long-Term Debt 2022 2023 December 31, 2022 2023 Vessel (Borrower) (a) “Pyxis Malou” (Fourthone) $ 6,616 $ — (b) “Pyxis Theta” (Seventhone) 12,550 11,350 (c) “Pyxis Epsilon” (Eighthone) 14,900 — (d) “Pyxis Karteria” (Tenthone) 11,800 14,150 (a) “Pyxis Lamda” (Eleventhone) 19,884 17,390 (e) “Konkar Ormi” (Dryone) — 18,600 Total $ 65,750 $ 61,490 Current portion $ 6,100 $ 5,777 Less: Current portion of deferred financing costs (271 ) (197 ) Current portion of long-term debt, net of deferred financing costs, current $ 5,829 $ 5,580 Long-term portion $ 59,650 $ 55,713 Less: Non-current portion of deferred financing costs (603 ) (343 ) Long-term debt, net of current portion and deferred financing costs, non-current $ 59,047 $ 55,370 (a) Pyxis Lamda 7,320 7,320 21,680 Pyxis Lamda On March 23, 2023 the Company sold the “Pyxis Malou” for a sale price of $ 24.8 18.9 750 Pyxis Lamda As of December 31, 2023, the outstanding balance of the Eleventhone loan of $ 17,390 432 12,210 December 2026 3.15 Covenants: ● The borrowers undertook to maintain minimum deposit with the bank of $ 750 500 ● The ratio of the corporate guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is ● not to exceed 75 32.2 42.8 ● MSC is to be at least 125 ● No change of control shall be made directly or indirectly in the ownership, beneficial ownership, control or management of any of the borrower and the corporate guarantor or any share therein or the vessels, as a result of which less than 100% of the shares and voting rights in each borrower are owned by the corporate guarantor or less than 25% of the shares and voting rights in the corporate guarantor will remain in the ultimate legal and beneficial ownership of the beneficial shareholders. (b) 11,350 300 9,250 July 2025 3.35 Standard loan covenants include, among others, a minimum liquidity and a minimum required Security Cover Ratio (“MSC”). The facility imposes certain customary covenants and restrictions with respect to, among other things, the borrower’s ability to distribute dividends, incur additional indebtedness, create liens, change its share capital, engage in mergers, or sell the vessel and a minimum collateral value to outstanding loan principal. Certain major covenants include, as defined in such agreement: Covenants: ● The Borrower undertakes to maintain minimum deposit with the bank of $ 500 ● The ratio of the Corporate Guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is not to exceed 75 32.2 42.8 ● MSC is to be at least 125 ● No change shall be made directly or indirectly in the ownership, beneficial ownership, control or management of Seventhone or of the Company or any share therein or the “ Pyxis Theta (c) 26.8 (d) 13,500 Pyxis Karteria 13,500 Pyxis Karteria 15.5 14,150 450 300 8,900 2.7 Standard loan covenants of the Tenthone loan include, among others, a minimum liquidity and a MSC. Certain major covenants include, as defined in such agreement: ● The borrower undertakes to maintain minimum deposit with the bank of $ $ 900 500 ● The ratio of the corporate guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is not to exceed 75 32.2 42.8 ● MSC is to be at least 130 ● Minimum cash and cash equivalent shall not be less than the greater of (i) $ 2 3 (e) “Konkar Ormi” “Konkar Ormi” 28.5 19.0 18,600 400 300 12,600 September 2028 2.35 ● The borrower undertakes to maintain minimum deposit with the bank of $ $ 800 65 ● The ratio of the corporate guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is not to exceed 75 32.2 42.8 ● MSC is to be at least 130 As of December 31, 2023, the Company elected to apply, to its loan contracts that replaced LIBOR with SOFR, the optional expedient of ASU No. 2020-04, “Reference Rate Reform” (Topic 848-20-15-2 through 15-3 - Contract Modifications). According to this expedient, entities with contract modifications within the scope of Topic 470, for which the terms that are modified solely related to directly replacing a reference rate with another interest rate index, are allowed to account for the modification as if it is not substantial. Thus, the original and new contract are accounted for as if they were not substantial different from one another and the modification shall not be accounted for in the same manner as a debt extinguishment. Amounts presented in Restricted cash, current and non-current, in the Consolidated Balance Sheets are related to minimum cash and the retention account requirements imposed by the Company’s debt agreements. As of December 31, 2023, the company was in compliance with the applicable financial and other covenants contained in its bank loan agreements described above. The annual principal payments required to be made after December 31, 2023, are as follows: Schedule of Principal Payments To December 31, Amount 2024 $ 5,777 2025 14,277 2026 16,337 2027 2,400 2028 22,699 Total $ 61,490 Total interest expense on long-term debt and the Promissory Note for the years ended December 31, 2021, 2022 and 2023, amounted to $ 2,963 4,148 5,552 5.04 5.41 8.21 |
Equity Capital Structure and Eq
Equity Capital Structure and Equity Incentive Plan | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Equity Capital Structure and Equity Incentive Plan | 9. Equity Capital Structure and Equity Incentive Plan The Company’s authorized common and preferred stock consists of 450,000,000 50,000,000 1,000,000 10,614,319 10,542,547 449,473 403,631 0.001 On October 13, 2020, the Company announced the closing of its offering of 200,000 25.00 7.75% 1,600,000 5.60 at any time prior to October 13, 2025 or, in case of absence of an effective registration statement, to exchange those cashless based on a formula On October 13, 2020, the Company had granted the underwriter a 45-day option to purchase up to 30,000 240,000 23.051 0.00925 135,040 1 The Series A Convertible Preferred Shares and Warrants are listed on the Nasdaq Capital Market under the symbols “PXSAP” and “PXSAW”, respectively. Each Series A Convertible Preferred Share is convertible into common shares at an initial conversion price of $5.60 per common share, or 4.46 common shares, at any time at the option of the holder, subject to certain customary adjustments If the trading price of Pyxis Tankers’ common stock equals or exceeds $9.52 per share for at least 20 days in any 30 consecutive trading day period ending 5 days prior to notice, the Company can call, in whole or in part, for mandatory conversion of the Series A Convertible Preferred Shares Beginning on October 13, 2023, the Company may, at its option, redeem the Series A Convertible Preferred Shares, in whole or in part, by paying $ 25.00 If the Company liquidates, dissolves or winds up, holders of the Series A Convertible Preferred Shares will have the right to receive $ 25.00 The Series A Convertible Preferred Shares are not redeemable for a period of three years from issuance, except upon change of control. In the case of a change of control that is pre-approved by the Company’s Board of Directors, holders of Series A Convertible Preferred Shares have the option to (i) demand that the Company redeem the Series A Convertible Preferred Shares at (a) $26.63 per Series A Convertible Preferred Share from the date of issuance until October 13, 2021, (b) $25.81 per Series A Convertible Preferred Share from October 13, 2021 until October 13, 2022 and (c) $25.00 after October 13, 2022, or (ii) continue to hold the Series A Convertible Preferred Shares. Upon a change of control, the holders also have the option to convert some or all of the Series A Convertible Preferred Shares, together with any accrued or unpaid dividends, into shares of common stock at the conversion rate. Change of Control means that (i) Mr. Valentios Valentis and his affiliates cease to own at least 20% of the voting securities of the Company, or (ii) a person or group acquires at least 50% voting control of the Company, and in the case of each of either (i) or (ii), neither the Company nor any surviving entity has its common stock listed on a recognized U.S. exchange The Series A Convertible Preferred Shares did not generate a beneficial conversion feature (BCF) upon issuance as the fair value of the Company’s common shares was lower than the conversion price. The Series A Convertible Preferred Shares did not meet the criteria for mandatorily redeemable financial instruments. Additionally, the Company determined that the nature of the Series A Convertible Preferred Shares was more akin to an equity instrument and that the economic characteristics and risks of the embedded conversion options were clearly and closely related to the Series A Convertible Preferred Shares. As such, the conversion options were not required to be bifurcated from the equity host under ASC 815, Derivatives and Hedging. The Company also determined that the redemption call option did meet the definition of a derivative but is eligible for exception from derivative accounting and thus no bifurcation of the feature was performed. The Series A Convertible Preferred Shares will not vote with the common shares, however, if dividends on the Series A Convertible Preferred Shares are in arrears for eighteen (18) or more consecutive or non-consecutive monthly dividends, the holders of the Series A Convertible Preferred Shares, voting as a single class, shall be entitled to vote for the election of one additional director to serve on the Board of Directors until the next annual meeting of shareholders following the date on which all dividends that are owed and are in arrears have been paid. In addition, unless the Company has received the affirmative vote or consent of the holders of at least 66.67% of the then outstanding Series A Convertible Preferred Shares, voting as a single class, the Company may not create or issue any class or series of capital stock ranking senior to the Series A Convertible Preferred Shares with respect to dividends or distributions Dividends on the Series A Convertible Preferred Shares are cumulative from and including the date of original issuance in the amount of $ 1.9375 7.75% 25.00 The Company also agreed to issue and sell to designees of the underwriter as compensation, two separate types of Underwriter’s Warrants for an aggregate purchase price of $ 100 2,000 24.92 4,000 0.01 at any time on or after April 6, 2021 and prior to October 8, 2025 On exercise, each Underwriter Warrant allows the holder to purchase one Series A Convertible Preferred Share or one Warrant to purchase one common share of the Company at $5.60 or, in case of absence of an effective registration statement, to exchange those cashless based on a formula set in the Underwriting Agreement. The Company received gross proceeds of $ 5.0 4.3 On July 16, 2021, the Company completed a follow-on public offering of 308,487 25 20.00 6,170 5,563 2,683 25.00 During 2022, an aggregate of 200 895 449,473 1,590,540 4,683 4,683 4,000 4,000 45,842 204,819 403,631 1,591,062 4,683 4,683 3,460 3,460 After December 31, 2023 through March 31, 2024 there were no further Series A Convertible Preferred Shares conversions to PXS common shares. The Company has also issued to the placement agent 107,143 five 8.75 On November 20, 2020, the Company paid a cash dividend of $ 0.1991 0.1615 0.1615 537 871 797 On January 4, 2021 and April 2, 2021, following the second amendment to the Amended & Restated Promissory Note, the Company issued 16,112 11,957 On February 24, 2021, the Company announced that it had closed definitive securities purchase agreements with a group of investors, which resulted in gross proceeds to the Company of $ 25,000 3,571,429 7.00 4 23,115 107,1431 five 8.75 On May 14, 2021, the Company filed, with the Securities and Exchange Commission (“SEC”), a registration statement on Form F-3 (the “Shelf Registration Statement”), under which the Company may sell from time to time common stock, preferred stock, debt securities, warrants, purchase contracts and units, each as described therein, in any combination, in one or more offerings up to an aggregate dollar amount of $ 250.0 On May 27, 2021, the existing unsecured Amended and Restated Promissory Note was restructured and amended as of May 27, 2021, on the following basis: a) repayment of $ 1,000 1,000 272,766 3,000 April 1, 2023 7.5% On June 16, 2021, Nasdaq notified the Company of noncompliance with the minimum bid price of $ 1.00 On December 20, 2021, the Company issued 1,034,751 2.90 “Pyxis Lamda” Pyxis Lamda 1,034,751 2,172 On May 11, 2022, following the Company’s