Pyxis Tankers : Company Presentation - June, 2024

COMPANY PRESENTATION

JUNE 21, 2024

DISCLAIMER

FORWARD-LOOKING STATEMENTS & INFORMATION

This presentation contains forward-looking statements and forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995 applicable securities laws. The words "expected'', "estimated", "scheduled", "could", "should", "anticipated", "long-term", "opportunities", "potential", "continue", "likely", "may", "will", "positioned", "possible", "believe", "expand" and variations of these terms and similar expressions, or the negative of these terms or similar

expressions, are intended to identify forward-looking information or statements. But the absence of such words does not

mean that a statement is not forward-looking. All statements that are not statements of either historical or current facts, including among other things, our expected financial performance, expectations or objectives regarding future and market charter rate expectations and, in particular, the effects of COVID-19 or any variant thereof, or the war in the Ukraine and the Red Sea conflict, on our financial condition and operations and the product tanker industry in general, are forward-looking statements. Forward-looking information is based on the opinions, expectations and estimates of management of Pyxis Tankers Inc. ("we", "our" or "Pyxis") at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially

from those projected in the forward-looking information. Although we believe that the expectations and assumptions on

which such forward-looking statements and information are based are reasonable, those are not guarantees of our future performance and you should not place undue reliance on the forward-looking statements and information because we cannot give any assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties and actual results and future events could differ materially from those anticipated or implied in such information. Factors that might cause or contribute to such discrepancy include, but are not limited to, the risk factors described in our Annual Report on Form 20-F for the year ended December 31, 2023 which was filed on April 17, 2024 with the Securities and Exchange Commission (the "SEC") and

our other filings with the SEC. The forward-looking statements and information contained in this presentation are made as of

the date hereof. We do not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except in accordance with U.S. federal securities laws and other applicable securities laws.

This presentation and any oral statements made in connection with it are for informational purposes only and do not constitute an offer to buy or sell our securities. For more complete information about us, you should read the information in this presentation together with our filings with the SEC, which may be accessed at the SEC's website (http://www.sec.gov).

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COMPANY OVERVIEW

INTERNATIONAL SHIPPING COMPANY

Disciplined Growth

Oriented with

Attractive, Modern

Eco-Fleet

Reputable Customer

Base & Diversified

Chartering Strategy

Competitive Cost

Structure & Solid

Capitalization

• Focus on mid-sized, modern eco-efficient vessels - three medium range 2 ("MR") product tankers and two, soon to be three, dry bulk carriers
• Selectively expanding fleet - Expected August 2024 closing of $30M purchase of 9 yr. old Kamsarmax bulker
• Long-standingrelationships with first-class customers worldwide
• As of June 21, 95% of available days in Q2 2024 booked for our MR's at average estimated TCE* rate of $31,800/day & 90% of days for our bulkers at avg. estimated TCE of $18,400/day
• Positioned to further capitalize if charter rates increase, with four contracted under short- term time charters and one under spot voyage
• Substantially fixed cost structure creates operating leverage for greater earnings power as charter rates potentially increase
• Competitive total daily operational costs/vessel to U.S. listed peer group
• Solid balance sheet - liquidity with modest leverage
• After upcoming closing of latest acquisition, significant dry powder to potentially acquire at least 2 more vessels

Experienced,

Incentivized

Management

& Prominent Board

Healthy Charter

Rates & Favorable

Industry

Fundamentals

Create Attractive

Entry Point

• Strong mgmt. team with 100+ years of combined industry and capital markets experience
• Founder/CEO has proven track record and is a major shareholder
• Board members consist of respected industry figures with significant experience
• Manageable new build orderbooks with deliveries now scheduled late 2026+
• Only 2% net supply growth estimated in 2024 for MRs
• Major armed conflicts have led to continued constructive chartering conditions globally
• Demand fundamentals for both sectors remain positive supported by solid global GDP growth, especially within the Asia-Pacific region; But relatively high inflation, tight monetary policies and slowing economic activities produce near-term uncertainty.

* See Exhibit I for Definitions;

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FLEET & EMPLOYMENT OVERVIEW

REALIZING UPSIDE OPPORTUNITIES

Fleet Details

Our mixed chartering strategy provides upside opportunities through spot trading when rates improve and stable, visible cash flows from time charters

Current Charter

Vessel

Shipyard

Vessel

Carrying

Year

Type of

Charter

Earliest

Type

Capacity (dwt)

Built

Charter

rate

(1)

Redelivery Date

Pyxis Lamda

SPP / S.Korea

Tanker MR

50,145

2017

Spot

n/a

n/a

Pyxis Theta

( 2)

SPP / S.Korea

Tanker MR

51,795

2013

Time

$ 29,000

Aug 2024

Pyxis Karteria

( 3)

Hyundai Mipo/S. Korea

Tanker MR

46,652

2013

Time

$ 34,500

Sep 2024

148,592

Avg. Age

9.8

Konkar Ormi

( 4)

SKD / Japan

Dry Bulk

63,520

2016

Time

$ 18,250

Jul 2024

Konkar Asteri

( 5)

JNYS / China

Dry Bulk

82,013

2015

Time

$ 18,500

Jun 2024

145,533

Avg. Age

8.3

Fleet Employment Overview

Approx. 18% of the remaining days of 2024 are covered.

