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20-F false true 2025-12-31 --12-31 2025 false false 001-37611 PYXIS TANKERS INC. 1T 59 K. Karamanli Street Maroussi 15125 GR Mr. Henry Williams, Chief Financial Officer 59 K. Karamanli Street Maroussi 15125 GR +30 210 638 0200 hwilliams@pyxistankers.com Common Stock, par value $0.001 per share PXS NASDAQ 0.001 10418859 No No Yes Yes Non-accelerated Filer false false false U.S. GAAP false true Risk Management and Strategy We maintain various cybersecurity measures and protocols to safeguard our systems and data and monitor and assess potential threats to pre-emptively address any emerging cyber risks. In conjunction with leading technology service providers to the international shipping industry, Akereon Business & IT Consulting Services, or Akereon, and Danaos Management Consultants S.A., <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90E_ecyd--CybersecurityRiskManagementProcessesIntegratedTextBlock_c20250101__20251231_zVWAc61ZBVs6">we have implemented various processes for assessing, identifying, and managing material risks from cybersecurity threats, which are integrated into our overall risk management framework. These processes include access controls to organizational systems, email / data encryption, cybersecurity training and security awareness campaigns through electronic mail, and are designed to systematically evaluate potential vulnerabilities and cybersecurity threats and minimize their potential impact on our operations, assets and shareholders. Our cybersecurity processes share common methodologies, reporting channels and governance processes with our broader cyber processes. By embedding cybersecurity into and aligning it with our broader processes, we aim to ensure a comprehensive and proactive approach to safeguarding our assets and operations, including off-site redundancy of data services. For a period of years, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90C_ecyd--CybersecurityRiskManagementThirdPartyEngagedFlag_dbT_c20250101__20251231_zzljIQeFF6S8">we have engaged internationally recognized consultants and other third-party specialists to enhance the effectiveness of our cybersecurity processes, augment our internal capabilities, validate our controls, and stay abreast of evolving cybersecurity risks and best practices. These advisors interact with the Company’s management throughout the fiscal year for certain IT services, and, as appropriate, to assess, test or otherwise assist with aspects of our security controls. Grant Thornton (Greece) periodically reviews our IT systems and operations and reports on management progress to our Audit Committee of the Board of Directors. These reports, amongst other things, highlight significant or emerging cybersecurity threats, their potential impact on the organization, ongoing initiatives to mitigate risks and any proposed actions or investments required to enhance our cybersecurity posture. we have implemented various processes for assessing, identifying, and managing material risks from cybersecurity threats, which are integrated into our overall risk management framework. true Governance Responsibility for <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90D_ecyd--CybersecurityRiskManagementPositionsOrCommitteesResponsibleFlag_dbT_c20250101__20251231_z9Ft5Co04hJb">overseeing cybersecurity risks is part of the responsibility of our Chief Operating Officer who interfaces with Akereon and our internal coordinator to monitor, detect and assess cybersecurity risks and potential incidents, including interfacing with ITM, Maritime, Konkar Agencies and our third -party technology service providers. Akereon and our internal coordinator are expected to keep abreast of cybersecurity best practices and procedures, and they are responsible for assessing, identifying and mitigating material cybersecurity risks, including at a strategic level, monitoring for, defending against and remediating cybersecurity incidents and implementing and making improvements to our overall cybersecurity strategy. The IT services, including cybersecurity, are provided to us pursuant to the Head Management Agreement. Cybersecurity Threats For the year ended December 31, 2025, and through the date of this Annual Report, we are not aware of and did not detect any material risks from cybersecurity incidents or threats that have <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_904_ecyd--CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantFlag_dbT_c20250101__20251231_zS5gIff8oNmj">materially affected or are reasonable likely to materially affect the Company, including our business strategy, results of operations or financial condition. true true 1163 1084 Deloitte Certified Public Accountants S.A Athens, Greece KPMG Certified Auditors S.A. Athens, Greece

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1. Basis of Presentation and General Information: PYXIS TANKERS INC. (“Pyxis”) is a corporation incorporated in the Republic of the Marshall Islands on March 23, 2015. As of December 31, 2025, Pyxis owns <span id="xdx_905_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20251231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--VesselOwningCompaniesMember_zjYf4xmH9ph3">100% ownership interest in the following <span id="xdx_900_ecustom--NumberOfVesselOwnershipsInterestEntities_iI_dc_uInstallement_c20251231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--VesselOwningCompaniesMember_zH0MdYxZwvwi" title="Number of vessel ownership interest entities">four vessel-owning companies: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">SEVENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Seventhone”);</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">TENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Tenthone”);</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">ELEVENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Eleventhone”);</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">DRYTWO CORP., established under the laws of the Republic of the Marshall Islands (“Drytwo”)</td></tr></table> As of December 31, 2025, the Company also owns <span id="xdx_900_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20251231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--DrykonMaritimeCorpMember_zHEQepGxjq9b">60% ownership or a $<span id="xdx_903_eus-gaap--EquityMethodInvestments_iI_pn3n3_c20251231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--DrykonMaritimeCorpMember_zuTs9lhv5pQa" title="Equity investment">6,780 equity investment in DRYKON MARITIME Corp. (“Drykon”), an entity that owns through its wholly owned subsidiary, DRYONE CORP. (“Dryone”), a 2016 Japanese built Ultramax dry-bulk carrier, the Konkar Ormi. The remaining <span id="xdx_906_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20251231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--DrykonMaritimeCorpMember__srt--TitleOfIndividualAxis__custom--ChiefExecutiveOfficerAndChairmanMember_zszOfeAFHYNi">40% is