annual shareholder meeting the board of directors of the Company approved the implementation of a reverse-split of our common shares at the ratio of one share for four existing common shares, effective May 13, 2022 (the “Reverse Stock Split”). Following the Reverse Stock Split, our common shares continued trading on the Nasdaq Capital Markets under its existing symbol, “PXS”, with a new CUSIP number, 71726130. The payment for fractional share interests in connection with the Reverse Stock Split reduced the outstanding common shares to 10,613,424 post-Reverse Stock Split. The Reverse Stock Split was undertaken with the objective of meeting the minimum $1.00 per share requirement for maintaining the listing of the common shares on the Nasdaq Capital Markets. Furthermore, following the Reverse Stock Split, (a) the Conversion Price, as defined in the certification of designation of the Company’s 7.75% Series A Cumulative Convertible Preferred Shares (NASDAQ Cap Mkts: PXSAP), was adjusted from $1.40 to $5.60 and (b) the Exercise Price, as defined in the Company’s warrants to purchase common shares (NASDAQ Cap Mkts: PXSAW), was adjusted from $1.40 to $5.60. All the share and per share information for all periods presented has been adjusted to reflect the one for four Reverse Stock Split. The Company in order to regain compliance with NASDAQ minimum bid price, and effective May 13, 2022, effected a four-for-one Reverse Stock Split on its issued and outstanding common stock. All share and per share amounts disclosed in the accompanying financial statements give effect to this Reverse Stock Split retroactively, for all periods presented. On May 11, 2023, our Board authorized a common stock re-purchase program of up to $ 2.0 331,591 3.75 1.2 2.0 44,557 4.42 197 On May 11, 2023 our Nominating & Corporate Governance Committee signed the resolution to grant the issuance of a total of 55,000 201 171 As of December 31, 2023, the total unrecognized cost relating to restricted share awards was $ 30 |
Non-controlling Interest
Non-controlling Interest | 12 Months Ended |
Dec. 31, 2023 | |
Noncontrolling Interest [Abstract] | |
Non-controlling Interest | 10. Non-controlling Interest On July 5, 2023, the Company acquired an 60 6,780 40 4,520 60 502 301 201 Schedule of Non controlling Interest Amount Balance, January 1, 2023 $ — Non-controlling interest contribution in Drykon 4,520 Net loss attributable to non-controlling interest ( 40 (201 ) Balance, December 31, 2023 $ 4,319 |
Income_(Loss) per Common Share
Income/(Loss) per Common Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Income/(Loss) per Common Share | 11. Income/(Loss) per Common Share The amounts shown in the accompanying Consolidated Statements of Comprehensive Income/(Loss) for the years ended December 31, 2021, 2022 and 2023, are analyzed as follows: Schedule of Loss Per Common Share 2021 2022 2023 Year ended December 31, 2021 2022 2023 Net income attributable to Pyxis Tankers Inc. $ (12,338 ) $ 13,392 $ 37,037 Dividend Series A Convertible Preferred Stock (555 ) (885 ) (810 ) Net income/(loss) attributable to common shareholders $ (12,893 ) $ 12,507 $ 36,227 Weighted average number of common shares, basic 8,994,768 10,613,672 10,701,059 Net income/(loss) per common share, basic $ (1.43 ) $ 1.18 $ 3.38 Net income/(loss) per common share, diluted (12,893 ) 13,392 37,037 Weighted average number of common shares, diluted 8,994,768 12,640,581 12,585,777 Net income/(loss) per common share, diluted $ (1.43 ) $ 1.06 $ 2.94 As of December 31, 2021, securities that could potentially dilute basic loss per share in the future that were not included in the computation of diluted loss per share, because to do so would have anti-dilutive effect, were any incremental shares of the unexercised warrants, calculated with the treasury stock method, as well as shares assumed to be converted with respect to the Series A Convertible Preferred Shares calculated with the if-converted method. At December 31, 2021, there were no securities that could potentially dilute basic loss per share. |
Risk Management and Fair Value
Risk Management and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Risk Management And Fair Value Measurements | |
Risk Management and Fair Value Measurements | 12. Risk Management and Fair Value Measurements The principal financial assets of the Company consist of cash and cash equivalents, trade accounts receivable due from charterers and amounts due from related parties. The principal financial liabilities of the Company consist of long-term bank loans and trade accounts payable. Interest rate risk 10.0 3.5 July 16, 2021 9.6 2 July 8, 2025 0.6 All of our bank loans accrue interest based on SOFR (Secured Overnight Financing Rate), typically for one, three and six-month interest periods, which has been historically volatile. Credit risk Currency risk Fair value: Schedule of Fair Value of Assets and Liabilities Carrying Fair As of December 31, 2023 Value Value Cash and cash equivalents (including restricted cash) $ 36,339 $ 36,339 Short-term investment in time deposits $ 20,000 $ 20,000 Trade accounts receivable $ 4,964 $ 4,964 Due from related parties $ 194 $ 194 Trade accounts payable $ 1,695 $ 1,695 Long-term debt with variable interest rates, net $ 61,490 $ 61,490 Due to related parties $ 990 $ 990 Carrying Fair As of December 31, 2022 Value Value Cash and cash equivalents (including restricted cash) $ 10,189 $ 10,189 Trade accounts receivable $ 10,469 $ 10,469 Trade accounts payable $ 2,604 $ 2,604 Long-term debt with variable interest rates, net $ 65,750 $ 65,750 Promissory note with non-variable interest rate* $ 6,000 $ 5,968 Due to related parties $ 1,028 $ 1,028 i. Assets measured at fair value on a recurring basis: Interest rate cap The Company’s interest rate cap does not qualify for hedge accounting. The Company adjusts its interest rate cap contract to fair market value at the end of every period and records the resulting gain or loss during the period in the Consolidated Statements of Comprehensive Income/(Loss). Information on the classification, the derivative fair value and the loss from financial derivative instrument included in the Consolidated Financial Statements is shown below: Schedule of Financial Derivative Instrument Location Consolidated Balance Sheets – Location 2022 2023 December 31, Consolidated Balance Sheets – Location 2022 2023 Financial derivative instrument – Other non-current assets $ 619 $ — Schedule of Gains Losses on Derivative Instruments Consolidated Statements of Comprehensive Income/(Loss) – Location 2022 2023 December 31, Consolidated Statements of Comprehensive Income/(Loss) – Location 2022 2023 Financial derivative instrument – Fair value at the beginning of the period $ 74 $ 619 Financial derivative instrument – Additions of the period — — Financial derivative instrument – Amounts received (10 ) (560 ) Financial derivative instrument – Fair value as at period end 619 — Gain/(Loss) from financial derivative instrument $ 555 $ (59 ) i. Assets measured at fair value on a recurring basis: Interest rate cap On July 16, 2021, one of our vessel-owning subsidiaries purchased an interest rate cap for the amount of $ 9.6 2 July 8, 2025 0.6 ii. Assets measured at fair value on a non-recurring basis: Long lived assets held and used and held for sale As of December 31, 2021, 2022 and 2023, the Company reviewed the carrying amount in connection with the estimated recoverable amount for each of its vessels held and used. This review indicated that such carrying amount was fully recoverable for the Company’s vessels held and used. No As of December 31, 2022 and 2023, the Company did not have any other assets or liabilities measured at fair value on a non-recurring basis. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. Commitments and Contingencies Minimum contractual charter revenues: Future minimum contractual charter revenues, gross of 1.25% address commission and 1.25% brokerage commissions to Maritime and of any other brokerage commissions to third parties, based on the vessels’ committed, non-cancelable, long-term time charter contracts as of December 31, 2023, are as follows: Schedule of Future Minimum Contractual Charter Revenues Year ending December 31, Amount 2024 $ 7,730 Total $ 7,730 Other The Company accrues for the cost of environmental and other liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. As of December 31, 2023 and as of the date of the issuance of the Consolidated Financial Statements, management is not aware of any other claims or contingent liabilities, which should be disclosed or for which a provision should be established in the accompanying Consolidated Financial Statements. The Company is covered for liabilities associated with the individual vessels’ actions to the maximum limits as provided by Protection and Indemnity (P&I) Clubs, members of the International Group of P&I Clubs. |
Interest and Finance Costs
Interest and Finance Costs | 12 Months Ended |
Dec. 31, 2023 | |
Interest And Finance Costs | |
Interest and Finance Costs | 14. Interest and Finance Costs The amounts in the accompanying Consolidated Statements of Comprehensive Income/(Loss) are analyzed as follows: Schedule of Interest and Finance Costs 2021 2022 2023 Year ended December 31, 2021 2022 2023 Interest on long-term debt (Note 8) $ 2,628 $ 3,698 $ 5,483 Interest on promissory note (Note 3) 335 450 69 Amortization of financing costs 247 303 247 Financing fees and charges 75 (10 ) 36 Total $ 3,285 $ 4,441 $ 5,835 |
Segmental information
Segmental information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segmental information | 15. Segmental information The Company has two reportable segments from which it derives its revenues, the MR tankers and the dry-bulk carriers. The table below presents information about the Company’s reportable segments for 2023. Prior to 2023, the Company was operating only tanker vessels thus, had identified only one reportable segment. The accounting policies followed in the preparation of the reportable segments are the same with those followed in the preparation of the Company’s Consolidated Financial Statements. Segment results are evaluated based on income from operations. Schedule of Segment Information Tanker vessels Dry-bulk vessels Total Year ended December 31, 2023 Tanker vessels Dry-bulk vessels Total Revenues, net $ 43,889 $ 1,579 $ 45,468 Voyage related costs and commissions (6,121 ) (231 ) (6,352 ) Vessel operating expenses (10,772 ) (851 ) (11,623 ) General and administrative expenses (120 ) (28 ) (148 ) Management fees (1,388 ) (100 ) (1,488 ) Depreciation and amortization of special survey costs (5,485 ) (406 ) (5,891 ) Allowance for credit losses 78 — 78 Gain from the sale of vessel, net 25,125 — 25,125 Interest and finance costs (5,275 ) (478 ) (5,753 ) Loss from debt extinguishment (379 ) — (379 ) Loss from financial derivative instrument (59 ) — (59 ) Segment profit/(loss) $ 39,493 $ (515 ) $ 38,978 General and administrative expenses $ (3,300 ) Interest and finance costs (82 ) Interest income 1,240 Net income $ 36,836 A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets of December 31, 2023, is as follows: Tanker vessels Dry-bulk vessels Total Year ended December 31, 2023 Tanker vessels Dry-bulk vessels Total Cash and cash equivalents & restricted cash $ 4,237 $ 1,041 $ 5,278 Inventories 904 53 957 Trade accounts receivable 4,704 260 4,964 Prepayments and other assets 180 24 202 Due from related parties — 194 194 Vessels, net 71,179 28,094 99,273 Prepayments for vessel acquisition — 2,663 2,663 Special survey cost, net 1,622 — 1,622 Segment assets $ 82,826 $ 32,329 $ 115,153 Cash and cash equivalents $ 31,061 Short-term investment in time deposits 20,000 Prepayments and other current assets 99 Total assets $ 166,313 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. Subsequent Events Series A Convertible Preferred Shares Dividend Payments: 0.1615 196 $2.0 million PXS shares re-purchase program: 197 44,557 Delivery of Vessel: “Konkar Asteri” 82,013 26,625 14,500 |
Significant Accounting Polici_2
