Benzinga | Jan 4, 2022 03:01PM EST

Pyxis Sells Two Small Tankers For $8.9M

* Pyxis Tankers Inc (NASDAQ:PXS) has agreed to sell two 2010 built 8,600 dwt product tankers, the Northsea Alpha and Northsea Beta, for $8.9 million.

* The company expects to complete the vessel sales between late January 2022 and late February 2022.

* Pyxis Tankers anticipates receiving aggregate net cash proceeds of ~$2.8 million and intends to use it for working capital purposes.

* For the fiscal year ended December 31, 2021, the company expects to recognize a non-cash loss from asset dispositions of $2.0 million.

* "Upon completion of the dispositions, our total debt should be approximately $77.35 million at a weighted average interest rate of less than 4% per annum with the next bank loan maturity scheduled in 3.5 years," noted Chairman and CEO Valentios Valentis.

* Price Action: PXS shares are trading higher by 2.86% at $0.52 on the last check Tuesday.