Pyxis buys out CEO’s stake in ultramax bulker for $6.8m—here’s why
Greek owner Pyxis Tankers takes full control of the 63,250 dwt Konkar Ormi in a deal valuing the vessel at $32m.
Nasdaq-listed Greek shipping company Pyxis Tankers has finalized an agreement to purchase the remaining 40% stake in its ultramax bulker Konkar Ormi from an entity connected to its chairman and CEO, Eddie Valentis. The transaction, valued at $6.83 million before working capital adjustments, will transfer full ownership of the vessel to Pyxis upon completion.
The 63,250 deadweight tonnage (dwt) bulker was constructed in Japan in 2016 and equipped with a scrubber system. The vessel was initially acquired in October 2023 through a joint venture structure, with Pyxis holding a 60% majority share and a Valentis-affiliated company owning the remaining 40%. The original purchase price for the Konkar Ormi was $28.5 million.
The current transaction values the entire vessel at approximately $32.08 million, based on three independent shipbroker appraisals. After accounting for $15 million in vessel-related debt, the net equity value of the ship stands at $17.08 million, which places the 40% minority stake at the agreed $6.83 million purchase price.
Deal details and vessel background: Pyxis
Pyxis Tankers entered the dry bulk sector in 2023 through its initial joint venture with Valentis. Since then, the company has expanded its dry bulk fleet with two additional kamsarmax acquisitions. Following this latest deal, Pyxis will operate a total of three bulk carriers, complementing its existing fleet of three MR product tankers.
The acquisition is expected to close before the end of October, consolidating Pyxis’s position in the dry bulk market as it continues to diversify its maritime assets.
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