Significant Accounting Policies: (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Principles of Consolidation: | (a) Principles of Consolidation: Pyxis, as the holding company, determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. Under Accounting Standards Codification (“ASC”) 810 “Consolidation” a voting interest entity is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make financial and operating decisions. Pyxis consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%), of the voting interest. Variable interest entities (“VIE”) are entities as defined under ASC 810-10, that in general either do not have equity investors with voting rights or that have equity investors that do not provide sufficient financial resources for the entity to support its activities. A controlling financial interest in a VIE is present when a company absorbs a majority of an entity’s expected losses, receives a majority of an entity’s expected residual returns, or both. The company with a controlling financial interest, known as the primary beneficiary, is required to consolidate the VIE. Pyxis evaluates all arrangements that may include a variable interest in an entity to determine if it may be the primary beneficiary, and would be required to include assets, liabilities and operations of a VIE in its Consolidated Financial Statements. On July 5, 2023, the Company acquired an 60% 6.78 40% 4.52 60% 50 502 301 201 Schedule of VIE’s Assets and Liabilities Amount Total current assets $ 770 Total fixed assets, net 28,094 Total other non-current assets 800 Total assets: $ 29,664 Total current liabilities $ 1,867 Total non-current liabilities 16,999 Total stockholders’ equity 10,798 Total liabilities and stockholders’ equity: $ 29,664 |
Use of Estimates: | (b) Use of Estimates: |
Comprehensive Income / (Loss): | (c) Comprehensive Income / (Loss): |
Foreign Currency Translation: | (d) Foreign Currency Translation: |
Commitments and Contingencies: | (e) Commitments and Contingencies: |
Insurance Claims Receivable: | (f) Insurance Claims Receivable: that there is no material impact on the Company’s as of the date of the adoption of ASC 326 on January 1, 2021 and as of December 31, 2022 and 2023, and thus no provision for credit losses was recorded as of those dates |
Concentration of Credit Risk: | (g) Concentration of Credit Risk: |
Cash and Cash Equivalents and Restricted Cash: | (h) Cash and Cash Equivalents and Restricted Cash: that there is no impact on the Company’s as of the date of the adoption of ASC 326 on January 1, 2020 and as of December 31, 2022 and 2023 and thus no provision for credit losses was recorded as of those dates. |
Income Taxes: Neither Pyxis Tankers Inc. nor any of its subsidiaries are subject to income taxes | (i) Income Taxes: Neither Pyxis Tankers Inc. nor any of its subsidiaries are subject to income taxes The vessel-owning companies with vessels that have called on the United States during the relevant year of operation are obliged to file income tax returns with the Internal Revenue Service. The applicable tax is 50% of 4% of U.S. related gross transportation income unless an exemption applies. The Company believes that based on current legislation the relevant vessel-owning companies are entitled to an exemption because they satisfy the relevant requirements, namely that (i) the related vessel-owning companies are incorporated in a jurisdiction granting an equivalent exemption to U.S. corporations and (ii) over 50% of the ultimate stockholders of the vessel-owning companies are residents of a country granting an equivalent exemption to U.S. persons. The Company and each of its subsidiaries believes it qualifies for this statutory tax exemption for the 2023, 2022 and 2021 taxable years (the tax years that remain subject to examination), and is not liable for U.S. federal income tax. The Company takes this position for United States federal income tax return reporting purposes. The Company also believes the vessel owning companies are exempt from income taxes in the other ports where they have called under various exemptions for the shipping industry. Instead, a non-income-based tax is levied in certain of the countries where the vessels trade based on their tonnage, which is included in Vessel operating expenses in the accompanying Consolidated Statements of Comprehensive Income/(Loss). |
Inventories | (j) Inventories |
Trade Accounts Receivable, Net and Hire Collected in Advance | (k) Trade Accounts Receivable, Net and Hire Collected in Advance 10,572 4,764 138 60 35 260 2,133 1,173 |
Allowance for credit losses | (l) Allowance for credit losses (9) The adoption of ASC 326 primarily impacted trade receivables recorded on Consolidated Balance Sheet. In particular, the Company assessed that any impairment of receivables arising from operating leases, i.e. time charters, should be accounted for in accordance with Topic 842, Leases, and not in accordance with Topic 326. Impairment of receivables arising from voyage charters, which are accounted for in accordance with Topic 606, Revenues from Contracts with Customers, are within the scope of Subtopic 326 and must therefore be assessed for expected credit losses. The Company assessed collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when the Company identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Company considered historical collectability based on past due status. The Company also considered customer-specific information, current market conditions and reasonable and supportable forecasts of future economic conditions to inform adjustments to historical loss data. The Company maintains an allowance for credit losses for expected uncollectable accounts receivable, which is recorded as an offset to trade accounts receivable and changes in such, if any, are classified as Allowance of credit losses in the Consolidated Statements of Comprehensive Income/(Loss). As of December 31, 2022 and December 31, 2023, the Company concluded on an expected credit loss rate of 1.3 1.6 118 78 |
Vessels, Net | (m) Vessels, Net The cost of each of the Company’s vessels is depreciated from the date of acquisition on a straight-line basis over the vessels’ remaining estimated economic useful life, after considering the estimated residual value. A vessel’s residual value is equal to the product of its lightweight tonnage and estimated scrap rate per ton. Following the reassessment of the scrap rates effective October 1, 2021, the Company increased the estimated scrap rate per ton from $ 0.30 0.34 32 25 years |
Impairment of Long-Lived Assets | (n) Impairment of Long-Lived Assets In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels’ future performance, with the significant assumptions being related to time charter equivalent rates by vessel type, while other assumptions include vessels’ operating expenses, management fees, vessels’ capital expenditures, vessels’ residual value, fleet utilization and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. To the extent impairment indicators are present, the projected net operating cash flows are determined by considering the charter revenues from existing time charters for the fixed days and an estimated daily time charter rate for the unfixed days (based on the most recent seven year historical average rates over the remaining estimated useful life of the vessels), expected outflows for vessels’ operating expenses, planned dry-docking and special survey expenditures, management fees expenditures which are adjusted every year, pursuant to the Company’s existing group management agreement, and fleet utilization. The residual value used in the impairment test is estimated to be $ 0.34 Should the carrying value plus the unamortized dry-dock and survey balance of the vessel exceed its estimated future undiscounted net operating cash flows, impairment is measured based on the excess of the carrying value plus the unamortized dry-dock and survey balance of the vessel over the fair market value of the asset. The Company determines the fair value of its vessels based on management estimates and assumptions and by making use of available market data and taking into consideration third party valuations. The review of the carrying amounts plus the unamortized dry-dock and survey balances in connection with the estimated recoverable amount of the Company’s vessels as of December 31, 2021, 2022 and 2023, did not indicate any impairment charge. |
Long-lived Assets Classified as Held for Sale | (o) Long-lived Assets Classified as Held for Sale |
Financial Derivative Instruments | (p) Financial Derivative Instruments The Company discontinues cash flow hedge accounting if the hedging instrument expires and it no longer meets the criteria for hedge accounting or its designation is revoked by the Company. At that time, any cumulative gain or loss on the hedging instrument recognized in equity is kept in equity until the forecasted transaction occurs. When the forecasted transaction occurs, any cumulative gain or loss on the hedging instrument is recognized in the Consolidated Statement of Comprehensive Income/(loss). If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in equity is transferred to the current period’s Consolidated Statement of Comprehensive Income/(loss) as financial income or expense. |
Accounting for Special Survey and Dry-docking Costs | (q) Accounting for Special Survey and Dry-docking Costs |
Interest Income, Interest and Finance Costs | (r) Interest Income, Interest and Finance Costs 1,240 |
Fair Value Measurements | (s) Fair Value Measurements ● Level 1: Quoted market prices in active markets for identical assets or liabilities; ● Level 2: Observable market- based inputs or unobservable inputs that are corroborated by market data; ● Level 3: Unobservable inputs that are not corroborated by market data. |
Segment Reporting | (t) Segment Reporting |
Income/(Loss) per Share | (u) Income/(Loss) per Share The computation of diluted income/(loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted at the beginning of the periods presented, or issuance date, if later. The treasury stock method is used to compute the dilutive effect of warrants and shares issued under the equity incentive plan and the Promissory Note. The if-converted method is used to compute the dilutive effect of shares which could be issued upon conversion of the Series A Convertible Preferred Shares into common shares. Potential common shares that have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted earnings per share. As the Company reported losses for the year ended December 31, 2021, the effect of any incremental shares would be antidilutive and thus excluded from the computation of loss per share. However, for the year ended December 31, 2022 and 2023 the effect of any incremental shares dilutes the income per share and has been included in diluted earnings per share calculations. |
Revenues, net | (w) Revenues, net The following table presents the Company’s revenue disaggregated by revenue source, net of commissions, for the years ended December 31, 2021, 2022 and 2023: Schedule of Revenue Disaggregated by Revenue Source 2021 2022 2023 Year ended December 31, 2021 2022 2023 Revenues derived from spot charters, net $ 13,711 $ 39,099 $ 12,665 Revenues derived from time charters, net 11,630 19,245 32,803 Revenues, net $ 25,341 $ 58,344 $ 45,468 Revenue from customers (ASC 606): Under a spot charter, the Company incurs and pays for certain voyage expenses, primarily consisting of brokerage commissions, port and canal costs and bunker consumption, during the spot charter (load-to-discharge) and during the ballast voyage (date of previous discharge to loading, assuming a new charter has been agreed before the completion of the previous spot charter). The Company recognize the voyage costs during the ballast voyage represented costs to fulfil a contract which give rise to an asset that being capitalized and amortized over the spot charter, consistent with the recognition of voyage revenues from spot charter from load-to-discharge, while voyage costs incurred during the spot charter should be expensed as incurred. With respect to incremental costs, the Company has adopted the practical expedient in the guidance and any costs to obtain a contract will be expensed as incurred, for the Company’s spot charters that do not exceed one year. Vessel operating expenses are expensed as incurred. In addition, pursuant to this standard and the Leases standard (discussed below), the Company presents Revenues net of address commissions. Address commissions represent a discount provided directly to the charterers based on a fixed percentage of the agreed upon charter. Since address commissions represent a discount (sales incentive) on services rendered by the Company and no identifiable benefit is received in exchange for the consideration provided to the charterer, these commissions are presented as a reduction of revenue in the accompanying Consolidated Statements of Comprehensive Income/(Loss). The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less, in accordance with the optional exception in ASC 606. |
