--- title: "Pyxis Tankers Announces Acquisition of Remaining 40% Interest in Ultramax Dry Bulk Vessel “Ormi” Transaction Expected to Be Immediately Accretive and Further Simplify Ownership Structure | PXS Stock News" type: "News" locale: "en" url: "https://longbridge.com/en/news/301710522.md" description: "Pyxis Tankers (PXS) announced it will acquire the remaining 40% non-controlling interest in the entity owning the Ultramax dry bulk vessel 'Ormi' for approximately $6.83 million, based on net appraised equity value. The transaction, expected to close in October 2026, is immediately accretive and simplifies ownership by granting Pyxis 100% control. No acquisition fees apply beyond standard expenses. Approved by independent directors due to the seller's affiliation with CEO Eddie Valentis, the deal strengthens Pyxis's balance sheet without adding incremental debt." datetime: "2026-10-13T04:10:00.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/301710522.md) - [en](https://longbridge.com/en/news/301710522.md) - [zh-HK](https://longbridge.com/zh-HK/news/301710522.md) generator: "portal-rs" --- # Pyxis Tankers Announces Acquisition of Remaining 40% Interest in Ultramax Dry Bulk Vessel “Ormi” Transaction Expected to Be Immediately Accretive and Further Simplify Ownership Structure | PXS Stock News No acquisition fee or other material transaction fee will be paid, apart from customary legal and administrative expenses. See more from StockTitan in Google Search and AI answers.Adds StockTitan as a preferred source · opens Google Add on Google Maroussi, Greece – October 13, 2026 – Pyxis Tankers Inc. (Nasdaq Capital Market: PXS) (the “Company” or “Pyxis”), an international shipping company, today announced that it has entered into an agreement to acquire the remaining 40% non-controlling interest in the entity that owns the *Ormi*, a 2016-built, Japanese-built, scrubber-fitted 63,250 dwt Ultramax dry bulk vessel. The transaction is expected to be immediately accretive and, upon closing, will result in Pyxis owning 100% of the vessel-owning entity and further simplify the Company’s ownership structure. The *Ormi* was acquired in October 2023 from an unaffiliated third party for $28.5 million. Pyxis acquired a 60% controlling interest, while the remaining 40% was acquired by a company related to Pyxis’ Chairman and Chief Executive Officer, Mr. Eddie Valentis, whose participation provided additional capital support and allowed Pyxis to preserve liquidity and financial flexibility at the time. The Ormi has recently been appraised by three recognized international shipbrokers, each acting independently, at an average value of approximately $32.08 million, with a range of less than 1% among the three appraisals. After $15.0 million of vessel-related debt, the implied net appraised equity value is approximately $17.08 million, of which 40% corresponds to $6.83 million. Under the transaction, Pyxis has agreed to acquire the remaining 40% interest for the seller’s share of the vessel’s net appraised equity value. Working capital will be determined as of the completion of the vessel’s most recent voyage and settled separately at closing. Based on the Company’s current operating assumptions and prevailing dry bulk market conditions, Pyxis expects the transaction to be immediately accretive to earnings and free cash flow. The acquisition will also further simplify the Company’s ownership structure by eliminating the affiliated non-controlling interest in the *Ormi* vessel-owning entity. Because Pyxis already consolidates the vessel-owning entity, the *Ormi* and its related debt are already reflected in the Company’s consolidated financial statements. Accordingly, the transaction will not result in any incremental vessel debt on the Company’s consolidated balance sheet. No acquisition fee or other material transaction fee will be paid in connection with the transaction, other than customary legal and administrative expenses. Because the acquisition involves an entity related to the Company’s Chairman and Chief Executive Officer, the transaction was reviewed and approved solely by the independent members of the Board of Directors, who considered, among other things, the three independent vessel appraisals and the financial terms of the transaction. The acquisition is expected to close within October, 2026, following the satisfaction of customary closing conditions. **Eddie Valentis, Chairman and Chief Executive Officer of Pyxis Tankers, commented:** “When we acquired the Ormi in October 2023, the participation of an affiliated entity provided additional capital support that allowed Pyxis to complete an attractive acquisition while preserving liquidity and financial flexibility. Since then, we have substantially strengthened our balance sheet and liquidity position. “Acquiring the remaining interest is a logical next step. The vessel-equity component of the consideration is supported by three independent appraisals from recognized international shipbrokers. The transaction is expected to be immediately accretive under prevailing dry bulk market conditions and our current operating assumptions, and it will further simplify our corporate structure while providing Pyxis with 100% economic ownership of the *Ormi*, a high-quality, Japanese-built, scrubber-fitted Ultramax vessel.” **Investor Presentation** Additional information regarding the transaction, including the valuation framework, illustrative financial impact and accretion sensitivities, is available in the accompanying investor presentation on the Company’s website at www.pyxistankers.com. **About Pyxis Tankers Inc.** Pyxis Tankers Inc. is an international shipping company focused on the seaborne transportation of refined petroleum products and dry bulk commodities. The Company seeks to create long-term shareholder value through disciplined capital allocation, prudent financial management and opportunistic investments across the shipping cycle. **Forward-Looking Statements** This press release contains forward-looking statements within the meaning of applicable securities laws. Forward-looking statements include, without limitation, statements regarding the Company’s expectations, objectives, plans, strategies, future events or performance, vessel employment, market conditions, geopolitical developments, shipping market fundamentals and other statements that are not historical facts. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, except as required by law. **Company** Pyxis Tankers Inc. 59 K. Karamanli Street Maroussi, 15125 Greece Visit our website at https://www.pyxistankers.com **Company Contact** Fotis Giannakoulis Chief Financial Officer Tel: +1 917 291 7142 / +30 (210) 638 0200 Email: ir@pyxistankers.com ### Related Stocks - [PXS.US](https://longbridge.com/en/quote/PXS.US.md) ## Related News & Research - [Pyxis Tankers Inc. 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