Vessel						2024
Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec

Pyxis Lamda

Pyxis Theta

Pyxis Karteria

Konkar Ormi

Konkar Asteri

Fixed Employment	Charterers Optional Period	Spot Employment	Open Days	Drydocking / BWTS / Repairs

1. These tables are as of June 21, 2024 and present gross rates and do not reflect commissions payable.
2. "Pyxis Theta" is fixed on a time charter for min 11 and max 15 months, at $29,000 per day.
3. "Pyxis Karteria" is fixed on a time charter for min 6 and max 9 months, at $34,500 per day.
4. "Konkar Ormi" is fixed on a time charter for min 65 and max 75 days, at $18,250 per day.
5. "Konkar Asteri" is fixed on a time charter for min 90 and max 105 days, at $18,500 per day.

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COMPANY STRATEGY

FOCUS ON QUALITY, GROWTH, SERVICE & FINANCIAL FLEXIBILITY

Grow the Fleet

Opportunistically

Focus on the Needs

of our Customers

Utilize Portfolio

Approach to

Commercial

Management

Maintain Financial

Discipline &

Flexibility with Support of ESG Standards

• Pursue acquisition of IMO II and III MR2 class eco-efficient product tankers of 10 years of age or less built in Tier 1 Asian shipyards
• Selectively consider investments in modern medium -sizedeco-dry bulk vessels
• Prudently expand Company's fleet
• Meet charterers' preference for modern eco vessels, which offer more operating reliability and efficiency, plus lower bunker fuel consumption and emissions
• Continue high standards ensuring outstanding level of safety, customer service and support
• Maintain solid margins and ship level financial discipline throughout Pyxis
• Employ mixed chartering strategy between time and spot
• Maintain optionality - spot exposure offers upside during periods of market strength
• Diversify charters by customer and staggered duration
• Expand fleet by targeting balanced capital structure of debt and equity
• Continue to allocate capital for accretive share re-purchases
• Address Environmental, Social and Governance (ESG) standards throughout the organization

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DRY-BULK FLEET EXPANSION

Second Pillar of Company Strength

• Our Strategic Entrance into Dry Bulk:

• We entered the dry bulk sector in September, 2023 with the acquisition of a 2016 built Ultramax dry bulk carrier, the "Konkar Ormi"; In February, 2024, we completed purchase of a 2015 built Kamsarmax, the "Konkar Asteri"; The acquisition of the "Konkar Venture", a sister ship to the "Konkar Asteri", expected by August, 2024 will expand our fleet to 3 bulkers; These additions represent further growth opportunities for the Company by acquiring quality mid-sizedeco-efficient vessels which provide operating versatility and diversification by port, cargo and customer; Our dry bulk cargoes primarily consist of coal and minor bulk commodities such as, grains, fertilizer, and aggregates; Two of our dry bulkers are fitted with scrubbers which reduce CO2 emissions, lower bunker costs and enhance their competitive trading positions.

• Latest Dry Bulk Investment:

• The Company, through a 60% owned subsidiary, has agreed to enter into a joint venture agreement to purchase an eco-efficient Kamsarmax bulker (82,000 dwt.) built in 2015 at Jiangsu New Yangzi Shipbuilding fitted with a ballast water treatment system; The "Konkar Venture" will be acquired for $30.0 million which will be funded by a combination of bank debt, cash and the issuance of restricted common stock by the Company; As one of the sellers of the Vessel, our Chairman & CEO, Mr. Eddie Valentis, has agreed to receive $1.5M of Company restricted shares priced at $5.60/ sh., a premium to the market, as part of the purchase consideration; The Vessel owning subsidiary will enter into a new $16.5M 5 year secured amortizing bank loan which will be priced at a rate of SOFR plus 2.15%; The balance of the purchase price, Vessel working capital and closing costs will be funded in total cash of $13.2M of which the Company will contribute $7.3M; As a further sign of commitment to the Company, Mr. Valentis has agreed to re-invest $5.9M in cash for the remaining 40% minority interest in the new JV.

