Pyxis poised to buy MR from Valentis

Chief executive's private interests selling SPP-built Pyxis Lamda in related-party deal.

Pyxis Tankers is aiming to purchase a medium-range tanker from the private interests of its chief executive.

The New York-listed shipowner is targeting the 50,100-dwt Pyxis Lamda (built 2017), a chemical and products tanker that is owned by Valentios Valentis-controlled Ninthone.

No price was given for the SPP-built ship, which VesselsValue says is worth $31.7m.

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The ship comes with an attached charter of nearly $13,300 per day until January 2018, according to records with the US Securities & Exchange Commission.

Maxim Group analyst James Jang said the attached charter is above the market rate.

"Pro forma of the possible addition should enable the company to capture additional upside as the product tanker sector exits the trough," he said today.

Athens-based Pyxis filed papers last month aimed at raising $10m in a share sale that could help pay for the ship.

The potential deal emerges as Pyxis sees the low asset prices in the products tanker market as a buying opportunity.

"We believe this is a good time to acquire quality second-hand MR2 tankers," Valentis said after the company reported better-than-expected earnings today.