Pyxis buys out boss’s ultramax stake in $6.8m deal

Nasdaq-listed Greek shipowner Pyxis Tankers has agreed to acquire the remaining 40% stake in one of its ultramax bulkers from a company linked to its chairman and chief executive, Eddie Valentis.

The deal, valued at approximately $6.83m before a separate working capital adjustment, will give Pyxis full ownership of the company holding the 2016-built Japanese ultramax Konkar Ormi.

The 63,250 dwt, scrubber-fitted vessel was acquired for $28.5m in October 2023 through a joint venture in which Pyxis took a 60% controlling interest and a Valentis-affiliated company acquired the balance.

The latest transaction values the bulker at approximately $32.08m, based on three independent shipbroker appraisals.

After deducting $15m of vessel-related debt, the ship’s net appraised equity value stands at approximately $17.08m, putting the minority stake at $6.83m.

The acquisition is expected to close before the end of October.

Pyxis entered the dry bulk market in 2023 through the original joint venture with Valentis, subsequently expanding its exposure with two kamsarmax acquisitions. The company currently operates three bulk carriers alongside three MR product tankers.

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