Leases | Leases Revenues for the years ended December 31, 2021, 2022 and 2023, deriving from significant charterers individually accounting for 10% or more of revenues (in percentages of total revenues), were as follows: Summary of Revenue from Significant Charterers for 10% or More of Revenue 2021 2022 2023 Charterer Year ended December 31, 2021 2022 2023 A 27 % — 43 % B — 41 % 24 % C 17 % 27 % 18 % D 12 % — — Total 56 % 68 % 85 % Revenues 56 % 68 % 85 % The maximum aggregate amount of loss due to credit risk, net of related allowances, that the Company would incur if the aforementioned charterers failed completely to perform according to the terms of the relevant charter parties, amounted to $ 8,834 1,843 |
Restricted Cash | (x) Restricted Cash Statement of Cash Flows (Topic 230): Restricted Cash 2,626 1,800 The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying Consolidated Balance Sheets are presented in the accompanying consolidated statement of cash flows for the years ended December 31, 2021, 2022 and 2023. Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash 2021 2022 2023 December 31, 2021 2022 2023 Cash and cash equivalents $ 6,180 $ 7,563 $ 34,539 Restricted cash, current portion 944 376 — Restricted cash, net of current portion 2,750 2,250 1,800 Total cash and cash equivalents and restricted cash $ 9,874 $ 10,189 $ 36,339 |
Short-term investments | (y) Short-term investments 20,000 nil nil nil 1,240 |
Business combinations | (z) Business combinations |
Debt Modifications and Extinguishments | (aa) Debt Modifications and Extinguishments 541 34 379 |
Distinguishing Liabilities from Equity | (ab) Distinguishing Liabilities from Equity |
Share based payments | (ac) Share based payments |
Deferred financing costs | (ad) Deferred financing costs |
New Accounting Pronouncements – Not Yet Adopted | (ae) New Accounting Pronouncements – Not Yet Adopted Segment Reporting: |
Basis of Presentation and Gen_2
Basis of Presentation and General Information: (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Ownership and Operation of Tanker Vessels | All of the Vessel-owning companies are engaged in the marine transportation of liquid cargoes through the ownership and operation of tanker vessels and dry commodities through the ownership and operation of dry-bulk carriers, as listed below: Schedule of Ownership and Operation of Tanker Vessels Vessel-owning Company Incorporation date Vessel DWT Year built Acquisition date Tanker fleet Seventhone 05/31/2011 Pyxis Theta 51,795 2013 09/16/2013 Tenthone 04/22/2021 Pyxis Karteria 46,652 2013 07/15/2021 Eleventhone 11/09/2021 Pyxis Lamda 50,145 2017 12/20/2021 Dry-bulk fleet Dryone 07/04/2023 Konkar Ormi 63,520 2016 09/14/2023 |
Significant Accounting Polici_3
Significant Accounting Policies: (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of VIE’s Assets and Liabilities | Schedule of VIE’s Assets and Liabilities Amount Total current assets $ 770 Total fixed assets, net 28,094 Total other non-current assets 800 Total assets: $ 29,664 Total current liabilities $ 1,867 Total non-current liabilities 16,999 Total stockholders’ equity 10,798 Total liabilities and stockholders’ equity: $ 29,664 |
Schedule of Revenue Disaggregated by Revenue Source | The following table presents the Company’s revenue disaggregated by revenue source, net of commissions, for the years ended December 31, 2021, 2022 and 2023: Schedule of Revenue Disaggregated by Revenue Source 2021 2022 2023 Year ended December 31, 2021 2022 2023 Revenues derived from spot charters, net $ 13,711 $ 39,099 $ 12,665 Revenues derived from time charters, net 11,630 19,245 32,803 Revenues, net $ 25,341 $ 58,344 $ 45,468 |
Summary of Revenue from Significant Charterers for 10% or More of Revenue | Revenues for the years ended December 31, 2021, 2022 and 2023, deriving from significant charterers individually accounting for 10% or more of revenues (in percentages of total revenues), were as follows: Summary of Revenue from Significant Charterers for 10% or More of Revenue 2021 2022 2023 Charterer Year ended December 31, 2021 2022 2023 A 27 % — 43 % B — 41 % 24 % C 17 % 27 % 18 % D 12 % — — Total 56 % 68 % 85 % Revenues 56 % 68 % 85 % |
Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying Consolidated Balance Sheets are presented in the accompanying consolidated statement of cash flows for the years ended December 31, 2021, 2022 and 2023. Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash 2021 2022 2023 December 31, 2021 2022 2023 Cash and cash equivalents $ 6,180 $ 7,563 $ 34,539 Restricted cash, current portion 944 376 — Restricted cash, net of current portion 2,750 2,250 1,800 Total cash and cash equivalents and restricted cash $ 9,874 $ 10,189 $ 36,339 |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Loss | The following amounts were charged by Maritime pursuant to the head management and ship-management agreements and by Konkar Agencies pursuant to the ship-management agreement with the ship-owning company of vessel “Konkar Ormi” Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Loss 2021 2022 2023 Year ended December 31, 2021 2022 2023 Included in Voyage related costs and commissions Charter hire commissions $ 322 $ 735 $ 575 Included in Management fees, related parties Ship-management Fees 716 702 728 Included in General and administrative expenses Administration Fees 1,632 1,652 1,812 Total $ 2,670 $ 3,089 $ 3,115 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | The amounts in the accompanying Consolidated Balance Sheets are analyzed as follows: Schedule of Inventories December 31, 2022 2023 Lubricants $ 617 $ 414 Bunkers 1,294 543 Total $ 1,911 $ 957 |
Vessels, net (Tables)
Vessels, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Vessels | The amounts in the accompanying Consolidated Balance Sheets are analyzed as follows: Schedule of Vessels Vessel Accumulated Net Book Cost Depreciation Value Balance January 1, 2022 $ 148,175 $ (28,451 ) $ 119,724 BWTS installation 561 — 561 Depreciation — (6,100 ) (6,100 ) Balance December 31, 2022 $ 148,736 $ (34,551 ) $ 114,185 Balance January 1, 2023 $ 148,736 $ (34,551 ) $ 114,185 Vessel acquicition - Konkar Ormi 28,500 — 28,500 Sale of Vessel - Pyxis Malou (25,625 ) 9,519 (16,106 ) Sale of Vessel - Pyxis Epsilon (33,198 ) 10,505 (22,693 ) Vessel additions 77 — 77 BWTS installation 813 — 813 Depreciation — (5,503 ) (5,503 ) Balance December 31, 2023 $ 119,303 $ (20,030 ) $ 99,273 |
Deferred dry-dock and special_2
Deferred dry-dock and special survey costs, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Dry-dock And Special Survey Costs Net | |
Schedule of Deferred Charges | The movement in deferred charges, net, in the accompanying Consolidated Balance Sheets are as follows: Schedule of Deferred Charges Dry-docking costs 2021 2022 2023 Balance January 1, $ 1,594 $ 912 $ 794 Additions 253 266 1,506 Amortization of special survey costs (406 ) (384 ) (388 ) Transfer to vessels held for sale (529 ) — — Pyxis Malou sale — — (168 ) Pyxis Epsilon sale — — (122 ) Balance December 31, $ 912 $ 794 $ 1,622 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | The amounts shown in the accompanying Consolidated Balance Sheets at December 31, 2021 and 2022, are analyzed as follows: Schedule of Long-Term Debt 2022 2023 December 31, 2022 2023 Vessel (Borrower) (a) “Pyxis Malou” (Fourthone) $ 6,616 $ — (b) “Pyxis Theta” (Seventhone) 12,550 11,350 (c) “Pyxis Epsilon” (Eighthone) 14,900 — (d) “Pyxis Karteria” (Tenthone) 11,800 14,150 (a) “Pyxis Lamda” (Eleventhone) 19,884 17,390 (e) “Konkar Ormi” (Dryone) — 18,600 Total $ 65,750 $ 61,490 Current portion $ 6,100 $ 5,777 Less: Current portion of deferred financing costs (271 ) (197 ) Current portion of long-term debt, net of deferred financing costs, current $ 5,829 $ 5,580 Long-term portion $ 59,650 $ 55,713 Less: Non-current portion of deferred financing costs (603 ) (343 ) Long-term debt, net of current portion and deferred financing costs, non-current $ 59,047 $ 55,370 |
Schedule of Principal Payments | The annual principal payments required to be made after December 31, 2023, are as follows: Schedule of Principal Payments To December 31, Amount 2024 $ 5,777 2025 14,277 2026 16,337 2027 2,400 2028 22,699 Total $ 61,490 |
Non-controlling Interest (Table
Non-controlling Interest (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Noncontrolling Interest [Abstract] | |
Schedule of Non controlling Interest | Schedule of Non controlling Interest Amount Balance, January 1, 2023 $ — Non-controlling interest contribution in Drykon 4,520 Net loss attributable to non-controlling interest ( 40 (201 ) Balance, December 31, 2023 $ 4,319 |
Income_(Loss) per Common Share
Income/(Loss) per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Loss Per Common Share | The amounts shown in the accompanying Consolidated Statements of Comprehensive Income/(Loss) for the years ended December 31, 2021, 2022 and 2023, are analyzed as follows: Schedule of Loss Per Common Share 2021 2022 2023 Year ended December 31, 2021 2022 2023 Net income attributable to Pyxis Tankers Inc. $ (12,338 ) $ 13,392 $ 37,037 Dividend Series A Convertible Preferred Stock (555 ) (885 ) (810 ) Net income/(loss) attributable to common shareholders $ (12,893 ) $ 12,507 $ 36,227 Weighted average number of common shares, basic 8,994,768 10,613,672 10,701,059 Net income/(loss) per common share, basic $ (1.43 ) $ 1.18 $ 3.38 Net income/(loss) per common share, diluted (12,893 ) 13,392 37,037 Weighted average number of common shares, diluted 8,994,768 12,640,581 12,585,777 Net income/(loss) per common share, diluted $ (1.43 ) $ 1.06 $ 2.94 |
Risk Management and Fair Valu_2
Risk Management and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Risk Management And Fair Value Measurements | |
Schedule of Fair Value of Assets and Liabilities | Fair value: Schedule of Fair Value of Assets and Liabilities Carrying Fair As of December 31, 2023 Value Value Cash and cash equivalents (including restricted cash) $ 36,339 $ 36,339 Short-term investment in time deposits $ 20,000 $ 20,000 Trade accounts receivable $ 4,964 $ 4,964 Due from related parties $ 194 $ 194 Trade accounts payable $ 1,695 $ 1,695 Long-term debt with variable interest rates, net $ 61,490 $ 61,490 Due to related parties $ 990 $ 990 Carrying Fair As of December 31, 2022 Value Value Cash and cash equivalents (including restricted cash) $ 10,189 $ 10,189 Trade accounts receivable $ 10,469 $ 10,469 Trade accounts payable $ 2,604 $ 2,604 Long-term debt with variable interest rates, net $ 65,750 $ 65,750 Promissory note with non-variable interest rate* $ 6,000 $ 5,968 Due to related parties $ 1,028 $ 1,028 |
Schedule of Financial Derivative Instrument Location | Schedule of Financial Derivative Instrument Location Consolidated Balance Sheets – Location 2022 2023 December 31, Consolidated Balance Sheets – Location 2022 2023 Financial derivative instrument – Other non-current assets $ 619 $ — |
Schedule of Gains Losses on Derivative Instruments | Schedule of Gains Losses on Derivative Instruments Consolidated Statements of Comprehensive Income/(Loss) – Location 2022 2023 December 31, Consolidated Statements of Comprehensive Income/(Loss) – Location 2022 2023 Financial derivative instrument – Fair value at the beginning of the period $ 74 $ 619 Financial derivative instrument – Additions of the period — — Financial derivative instrument – Amounts received (10 ) (560 ) Financial derivative instrument – Fair value as at period end 619 — Gain/(Loss) from financial derivative instrument $ 555 $ (59 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Contractual Charter Revenues | Future minimum contractual charter revenues, gross of 1.25% address commission and 1.25% brokerage commissions to Maritime and of any other brokerage commissions to third parties, based on the vessels’ committed, non-cancelable, long-term time charter contracts as of December 31, 2023, are as follows: Schedule of Future Minimum Contractual Charter Revenues Year ending December 31, Amount 2024 $ 7,730 Total $ 7,730 |
Interest and Finance Costs (Tab
Interest and Finance Costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Interest And Finance Costs | |
