Pyxis Tankers buys rest 40% interest in $6.83m ultramax deal

Valentios (Eddie) Valentis-led Pyxis Tankers has sealed a deal to buy the remaining 40% non-controlling interest in the entity that owns the ultramax Ormi, a Japanese 2016-built scrubber-fitted 63,250 dwt vessel.

The Nasdaq-listed company said the transaction will result in Pyxis owning 100% of the vessel-owning entity and simplify the company’s ownership structure.

As it is reported, the bulker was acquired in October 2023 from an unaffiliated third party for $28.5m.

Pyxis acquired a 60% controlling interest, while the remaining 40% was acquired by a company related to Pyxis’ chairman and chief executive officer, Eddie Valentis.

The vessel has recently been appraised by three recognized international shipbrokers, each acting independently, at an average value of approximately $32.08m, with a range of less than 1% among the three appraisals.

After $15m of vessel-related debt, the implied net appraised equity value is around $17.08m, of which 40% corresponds to $6.83m.

The acquisition is