Pyxis Tankers ventures into dry bulk

Greek product tanker pure-play Pyxis Tankers is moving into the dry bulk sector in a joint venture with its chairman and chief executive Valentios Valentis.

The Nasdaq-listed company said its board unanimously approved a $6.8m equity investment in a newly formed company, which has agreed to acquire a 2016 Japanese-built 63,520 dwt ultramax from an unaffiliated third party.

Pyxis Tankers will own 60% of the jv with Valentis holding the remaining 40%. The unnamed ship will be scrubber-fitted with four cargo cranes and a ballast water treatment system and cost about $28.5m.

The company, which operates four modern eco MRs, said it expects to finance the deal, expected to close by late August, via a five-year $19m loan. The new addition will be managed by Valentis-affiliated Konkar Shipping Services.