Schedule of Interest and Finance Costs | The amounts in the accompanying Consolidated Statements of Comprehensive Income/(Loss) are analyzed as follows: Schedule of Interest and Finance Costs 2021 2022 2023 Year ended December 31, 2021 2022 2023 Interest on long-term debt (Note 8) $ 2,628 $ 3,698 $ 5,483 Interest on promissory note (Note 3) 335 450 69 Amortization of financing costs 247 303 247 Financing fees and charges 75 (10 ) 36 Total $ 3,285 $ 4,441 $ 5,835 |
Segmental information (Tables)
Segmental information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | Schedule of Segment Information Tanker vessels Dry-bulk vessels Total Year ended December 31, 2023 Tanker vessels Dry-bulk vessels Total Revenues, net $ 43,889 $ 1,579 $ 45,468 Voyage related costs and commissions (6,121 ) (231 ) (6,352 ) Vessel operating expenses (10,772 ) (851 ) (11,623 ) General and administrative expenses (120 ) (28 ) (148 ) Management fees (1,388 ) (100 ) (1,488 ) Depreciation and amortization of special survey costs (5,485 ) (406 ) (5,891 ) Allowance for credit losses 78 — 78 Gain from the sale of vessel, net 25,125 — 25,125 Interest and finance costs (5,275 ) (478 ) (5,753 ) Loss from debt extinguishment (379 ) — (379 ) Loss from financial derivative instrument (59 ) — (59 ) Segment profit/(loss) $ 39,493 $ (515 ) $ 38,978 General and administrative expenses $ (3,300 ) Interest and finance costs (82 ) Interest income 1,240 Net income $ 36,836 A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets of December 31, 2023, is as follows: Tanker vessels Dry-bulk vessels Total Year ended December 31, 2023 Tanker vessels Dry-bulk vessels Total Cash and cash equivalents & restricted cash $ 4,237 $ 1,041 $ 5,278 Inventories 904 53 957 Trade accounts receivable 4,704 260 4,964 Prepayments and other assets 180 24 202 Due from related parties — 194 194 Vessels, net 71,179 28,094 99,273 Prepayments for vessel acquisition — 2,663 2,663 Special survey cost, net 1,622 — 1,622 Segment assets $ 82,826 $ 32,329 $ 115,153 Cash and cash equivalents $ 31,061 Short-term investment in time deposits 20,000 Prepayments and other current assets 99 Total assets $ 166,313 |
Schedule of Ownership and Opera
Schedule of Ownership and Operation of Tanker Vessels (Details) - Vessels [Member] Integer in Thousands | 12 Months Ended |
Dec. 31, 2023 Integer | |
Seventhone Corp [Member] | |
Property, Plant and Equipment [Line Items] | |
Entity incorporation date of incorporation | May 31, 2011 |
Vessel | Pyxis Theta |
DWT | 51,795 |
Year built | 2013 |
Acquisition date | Sep. 16, 2013 |
Tenthone Corp [Member] | |
Property, Plant and Equipment [Line Items] | |
Entity incorporation date of incorporation | Apr. 22, 2021 |
Vessel | Pyxis Karteria |
DWT | 46,652 |
Year built | 2013 |
Acquisition date | Jul. 15, 2021 |
Eleventhone Corp [Member] | |
Property, Plant and Equipment [Line Items] | |
Entity incorporation date of incorporation | Nov. 09, 2021 |
Vessel | Pyxis Lamda |
DWT | 50,145 |
Year built | 2017 |
Acquisition date | Dec. 20, 2021 |
Dryone [Member] | |
Property, Plant and Equipment [Line Items] | |
Entity incorporation date of incorporation | Jul. 04, 2023 |
Vessel | Konkar Ormi |
DWT | 63,520 |
Year built | 2016 |
Acquisition date | Sep. 14, 2023 |
Basis of Presentation and Gen_3
Basis of Presentation and General Information: (Details Narrative) $ in Thousands | 12 Months Ended | |||
Jul. 05, 2023 USD ($) | Dec. 31, 2023 USD ($) Integer | Nov. 05, 2023 | Dec. 31, 2022 USD ($) | |
Advance for acquisition | $ 2,663 | |||
Mr. Valentis [Member] | ||||
Percentage of beneficially owned common stock | 54.30% | 54% | ||
Vessel Ownership [Member] | ||||
Number of vessel ownership interest entities | Integer | 3 | |||
DRYKON MARITIME Corp. [Member] | ||||
Business acquisition equity interest percentage | 60% | 60% | 60% | |
Consideration in cash | $ 6,780 | $ 6,780 | ||
Vessel Ownership [Member] | ||||
Entity ownership interest | 100% | |||
Non-vessels [Member] | ||||
Entity ownership interest | 100% | |||
Maritime Investors [Member] | ||||
Entity ownership interest | 100% | |||
PYXIS HOLDINGS INC. [Member] | ||||
Entity ownership interest | 100% |
Schedule of VIE_s Assets and Li
Schedule of VIE’s Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Total current assets | $ 60,880 | $ 21,131 |
Total fixed assets, net | 101,936 | 114,185 |
Total other non-current assets | 3,497 | 3,663 |
Total assets: | 166,313 | 138,979 |
Total current liabilities | 10,084 | 12,561 |
Total non-current liabilities | 55,370 | 65,047 |
Total stockholders’ equity | 96,540 | 61,371 |
Total liabilities and stockholders’ equity: | 166,313 | $ 138,979 |
DRYKON MARITIME Corp. [Member] | ||
Total current assets | 770 | |
Total fixed assets, net | 28,094 | |
Total other non-current assets | 800 | |
Total assets: | 29,664 | |
Total current liabilities | 1,867 | |
Total non-current liabilities | 16,999 | |
Total stockholders’ equity | 10,798 | |
Total liabilities and stockholders’ equity: | $ 29,664 |
Schedule of Revenue Disaggregat
Schedule of Revenue Disaggregated by Revenue Source (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Product Information [Line Items] | |||
Revenues, net | $ 45,468 | $ 58,344 | $ 25,341 |
Spot Charters [Member] | |||
Product Information [Line Items] | |||
Revenues, net | 12,665 | 39,099 | 13,711 |
Time Charters [Member] | |||
Product Information [Line Items] | |||
Revenues, net | $ 32,803 | $ 19,245 | $ 11,630 |
Summary of Revenue from Signifi
Summary of Revenue from Significant Charterers for 10% or More of Revenue (Details) - Customer Concentration Risk [Member] - Revenue Benchmark [Member] | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Charterer A [Member] | |||
Product Information [Line Items] | |||
Revenues | 43% | 27% | |
Charterer B [Member] | |||
Product Information [Line Items] | |||
Revenues | 24% | 41% | |
Charterer C [Member] | |||
Product Information [Line Items] | |||
Revenues | 18% | 27% | 17% |
Charterer D [Member] | |||
Product Information [Line Items] | |||
Revenues | 12% | ||
Charterers [Member] | |||
Product Information [Line Items] | |||
Revenues | 85% | 68% | 56% |
Schedule of Reconciliation of C
Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | |||
Cash and cash equivalents | $ 34,539 | $ 7,563 | $ 6,180 |
Restricted cash, current portion | 376 | 944 | |
Restricted cash, net of current portion | 1,800 | 2,250 | 2,750 |
Total cash and cash equivalents and restricted cash | $ 36,339 | $ 10,189 | $ 9,874 |
Significant Accounting Polici_4
Significant Accounting Policies: (Details Narrative) $ in Thousands | 12 Months Ended | |||||||
Jul. 05, 2023 USD ($) | Dec. 31, 2023 USD ($) $ / t | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Nov. 05, 2023 | Oct. 01, 2021 $ / t | Sep. 30, 2021 $ / t | Jan. 01, 2020 USD ($) | |
Product Information [Line Items] | ||||||||
Net loss | $ 37,037 | $ 13,392 | $ (12,338) | |||||
Hire collected in advance | $ 2,133 | |||||||
Cumulative adjustment of accumulated deficit | $ (9) | |||||||
Credit loss rate | 1.30% | 1.60% | ||||||
Doubtful accounts allowance | $ (78) | $ 118 | 11 | |||||
Impairment test | $ / t | 0.34 | 0.34 | 0.30 | |||||
Decrease on net loss | 32 | |||||||
Estimates the useful | 25 years | |||||||
Time deposits interest | $ 1,240 | |||||||
Maximum aggregate amount of loss due to credit risk | 1,843 | 8,834 | ||||||
Restricted cash | 1,800 | 2,626 | ||||||
Time deposits | 20,000 | |||||||
Loss from debt extinguishment | 379 | 34 | $ 541 | |||||
Spot Charters [Member] | ||||||||
Product Information [Line Items] | ||||||||
Accounts receivable | 4,764 | 10,572 | ||||||
Allowance for expected credit losses | 60 | 138 | ||||||
Time Charters [Member] | ||||||||
Product Information [Line Items] | ||||||||
Accounts receivable | 260 | $ 35 | ||||||
Hire collected in advance | 1,173 | |||||||
DRYKON MARITIME Corp. [Member] | ||||||||
Product Information [Line Items] | ||||||||
Net loss | 502 | |||||||
Noncontrolling Interest in Variable Interest Entity | 201 | |||||||
Parent [Member] | ||||||||
Product Information [Line Items] | ||||||||
Net loss | $ 301 | |||||||
Chief Executive Officer and Chairman [Member] | ||||||||
Product Information [Line Items] | ||||||||
Consideration in cash | $ 4,520 | |||||||
Business acquisition equity interest percentage | 40% | |||||||
DRYKON MARITIME Corp. [Member] | ||||||||
Product Information [Line Items] | ||||||||
Business acquisition equity interest percentage | 60% | 60% | 60% | |||||
Consideration in cash | $ 6,780 | $ 6,780 | ||||||
PYXIS HOLDINGS INC. [Member] | ||||||||
Product Information [Line Items] | ||||||||
Business acquisition equity interest percentage | 50% |
Schedule of Amounts Charged by
Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Ship-management Fees | $ 728 | $ 702 | $ 716 |
Total | 11,623 | 12,481 | 12,454 |
Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Charter hire commissions | 575 | 735 | 322 |
Ship-management Fees | 728 | 702 | 716 |
Administration Fees | 1,812 | 1,652 | 1,632 |
Total | $ 3,115 | $ 3,089 | $ 2,670 |
Transactions with Related Par_3
Transactions with Related Parties (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||
Feb. 10, 2023 | Dec. 20, 2021 | Nov. 15, 2021 | Jun. 17, 2021 | May 14, 2019 | Oct. 28, 2015 | Jan. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jul. 17, 2021 | Jun. 16, 2021 | |
Related Party Transaction [Line Items] | ||||||||||||
Due to related parties | $ 1,379 | |||||||||||
Promissory Note [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Promissory note percentage | 7.50% | 7.50% | ||||||||||
Maturity date | Apr. 01, 2024 | Apr. 01, 2023 | ||||||||||
Principal amount | $ 6,000 | $ 6,000 | $ 3,000 | $ 1,000 | ||||||||
Interest Payable | 433 | |||||||||||
Interest on promissory note to be settled in common shares | $ 1,000 | |||||||||||
Debt Instrument, Convertible, Conversion Price | $ 3.6660 | |||||||||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | $ 1,000 | |||||||||||
Payment of debt | $ 3,000 | |||||||||||
Promissory Note [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
issuance of common stock, shares | 272,766 | |||||||||||
Maritime Investors Promissory Note [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Promissory Note | $ 2,500 | |||||||||||
Promissory note percentage | 9% | 2.75% | ||||||||||
Maturity date | Jan. 15, 2017 | |||||||||||
Principal balance | $ 5,000 | |||||||||||
Interest rate paid in cash | 4.50% | |||||||||||
Debt instrument maturity date description | the Company entered into a second amendment to the Amended & Restated Promissory Note which (i) extended the repayment of the outstanding principal, in whole or in part, until the earlier of a) one year after the repayment of the credit facility of Eighthone with Entrust Global Permal (the “Credit Facility”) on September 2023 (see Note 8), b) January 15, 2024 and c) repayment of any Paid-In-Kind (“PIK”) interest and principal deficiency amount under the Credit Facility | |||||||||||
Interest rate paid in restricted shares | 4.50% | |||||||||||
Maritime Investors Promissory Note [Member] | Extended Maturity [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Maturity date | Mar. 31, 2020 | |||||||||||
Interest rate paid in cash | 4.50% | |||||||||||
Promissory Note [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Payment of debt | $ 64 | 113 | ||||||||||
Interest on debt | $ 69 | $ 450 | $ 335 | |||||||||
Promissory Note [Member] | Accrued and Other Liabilities [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Payment of debt | 337 | 216 | ||||||||||
Cash payable | 113 | 64 | ||||||||||
Promissory Note [Member] | Accrued and Other Liabilities [Member] | Common Stock [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Interest on promissory note to be settled in common shares | 55 | |||||||||||
Pyxis Maritime Corporation [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Ship management services per day per vessel | $ 0.325 | |||||||||||
Charter hire agreement commission rate | 1.25% | |||||||||||
Vessels initial term | 5 years | |||||||||||
Head management agreement commencement date | Mar. 23, 2020 | |||||||||||
Management agreements renewal period | 5 years | |||||||||||
Administration fees payable to related party | $ 1,600 | |||||||||||