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MARKET UPDATES

PRODUCT TANKER SECTOR

PRODUCT TANKER MARKET UPDATE

CHARTER RATES - CONSTRUCTIVE ENVIRONMENT CONTINUES

Healthy

Chartering

Conditions

Supported by

Solid

Fundamentals

• Limited Product

Inventories

• Historically, seaborne trade of refined products has been moderately correlated to global GDP growth; In April, 2024, the IMF slightly revised its estimate for annual global GDP growth to 3.2% for 2024 and 2025 due to better economic outlook for U.S., emerging markets and China combined with lower inflation.
• In June 2024, IEA revised its global oil consumption for the year, projecting a modest increase of 1.2 million barrels per day or 1.2% to 103.2 Mb/d primarily due to slowing demand from macro-economic headwinds, tighter efficiency standards and increasing EV usage.
• Global demand for refined petroleum products remains solid due to resilient economic activity; In a number of locations, refined products inventories continue below 5-year averages; Latest U.S. gasoline and diesel inventories 1% and 8%, respectively, below 5- year averages; Globally refinery crack spreads remain supportive with rising throughput forecasted, up 2.2% to average 83.2 Mb/d in 2024.
• In June, OPEC+ announced that oil production cuts of 2.2 Mb/d would unwind over the 12 months starting in October, 2024 which indicates the expectation of firmer demand while supporting crude prices; However, the impact of these cuts have been mitigated by incremental supply from the U.S., Canada, Brazil, Guyana and Norway and ongoing cheating by Iran; Recently, EIA estimated U.S. crude production would grow to an average of 13.2 Mb/d this year and rise almost 4% in 2025.
• Longer-termproduct tanker demand is further supported by increasing worldwide refinery throughput and capacity additions, substantially in Asia, driving ton-mile expansion, and growth in petroleum products exports from the U.S., Middle East, India and China.

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LONG-TERM DEMAND SUPPORTED BY REFINERY CAPACITY GROWTH

Expected Net Additions of Global Refinery Capacity Outside of OECD to Boost Ton-Miles

per Day	2.00
1.00
Barrels
Million	0.00
	-1.00

OECD America

OECD Europe

OECD Asia Oceania

FSU

Non-OECD Europe

China

Other Asia

Latin America

Middle East

Africa

2023		2024		2025		2026		2027		2028

Source: Drewry - March 2024

4.4 Mb/d of new refining net capacity is scheduled for completion from 2023 to 2028, virtually all non-OECD; However, as in the past, a portion of this aggregate 4.1% capacity growth may not come on- stream, on-time; According to EIA, since 2020, 3 Mb/d of refining capacity has been shut down of which 1Mb/d was located in the U.S., the rest mostly in the OECD; Due to the current strength of the energy markets, this trend will likely slow, but long-term, greater importing of products will be required into many of these mature markets and expansion of ton-miles, as evidenced by recent global events.

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PRODUCT TANKER MARKET UPDATE

MAJOR GLOBAL EVENTS BOOSTING CHARTERING ACTIVITIES

Major Armed

Conflicts

Continue to

Drive-up

Charter Rates

• Increase Volatility

• Russian-UkrainianWar has prompted a significant change to cargo routes and expansion of ton-mile voyages; EU and G-7 countries ban on seaborne Russian refined products and price caps, which started in early Feb. 2023, as well as increasing list of sanctions have created further market disruptions and complexity; Recent Ukrainian attacks have taken ~2 Mb/d of Russia's refining capacity off-line, further disturbing trade flows; Russian Urals crude continues to trade at a significant discount to Brent.
• The more recent Israeli/Hamas conflict has led to over 100 attacks on vessels traveling the Red Sea/Gulf of Aden and sharply cutting regional seaborne trade, further upsetting trade patterns with expanding ton-mile activity; Voyages through the Suez Canal were down 43% in Q1 2024 YoY (Jefferies), while average weekly transits for product tankers around the Cape of Good Hope doubled to 32 in Q1 vs Q4, 2023.
• Increasing exports of refined products from U.S. Gulf, Middle East and certain parts of Asia traveling longer distances to end markets; According to Drewry (March 2024), 2023 seaborne trade of refined products increased 1.3% to over 1.03 billion tons, but ton-miles rose 4.2% to almost 3.58 trillion miles and sailing distances up 2.9%; In May, Danish Ship Finance estimated that cargo volumes would increase 3% in 2024 with further growth in ton-miles of 4%, partially due to the recent Red Sea hostilities.
• Un-eveneconomic activity amid destabilizing geo-political events combined with limited inventories continue to create arbitrage opportunities for refined petroleum products in a number of markets and support the product tanker sector, but at the same time raise spot chartering volatility; Changing weather patterns, climate change and unusual weather events, such as drought restrictions at the Panama Canal or hurricanes, only add to the operating complexities facing the industry.

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