The Greek company Pyxis Tankers, listed on the Nasdaq, has agreed to purchase the remaining 40 percent of the shares of one of its ultramax vessels from a company associated with its President and CEO, Eddie Valentis.
Deal Details and Ship Value
This deal, which is estimated to be approximately $6.83 million before working capital adjustments related to it, allows Pyxis to acquire full ownership of the Japanese ultramax vessel Konkar Ormi, built in 2016. According to independent assessments from three ship brokerage firms, the value of this vessel is estimated at approximately $32.08 million.
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After deducting $15 million in debt related to the ship, the estimated net value of this vessel comes to about $17.08 million, thus making the value of the minority shares $6.83 million.
Final Deal Date and Its Implications
This purchase is expected to be finalized before the end of October. With this deal, Pyxis Tankers becomes one of the key players in the cargo shipping market, which could have significant implications for its future strategies in the global market.
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