Head management agreement, terms and manner of settlement | In the event of a change of control of the Company during the management period or within 12 months after the early termination of the Head Management Agreement, then the Company will pay to Maritime an amount equal to 2.5 times the then annual Administration Fees. Pursuant to the amendment of this agreement on March 18, 2020, in the event of such change of control and termination, the Company shall also pay to Maritime an amount equal to 12 months of the then daily Ship-management Fees. | |||||||||||
Ship-management and administration fees percentage increase | the average rate in Greece was a deflation of 1.23% and, as a result, no adjustment was made to the Ship-management Fees and the Administration Fees for 2022. The average inflation rate in Greece in 2022 was 9.65% and, as a result, an adjustment to the Ship-management Fees and the Administration Fees have been made effective January 1, 2023. Effective January 1, the Ship-Management Fees and the Administration Fees for 2024 were increased by 3.50% in line with the average inflation rate in Greece in 2023 and were $381 per day per ship and $1.9 million annually, respectively. | |||||||||||
Pyxis Maritime Corporation [Member] | Pyxis Epsilon [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Base term expired | December 31, 2017 | |||||||||||
Pyxis Maritime Corporation [Member] | Pyxis Malou [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Base term expired | December 31, 2018 | |||||||||||
While Vessel is Under Construction [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Ship management services per day per vessel | $ 0.450 | |||||||||||
Konkar Agencies [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Ship management services per day per vessel | $ 0.850 | |||||||||||
Charter hire agreement commission rate | 1.25% | |||||||||||
Related Party [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Due to related parties | $ 990 | $ 1,028 | ||||||||||
SPP Shipbuilding Co. Ltd [Member] | Memorandum of Agreement [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Due to related parties | 2,995 | |||||||||||
Interest on promissory note to be settled in common shares | $ 2,170 | |||||||||||
issuance of common stock, shares | 1,034,751 | |||||||||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | $ 1,325 | |||||||||||
Payments for Construction in Process | $ 32,000 | |||||||||||
Business Combination, Assets Arising from Contingencies, Amount Recognized, Other than at Fair Value | 31,172 | |||||||||||
Line of Credit, Current | $ 21,680 | |||||||||||
Line of credit facility, expiration period | 7 years | |||||||||||
Cash | $ 4,320 | |||||||||||
SPP Shipbuilding Co. Ltd [Member] | Memorandum of Agreement [Member] | Secured Debt [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Line of Credit Facility, Collateral Fees, Amount | $ 3,000 |
Schedule of Inventories (Detail
Schedule of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory [Line Items] | ||
Total | $ 957 | $ 1,911 |
Lubricants [Member] | ||
Inventory [Line Items] | ||
Total | 414 | 617 |
Bunkers [Member] | ||
Inventory [Line Items] | ||
Total | $ 543 | $ 1,294 |
Schedule of Vessels (Details)
Schedule of Vessels (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Net book value, ending balance | $ 114,185 | ||
Depreciation | (5,503) | $ (6,100) | $ (4,898) |
Net book value, ending balance | 101,936 | 114,185 | |
Vessel Cost [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Vessel cost, ending balance | 148,736 | 148,175 | |
BWTS installation | 813 | 561 | |
Depreciation | |||
Vessel cost, ending balance | 119,303 | 148,736 | 148,175 |
Vessel additions | 28,500 | ||
Vessel additions | (25,625) | ||
Vessel additions | (33,198) | ||
Vessel additions | 77 | ||
Accumulated Depreciation [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Accumulated depreciation, ending balance | (34,551) | (28,451) | |
BWTS installation | |||
Depreciation | (5,503) | (6,100) | |
Accumulated depreciation, ending balance | (20,030) | (34,551) | (28,451) |
Vessel additions | |||
Vessel additions | 9,519 | ||
Vessel additions | 10,505 | ||
Vessel additions | |||
Net Book Value [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Net book value, ending balance | 114,185 | 119,724 | |
BWTS installation | 813 | 561 | |
Depreciation | (5,503) | (6,100) | |
Net book value, ending balance | 99,273 | $ 114,185 | $ 119,724 |
Vessel additions | 28,500 | ||
Vessel additions | (16,106) | ||
Vessel additions | (22,693) | ||
Vessel additions | $ 77 |
Vessels, net (Details Narrative
Vessels, net (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||
Feb. 15, 2024 | Dec. 15, 2023 | Sep. 14, 2023 | Mar. 23, 2023 | Jan. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 29, 2024 | |
Property, Plant and Equipment [Line Items] | |||||||||
Impairment Charges | $ 0 | $ 0 | $ 0 | ||||||
[custom:OutstandingBalanceBWTSInstallation] | 43,000 | ||||||||
Proceeds from sale of property | 64,213,000 | 8,509,000 | |||||||
Proceeds from long term debt | 34,500,000 | 59,500,000 | |||||||
Proceeds from sale of property | 28,500,000 | 2,995,000 | $ 43,005,000 | ||||||
Subsequent Event [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Additions amount | $ 27,000 | ||||||||
cash | $ 197 | ||||||||
Net Book Value [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Additions amount | 813,000 | $ 561,000 | |||||||
Additions amount | 77,000 | ||||||||
Ballast Water Treatment System Installation [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Additions amount | $ 890,000 | ||||||||
Ballast Water Treatment System Installation [Member] | Subsequent Event [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Proceeds from sale of property | $ 26,625,000 | ||||||||
cash | $ 14,500,000 | ||||||||
Pyxis Malou [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Proceeds from sale of property | $ 24,800,000 | ||||||||
Proceeds from repayment of debt | 18,900,000 | ||||||||
Gain (Loss) from the sale of vessels | $ 8,017,000 | ||||||||
Konhar Ormi [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Proceeds from sale of property | $ 28,500,000 | ||||||||
Proceeds from long term debt | $ 19,000,000 | ||||||||
Pyxis Epsilon [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Proceeds from sale of property | $ 40,750,000 | ||||||||
Proceeds from repayment of debt | 26,800,000 | ||||||||
Gain (Loss) from the sale of vessels | $ 17,108,000 |
Insurance claim receivable (Det
Insurance claim receivable (Details Narrative) $ in Thousands | Dec. 31, 2022 USD ($) |
Insurance [Abstract] | |
Outstanding insurance | $ 608 |
Insurance claim | $ 2,022 |
Schedule of Deferred Charges (D
Schedule of Deferred Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Dry-dock And Special Survey Costs Net | |||
Balance January 1, | $ 794 | $ 912 | $ 1,594 |
Additions | 1,506 | 266 | 253 |
Amortization of special survey costs | (388) | (384) | (406) |
Transfer to vessels held for sale | (529) | ||
Pyxis Malou sale | (168) | ||
Pyxis Epsilon sale | (122) | ||
Balance December 31, | $ 1,622 | $ 794 | $ 912 |
Deferred dry-dock and special_3
Deferred dry-dock and special survey costs, net (Details Narrative) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Second special survey cost | $ 1,622 | $ 794 | $ 912 | $ 1,594 |
Second special survey cost | 1,379 | |||
Pyxis Theta [Member] | ||||
Second special survey cost | 700 | |||
Pyxis Karteria [Member] | ||||
Second special survey cost | $ 806 |
Schedule of Long-Term Debt (Det
Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 61,490 | $ 65,750 |
Current portion | 5,777 | 6,100 |
Less: Current portion of deferred financing costs | (197) | (271) |
Current portion of long-term debt, net of deferred financing costs, current | 5,580 | 5,829 |
Long-term portion | 55,713 | 59,650 |
Less: Non-current portion of deferred financing costs | (343) | (603) |
Long-term debt, net of current portion and deferred financing costs, non-current | 55,370 | 59,047 |
Pyxis Malou [Member] | Fourthone Corporation Ltd [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 6,616 | |
Pyxis Theta Vessel [Member] | Seventhone Corp [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 11,350 | 12,550 |
Pyxis Epsilon Vessel [Member] | Eighthone Corp [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 14,900 | |
Pyxis Karteria Vessel [Member] | Tenthone Corp [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 14,150 | 11,800 |
Pyxis Lamda Vessel [Member] | Eleventhone Corp [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 17,390 | 19,884 |
Konkar Ormi [Member] | Dryone Corp [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 18,600 |
Schedule of Long-Term Debt (D_2
Schedule of Long-Term Debt (Details) (Parenthetical) $ in Thousands | 12 Months Ended | |||||||
Dec. 15, 2023 USD ($) | Mar. 23, 2023 USD ($) | Mar. 13, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 20, 2021 USD ($) | Jul. 09, 2021 USD ($) | |
Debt Instrument [Line Items] | ||||||||
Outstanding balance | $ 61,490 | $ 65,750 | ||||||
Total long-term debt outstanding | 61,490 | |||||||
Net cash proceeds | 34,500 | $ 59,500 | ||||||
Pyxis Karteria [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Prepayment for loan facility | $ 15,500 | |||||||
Secured Loan Fourthone Corp [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Minimum cash deposits | 750 | |||||||
Reduced minimum cash deposits | $ 500 | |||||||
Maximum required leverage ratio | 75% | |||||||
Maximum required leverage ratio | 32.20% | |||||||
Maximum required leverage ratio | 42.80% | |||||||
Minimum security collateral cover required | 125% | |||||||
Secured Loan - Seventhone Corp. [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long term debt balloon payment | $ 9,250 | |||||||
Maximum required leverage ratio | 75% | |||||||
Maximum required leverage ratio | 32.20% | |||||||
Maximum required leverage ratio | 42.80% | |||||||
Minimum security collateral cover required | 125% | |||||||
Total long-term debt outstanding | $ 11,350 | |||||||
Quarterly installments payable (15 installments) | $ 300 | |||||||
Maturity date | July 2025 | |||||||
Secured Loan - Seventhone Corp. [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate margin | 3.35 | |||||||
Secured Loan Eightth one Corp [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Minimum cash deposits | $ 500 | |||||||
Secured Loan Tenthone Corp [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Minimum cash deposits | $ 900 | |||||||
Maximum required leverage ratio | 75% | |||||||
Minimum security collateral cover required | 130% | |||||||
Minimum cash and cash equivalents | $ 2,000 | |||||||
Percentage of total debt | 3% | |||||||
Secured Loan Tenthone Corp [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Minimum cash deposits | $ 500 | |||||||
Secured Loan Tenthone Corp [Member] | LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate margin | 0.027 | |||||||
New Secured Loan Tenthone [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt balloon payment, per facility | $ 8,900 | |||||||
Secured Loan Dryone Corp [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Minimum cash deposits | $ 800 | |||||||
Maximum required leverage ratio | 75% | |||||||
Maximum required leverage ratio | 32.20% | |||||||
Maximum required leverage ratio | 42.80% | |||||||
Minimum security collateral cover required | 130% | |||||||
Percentage of valuation amount | 65% | |||||||
Pyxis Epsilon Vessel [Member] | Secured Loan Eightth one Corp [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Net cash proceeds | $ 26,800 | |||||||
Pyxis Karteria Vessel [Member] | Secured Loan Tenthone Corp [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Down payment | $ 13,500 | |||||||
Debt instrument, face amount | $ 13,500 | |||||||
Konkar Ormi [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long term debt balloon payment | $ 12,600 | |||||||
Long term debt balloon payment year | 2028-09 | |||||||
Interest rate margin | 0.0235 | |||||||
Vessel acquisition date | $ 400 | |||||||
Last installment | 300 | |||||||
Purchase amount | 28,500 | |||||||
Fund payment | 19,000 | |||||||
Outstanding loan amount | 18,600 | |||||||
Fourthone [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Down payment | $ 7,320 | |||||||
Fourthone [Member] | Pyxis Malou Vessel [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Gross proceeds | $ 24,800 | |||||||
Proceeds from cash | 18,900 | |||||||
Fourthone [Member] | Pyxis Lamda Vessel [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Prepaid amount | $ 750 | |||||||
Eleventhone [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Down payment | $ 21,680 | |||||||
Outstanding balance | 17,390 | |||||||
Quarterly installments | 432 | |||||||
Long term debt balloon payment | $ 12,210 | |||||||
Interest rate margin | 0.0315 | |||||||
Eleventhone [Member] | Pyxis Lamda Vessel [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long term debt balloon payment year | 2026-12 | |||||||
Tenth one [Member] | Pyxis Epsilon Vessel [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Outstanding loan balance | $ 14,150 | |||||||
Vessel acquisition date | 450 | |||||||
Last installment | $ 300 |
Schedule of Principal Payments
Schedule of Principal Payments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2024 | $ 5,777 |
2025 | 14,277 |
2026 | 16,337 |
2027 | 2,400 |
2028 | 22,699 |
Total | $ 61,490 |
Long-term Debt (Details Narrati
Long-term Debt (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Short-Term Debt [Line Items] | |||
Long-term debt, weighted average interest rate, at point in time | 8.21% | 5.41% | 5.04% |
Long Term Debt and Promissory Note [Member] | |||
Short-Term Debt [Line Items] | |||
Interest expense on long-term debt and promissory note | $ 5,552 | $ 4,148 | $ 2,963 |
Equity Capital Structure and _2
Equity Capital Structure and Equity Incentive Plan (Details Narrative) - USD ($) | 12 Months Ended | |||||||||||||||||||||
Mar. 29, 2024 | May 11, 2023 | May 11, 2022 | Dec. 20, 2021 | Jul. 16, 2021 | May 27, 2021 | Apr. 02, 2021 | Mar. 11, 2021 | Feb. 24, 2021 | Jan. 04, 2021 | Dec. 20, 2020 | Oct. 13, 2020 | Oct. 08, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Oct. 13, 2023 | Aug. 23, 2021 | May 14, 2021 | Dec. 21, 2020 | Nov. 20, 2020 | Apr. 06, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Common stock, shares authorized | 450,000,000 | 450,000,000 | ||||||||||||||||||||
Common stock, shares authorized | 50,000,000 | 50,000,000 | ||||||||||||||||||||
Common stock, shares issued | 10,542,547 | 10,614,319 | ||||||||||||||||||||
Common stock, shares outstanding | 10,542,547 | 10,614,319 | ||||||||||||||||||||
Preferred shares, par value | $ 0.001 | $ 0.001 | ||||||||||||||||||||
Offering units | 200,000 | |||||||||||||||||||||
Offering price | $ 25 | $ 25 | ||||||||||||||||||||
Percentage of preferred shares | 7.75% | |||||||||||||||||||||
Warrant exercise price per shares | $ 8.75 | $ 8.75 | ||||||||||||||||||||
Series A convertible preferred share, description | Each Series A Convertible Preferred Share is convertible into common shares at an initial conversion price of $5.60 per common share, or 4.46 common shares, at any time at the option of the holder, subject to certain customary adjustments | |||||||||||||||||||||
Series A Convertible Preferred Shares - automatic conversion upon market trigger | If the trading price of Pyxis Tankers’ common stock equals or exceeds $9.52 per share for at least 20 days in any 30 consecutive trading day period ending 5 days prior to notice, the Company can call, in whole or in part, for mandatory conversion of the Series A Convertible Preferred Shares | |||||||||||||||||||||
Change of control terms line item | In the case of a change of control that is pre-approved by the Company’s Board of Directors, holders of Series A Convertible Preferred Shares have the option to (i) demand that the Company redeem the Series A Convertible Preferred Shares at (a) $26.63 per Series A Convertible Preferred Share from the date of issuance until October 13, 2021, (b) $25.81 per Series A Convertible Preferred Share from October 13, 2021 until October 13, 2022 and (c) $25.00 after October 13, 2022, or (ii) continue to hold the Series A Convertible Preferred Shares. Upon a change of control, the holders also have the option to convert some or all of the Series A Convertible Preferred Shares, together with any accrued or unpaid dividends, into shares of common stock at the conversion rate. Change of Control means that (i) Mr. Valentios Valentis and his affiliates cease to own at least 20% of the voting securities of the Company, or (ii) a person or group acquires at least 50% voting control of the Company, and in the case of each of either (i) or (ii), neither the Company nor any surviving entity has its common stock listed on a recognized U.S. exchange | |||||||||||||||||||||
Dividend distribution terms | In addition, unless the Company has received the affirmative vote or consent of the holders of at least 66.67% of the then outstanding Series A Convertible Preferred Shares, voting as a single class, the Company may not create or issue any class or series of capital stock ranking senior to the Series A Convertible Preferred Shares with respect to dividends or distributions | |||||||||||||||||||||
Description of warrant purchase | On exercise, each Underwriter Warrant allows the holder to purchase one Series A Convertible Preferred Share or one Warrant to purchase one common share of the Company at $5.60 or, in case of absence of an effective registration statement, to exchange those cashless based on a formula set in the Underwriting Agreement. | |||||||||||||||||||||
Gross proceeds from the Offering | $ 5,000,000 | |||||||||||||||||||||
Proceeds from offering | $ 4,300,000 | |||||||||||||||||||||
Class of warrant or right, outstanding | 1,590,540 | |||||||||||||||||||||
Class of warrant or right, number of securities called by each warrant or right | 107,143 | 107.1431 | ||||||||||||||||||||
Warrants and rights outstanding, term | 5 years | 5 years | ||||||||||||||||||||
Share price | $ 3.75 | |||||||||||||||||||||
General partners' offering costs | $ 250,000,000 | |||||||||||||||||||||
Bid price | $ 1 | |||||||||||||||||||||
Number of common stock issued, value | $ 23,119,000 | |||||||||||||||||||||
Reverse stock split, description | Following the Reverse Stock Split, our common shares continued trading on the Nasdaq Capital Markets under its existing symbol, “PXS”, with a new CUSIP number, 71726130. The payment for fractional share interests in connection with the Reverse Stock Split reduced the outstanding common shares to 10,613,424 post-Reverse Stock Split. The Reverse Stock Split was undertaken with the objective of meeting the minimum $1.00 per share requirement for maintaining the listing of the common shares on the Nasdaq Capital Markets. Furthermore, following the Reverse Stock Split, (a) the Conversion Price, as defined in the certification of designation of the Company’s 7.75% Series A Cumulative Convertible Preferred Shares (NASDAQ Cap Mkts: PXSAP), was adjusted from $1.40 to $5.60 and (b) the Exercise Price, as defined in the Company’s warrants to purchase common shares (NASDAQ Cap Mkts: PXSAW), was adjusted from $1.40 to $5.60. All the share and per share information for all periods presented has been adjusted to reflect the one for four Reverse Stock Split. | |||||||||||||||||||||
Stock repurchase program, authorized amount | $ 2,000,000 | |||||||||||||||||||||
Number of shares repurchased | 331,591 | |||||||||||||||||||||
Payments for commissions | $ 1,200,000 | |||||||||||||||||||||
Issuance of restricted common stock | 55,000 | |||||||||||||||||||||
Restricted shares grant date, value | $ 201,000 | 171,000 | ||||||||||||||||||||
Compensation cost in general and administrative expenses | 171,000 | |||||||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Share price | $ 4.42 | |||||||||||||||||||||
Stock repurchased during period, shares | 44,557 | |||||||||||||||||||||
Cash | $ 197 | |||||||||||||||||||||
Restricted Stock [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Total unrecognized cost | $ 30,000 | |||||||||||||||||||||
Securities Purchase Agreement [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Number of common stock issued, shares | 3,571,429 | |||||||||||||||||||||
Proceeds from investors | $ 25,000,000 | |||||||||||||||||||||
Share price | $ 7 | |||||||||||||||||||||
Increase in common stock par or stated value per share | $ 4 | |||||||||||||||||||||
Adjustments to additional paid in capital, other | $ 23,115,000 | |||||||||||||||||||||
Underwriter's Warrants [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Warrant aggregate purchase price | $ 100,000 | |||||||||||||||||||||
First type - Warrant for the purchase of an aggregate Series A Convertible Preferred Shares | 2,000 | 4,683 | 4,683 | |||||||||||||||||||
First - type exercise price | $ 24.92 | |||||||||||||||||||||
Second type - Warrant for the purchase of an aggregate Series A Convertible Preferred Shares | 4,000 | 3,460 | 4,000 | |||||||||||||||||||
Second type - Exercise price | $ 0.01 | |||||||||||||||||||||
Termination date | at any time on or after April 6, 2021 and prior to October 8, 2025 | |||||||||||||||||||||
Conversion of stock, shares converted | 45,842 | |||||||||||||||||||||
Class of warrant or right, outstanding | 3,460 | 4,000 | ||||||||||||||||||||
Series A Convertible Preferred Stock [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
First type - Warrant for the purchase of an aggregate Series A Convertible Preferred Shares | 2,683 | |||||||||||||||||||||
First - type exercise price | $ 25 | |||||||||||||||||||||
Second type - Warrant for the purchase of an aggregate Series A Convertible Preferred Shares | 4,683 | 4,683 | ||||||||||||||||||||
Conversion of stock, shares converted | 200 | |||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Number of common stock issued, shares | 3,571,429 | |||||||||||||||||||||
Conversion of stock, shares converted | 204,819 | 895 | ||||||||||||||||||||
Number of common stock issued, value | $ 4,000 | |||||||||||||||||||||
Number of shares repurchased | (331,591) | |||||||||||||||||||||
Issuance of restricted common stock | 55,000 | |||||||||||||||||||||
Restricted shares grant date, value | ||||||||||||||||||||||
Common Stock [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Stock repurchased during period, shares | 44,557 | |||||||||||||||||||||
Over-Allotment Option [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Additional number of Series A Convertible Preferred Shares (optional preferred shares) | 30,000 | |||||||||||||||||||||
Additional number of warrants (optional warrants) | 240,000 | |||||||||||||||||||||
Purchase price per optional preferred share | $ 23.051 | |||||||||||||||||||||
Purchase price per optional warrant | $ 0.00925 | |||||||||||||||||||||
Partial over allotment of warrants exercised by the underwriter | 135,040 | |||||||||||||||||||||
Gross proceeds | $ 1,000 | |||||||||||||||||||||
IPO [Member] | 7.75% Series A Cumulative Convertible Preferred Shares [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Proceeds from offering | $ 6,170,000 | |||||||||||||||||||||
Number of common stock issued, shares | 308,487 | |||||||||||||||||||||
Preference per share | $ 25 | |||||||||||||||||||||
Purchase price | $ 20 | |||||||||||||||||||||
Net of offering expense | $ 5,563,000 | |||||||||||||||||||||
Amended and Restated Promissory Note [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Number of common stock issued, shares | 11,957 | 16,112 | ||||||||||||||||||||
Repayment of principal amount | $ 1,000,000 | |||||||||||||||||||||
Conversion of principal amount | 1,000,000 | |||||||||||||||||||||
Restructured principal amount | $ 3,000,000 | |||||||||||||||||||||
Maturity date | Apr. 01, 2023 | |||||||||||||||||||||
Accrue interest rate | 7.50% | |||||||||||||||||||||
Amended and Restated Promissory Note [Member] | Restricted Stock [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Number of common stock issued, shares | 272,766 | |||||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Stock repurchase program, authorized amount | $ 2,000,000 | |||||||||||||||||||||
Series A Convertible Preferred Shares [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Common stock, shares authorized | 1,000,000 | 1,000,000 | ||||||||||||||||||||
Preferred stock, shares issued | 403,631 | 449,473 | ||||||||||||||||||||
Preferred stock, shares outstanding | 403,631 | 449,473 | ||||||||||||||||||||
Class of warrant or right, outstanding | 1,591,062 | |||||||||||||||||||||
Series A Convertible Preferred Shares and Detachable Warrants [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Warrant exercise price per shares | $ 5.60 | |||||||||||||||||||||
Warrant exercisable date | at any time prior to October 13, 2025 or, in case of absence of an effective registration statement, to exchange those cashless based on a formula | |||||||||||||||||||||
Annual cash dividend per share | $ 1.9375 | |||||||||||||||||||||
Preferred dividend percentage | 7.75% | |||||||||||||||||||||
Liquidation preference per share | 25 | |||||||||||||||||||||
Cash dividend per share | $ 0.1615 | $ 0.1991 | ||||||||||||||||||||
Monthly cash dividend paid per share | $ 0.1615 | $ 0.1615 | $ 0.1615 | |||||||||||||||||||
Dividend payable | $ 797,000 | $ 871,000 | $ 537,000 | |||||||||||||||||||
Series A Convertible Preferred Shares and Detachable Warrants [Member] | Maximum [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Common shares from exerciseable of detachable warrants | 1,600,000 | |||||||||||||||||||||
Series A Preferred Stock [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Share price | $ 25 | |||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Number of common stock issued, shares | 1,034,751 | |||||||||||||||||||||
Share price | $ 2.90 | |||||||||||||||||||||
Common Stock [Member] | Pyxis Lamda [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Number of common stock issued, shares | 1,034,751 | |||||||||||||||||||||
Number of common stock issued, value | $ 2,172,000 |
Schedule of Non controlling Int
Schedule of Non controlling Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Noncontrolling Interest [Abstract] | |||
Balance, January 1, 2023 | |||
Non-controlling interest contribution in Drykon | 4,520 | ||
Net loss attributable to non-controlling interest (40%) | (201) | ||
Balance, December 31, 2023 | $ 4,319 |
Schedule of Non controlling I_2
Schedule of Non controlling Interest (Details) (Parenthetical) | Jul. 05, 2023 |
Chief Executive Officer and Chairman [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Ownership percentage, noncontrolling owner | 40% |
Non-controlling Interest (Detai
Non-controlling Interest (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |||
Jul. 05, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Net loss | $ 37,037 | $ 13,392 | $ (12,338) | |
Noncontrolling Interest [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Net loss | 201 | |||
DRYKON MARITIME Corp. [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Net loss | 502 | |||
Parent [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Net loss | $ 301 | |||
DRYKON MARITIME Corp. [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Ownership percentage, parent | 60% | |||
Consideration in cash | $ 6,780 | |||
DRYKON MARITIME Corp. [Member] | Chief Executive Officer [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Consideration in cash | $ 4,520,000 | |||
Chief Executive Officer and Chairman [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Ownership percentage, noncontrolling owner | 40% |
Schedule of Loss Per Common Sha
Schedule of Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Net income attributable to Pyxis Tankers Inc. | $ 37,037 | $ 13,392 | $ (12,338) |
Dividend Series A Convertible Preferred Stock | (810) | (885) | (555) |
Net income/(loss) attributable to common shareholders | $ 36,227 | $ 12,507 | $ (12,893) |
Weighted average number of common shares, basic | 10,701,059 | 10,613,672 | 8,994,768 |
Net income/(loss) per common share, basic | $ 3.38 | $ 1.18 | $ (1.43) |
Net income/(loss) per common share, diluted | $ 37,037 | $ 13,392 | $ (12,893) |
Weighted average number of common shares, diluted | 12,585,777 | 12,640,581 | 8,994,768 |
Net income/(loss) per common share, diluted | $ 2.94 | $ 1.06 | $ (1.43) |
Schedule of Fair Value of Asset
Schedule of Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Short-term investment in time deposits | $ 20,000 | |
Trade accounts payable | 1,695 | 2,604 |
Carrying Value [Member] | ||
Cash and cash equivalents (including restricted cash) | 36,339 | 10,189 |
Short-term investment in time deposits | 20,000 | |
Trade accounts receivable | 4,964 | 10,469 |
Trade accounts payable | 1,695 | 2,604 |
Long-term debt with variable interest rates, net | 61,490 | 65,750 |
Promissory note with non-variable interest rate* | 6,000 | |
Carrying Value [Member] | Related Party [Member] | ||
Due from related parties | 194 | |
Due to related parties | 990 | 1,028 |
Fair Value [Member] | ||
Cash and cash equivalents (including restricted cash) | 36,339 | 10,189 |
Short-term investment in time deposits | 20,000 | |
Trade accounts receivable | 4,964 | 10,469 |
Trade accounts payable | 1,695 | 2,604 |
Long-term debt with variable interest rates, net | 61,490 | 65,750 |
Promissory note with non-variable interest rate* | 5,968 | |
Fair Value [Member] | Related Party [Member] | ||
Due from related parties | 194 | |
Due to related parties | $ 990 | $ 1,028 |
Schedule of Financial Derivativ
Schedule of Financial Derivative Instrument Location (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Risk Management And Fair Value Measurements | ||
Financial derivative instrument – Other non-current assets | $ 619 |
Schedule of Gains Losses on Der
Schedule of Gains Losses on Derivative Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Risk Management And Fair Value Measurements | |||
Financial derivative instrument – Fair value at the beginning of the period | $ 619 | $ 74 | |
Financial derivative instrument – Additions of the period | |||
Financial derivative instrument – Amounts received | (560) | (10) | |
Financial derivative instrument – Fair value as at period end | 619 | $ 74 | |
Gain/(Loss) from financial derivative instrument | $ (59) | $ 555 |
Risk Management and Fair Valu_3
Risk Management and Fair Value Measurements (Details Narrative) - USD ($) | 12 Months Ended | |||||
Jan. 25, 2023 | Jul. 16, 2021 | Jan. 19, 2018 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||||||
Impairment loss | $ 0 | $ 0 | $ 0 | |||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Vessel Owing Company [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Derivative, notional amount | $ 9,600,000 | $ 10,000,000 | ||||
Derivative, cap interest rate | 2% | 3.50% | ||||
Derivative, maturity date | Jul. 08, 2025 | Jul. 16, 2021 | ||||
Cash gain on derivatives | $ 600,000 | |||||
LIBOR [Member] | Vessel Owing Company [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Derivative, notional amount | $ 9,600,000 | |||||
Derivative, cap interest rate | 2% | |||||
Derivative, maturity date | Jul. 08, 2025 | |||||
Cash gain on derivatives | $ 600,000 |
Schedule of Future Minimum Cont
Schedule of Future Minimum Contractual Charter Revenues (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2024 | $ 7,730 |
Total | $ 7,730 |
Schedule of Interest and Financ
Schedule of Interest and Finance Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest And Finance Costs | |||
Interest on long-term debt (Note 8) | $ 5,483 | $ 3,698 | $ 2,628 |
Interest on promissory note (Note 3) | 69 | 450 | 335 |
Amortization of financing costs | 247 | 303 | 247 |
Financing fees and charges | 36 | (10) | 75 |
Total | $ 5,835 | $ 4,441 | $ 3,285 |
Schedule of Segment Information
Schedule of Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Revenues, net | $ 45,468 | $ 58,344 | $ 25,341 |
Voyage related costs and commissions | (6,352) | (17,357) | (9,589) |
Vessel operating expenses | (11,623) | (12,481) | (12,454) |
General and administrative expenses | (3,448) | (2,508) | (2,538) |
Allowance for credit losses | 78 | (118) | (11) |
Gain from the sale of vessel, net | 25,125 | (466) | |
Interest and finance costs | (5,835) | (4,441) | (3,285) |
Loss from debt extinguishment | (379) | (34) | (541) |
Loss from financial derivative instrument | (59) | 555 | |
Net income/(loss) attributable to Pyxis Tankers Inc. | 37,037 | 13,392 | (12,338) |
Net income/(loss) | 36,836 | 13,392 | (12,338) |
Cash and cash equivalents & restricted cash | 36,339 | 10,189 | 9,874 |
Inventories | 957 | 1,911 | |
Trade accounts receivable | 4,964 | 10,469 | |
Short-term investment in time deposits | 20,000 | ||
Prepayments and other current assets | 226 | 204 | |
Total assets | 166,313 | 138,979 | |
Related Party [Member] | |||
Segment Reporting Information [Line Items] | |||
Vessel operating expenses | (3,115) | $ (3,089) | $ (2,670) |
Reportable Subsegments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues, net | 45,468 | ||
Voyage related costs and commissions | (6,352) | ||
Vessel operating expenses | (11,623) | ||
General and administrative expenses | (148) | ||
Management fees | (1,488) | ||
Depreciation and amortization of special survey costs | (5,891) | ||
Allowance for credit losses | 78 | ||
Gain from the sale of vessel, net | 25,125 | ||
Interest and finance costs | (5,753) | ||
Loss from debt extinguishment | (379) | ||
Loss from financial derivative instrument | (59) | ||
Net income/(loss) attributable to Pyxis Tankers Inc. | 38,978 | ||
General and administrative expenses | (3,300) | ||
Interest and finance costs | (82) | ||
Interest income | 1,240 | ||
Net income/(loss) | 36,836 | ||
Cash and cash equivalents & restricted cash | 5,278 | ||
Inventories | 957 | ||
Trade accounts receivable | 4,964 | ||
Prepayments and other assets | 202 | ||
Vessels, net | 99,273 | ||
Prepayments for vessel acquisition | 2,663 | ||
Special survey cost, net | 1,622 | ||
Segment assets | 115,153 | ||
Cash and cash equivalents | 31,061 | ||
Short-term investment in time deposits | 20,000 | ||
Prepayments and other current assets | 99 | ||
Total assets | 166,313 | ||
Reportable Subsegments [Member] | Related Party [Member] | |||
Segment Reporting Information [Line Items] | |||
Due from related parties | 194 | ||
Tanker Vessels [Member] | Reportable Subsegments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues, net | 43,889 | ||
Voyage related costs and commissions | (6,121) | ||
Vessel operating expenses | (10,772) | ||
General and administrative expenses | (120) | ||
Management fees | (1,388) | ||
Depreciation and amortization of special survey costs | (5,485) | ||
Allowance for credit losses | 78 | ||
Gain from the sale of vessel, net | 25,125 | ||
Interest and finance costs | (5,275) | ||
Loss from debt extinguishment | (379) | ||
Loss from financial derivative instrument | (59) | ||
Net income/(loss) attributable to Pyxis Tankers Inc. | 39,493 | ||
Cash and cash equivalents & restricted cash | 4,237 | ||
Inventories | 904 | ||
Trade accounts receivable | 4,704 | ||
Prepayments and other assets | 180 | ||
Vessels, net | 71,179 | ||
Prepayments for vessel acquisition | |||
Special survey cost, net | 1,622 | ||
Segment assets | 82,826 | ||
Tanker Vessels [Member] | Reportable Subsegments [Member] | Related Party [Member] | |||
Segment Reporting Information [Line Items] | |||
Due from related parties | |||
Dry Bulk Vessels [Member] | Reportable Subsegments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues, net | 1,579 | ||
Voyage related costs and commissions | (231) | ||
Vessel operating expenses | (851) | ||
General and administrative expenses | (28) | ||
Management fees | (100) | ||
Depreciation and amortization of special survey costs | (406) | ||
Allowance for credit losses | |||
Gain from the sale of vessel, net | |||
Interest and finance costs | (478) | ||
Loss from debt extinguishment | |||
Loss from financial derivative instrument | |||
Net income/(loss) attributable to Pyxis Tankers Inc. | (515) | ||
Cash and cash equivalents & restricted cash | 1,041 | ||
Inventories | 53 | ||
Trade accounts receivable | 260 | ||
Prepayments and other assets | 24 | ||
Vessels, net | 28,094 | ||
Prepayments for vessel acquisition | 2,663 | ||
Special survey cost, net | |||
Segment assets | 32,329 | ||
Dry Bulk Vessels [Member] | Reportable Subsegments [Member] | Related Party [Member] | |||
Segment Reporting Information [Line Items] | |||
Due from related parties | $ 194 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Mar. 29, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 15, 2024 | |
Subsequent Event [Line Items] | ||||||
Convertible preferred stock dividends paid | $ 797,000 | $ 871,000 | $ 537,000 | |||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Repurchased shares | 44,557 | |||||
cash | $ 197 | |||||
Subsequent Event [Member] | Ballast Water Treatment System Installation [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Shares issued | 82,013 | |||||
Secured debt | $ 26,625,000 | |||||
cash | $ 14,500,000 | |||||
Subsequent Event [Member] | Common Stock [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Shares repurchased, value | $ 197,000 | |||||
Repurchased shares | 44,557 | |||||
Subsequent Event [Member] | Series A Convertible Preferred Shares [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Cash dividends per share | $ 0.1615 | |||||
Convertible preferred stock dividends paid | $ 196,000 |