owned by an entity related to the Company’s Chief Executive Officer and Chairman. The delivery of the vessel occurred on September 14, 2023. As of December 31, 2025, the Company also owns <span id="xdx_90E_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20251231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AccushipMaritimeLtdMember_zpK5eKRjmUu8">60% ownership or a $<span id="xdx_904_eus-gaap--EquityMethodInvestments_iI_pn3n3_c20251231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AccushipMaritimeLtdMember_z8OKKPRfZoCd" title="Equity investment">8,700 equity investment in ACCUSHIP MARITIME Ltd. (“Accuship”), an entity that owns through its wholly owned subsidiary, DRYTHREE CORP. (“Drythree”), a 2015 Japanese built Kamsarmax dry-bulk carrier, the Konkar Venture. The remaining <span id="xdx_904_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20251231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AccushipMaritimeLtdMember__srt--TitleOfIndividualAxis__custom--ChiefExecutiveOfficerAndChairmanMember_zpeYAD8A7gof">40% is owned by an entity related to the Company’s Chief Executive Officer and Chairman. The Konkar Venture, a sister ship to the Company’s eco-efficient Konkar Asteri, was delivered on June 28, 2024. The Company consolidates in its financial statements the aforementioned dry-bulk joint ventures for the Konkar Ormi and Konkar Venture under the relevant ASC 810 guidelines as a result of its control over Drykon and Accuship. As a result of the transactions, the Company reports a non-controlling interest in its accompanying Consolidated Financial Statements. Dryone and Drythree are established under the laws of the Marshall Islands and, collectively with Eleventhone, Seventhone, Tenthone and Drytwo are the “Vessel-owning companies”. Pyxis also currently owns <span id="xdx_909_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20251231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NonVesselOwningCompaniesMember_zsU559ipwuC3" title="Ownership interest">100% ownership interest in the following non-vessel owning dormant companies: <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in">●</td> <td style="text-align: justify">SECONDONE CORPORATION LTD, established under the laws of the Republic of the Marshall Islands (“Secondone”) that owned the vessel “Northsea Alpha” that was sold to an unaffiliated third party on January 28, 2022;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">●</td> <td style="text-align: justify">THIRDONE CORPORATION LTD, established under the laws of the Republic of the Marshall Islands (“Thirdone”) that owned the vessel “Northsea Beta” that was sold to an unaffiliated third party on March 1, 2022;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">●</td> <td style="text-align: justify">FOURTHONE CORPORATION LTD, established under the laws of the Republic of the Marshall Islands (“Fourthone”) that owned the vessel “Pyxis Malou” that was sold to an unaffiliated third party on March 23, 2023;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">●</td> <td style="text-align: justify">SIXTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Sixthone”) that owned the vessel “Pyxis Delta” that was sold to an unaffiliated third party on January 13, 2020;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">●</td> <td style="text-align: justify">EIGHTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Eighthone”) that owned the vessel “Pyxis Epsilon” that was sold to an unaffiliated third party on December 15, 2023;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">●</td> <td style="text-align: justify">MARITIME TECHNOLOGIES CORP, established under the laws of Delaware;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">●</td> <td style="text-align: justify">TWELFTHONE CORP., established on May 15, 2025 under the laws of the Republic of the Marshall Islands (“Twelfthone”) and</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">●</td> <td style="text-align: justify">DRYFOUR CORP., established on May 15, 2025 under the laws of the Republic of the Marshall Islands (“Dryfour”).</td></tr> </table> All of the Vessel-owning companies are engaged in the marine transportation of liquid cargoes through the ownership and operation of tanker vessels and dry commodities through the ownership and operation of dry-bulk carriers, as listed below: PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share and per share data) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">1.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of Presentation and General Information: -Continued:</td></tr></table> Schedule of Ownership and Operation of Tanker Vessels <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center">Vessel-owning Company</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">Incorporation date</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Vessel</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">DWT</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Year built</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">Acquisition date</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Tanker fleet</td><td> </td> <td style="text-align: center"> </td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 15%">Seventhone</td><td style="width: 2%"> </td> <td style="width: 15%; text-align: center"><span id="xdx_906_edei--EntityIncorporationDateOfIncorporation_dd_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--SeventhoneCorpMember_zHIIH02GC1L3" title="Entity incorporation date of incorporation">31-May-2011</td><td style="width: 2%; font-style: italic"> </td> <td id="xdx_988_ecustom--VesselName_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--SeventhoneCorpMember_zgwunQLbaBF8" style="width: 15%; font-style: italic; text-align: left" title="Vessel">Pyxis Theta</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_ecustom--VesselCapacity_uInstallement_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--SeventhoneCorpMember_z7Va3f2hJxAl" style="width: 13%; text-align: right" title="DWT">51,795</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_981_ecustom--VesselBuiltYear_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--SeventhoneCorpMember_ziKIIY9TGiJ3" style="width: 13%; text-align: right" title="Year built">2013</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 15%; text-align: center"><span id="xdx_90E_ecustom--VesselAcquisitionDate_dd_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--SeventhoneCorpMember_zmeOa0lIKj08" title="Acquisition date">16-Sep-2013</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Tenthone</td><td> </td> <td style="text-align: center"><span id="xdx_90D_edei--EntityIncorporationDateOfIncorporation_dd_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--TenthoneCorpMember_zbrzYgGy76Hi" title="Entity incorporation date of incorporation">22-Apr-2021</td><td style="font-style: italic"> </td> <td id="xdx_98C_ecustom--VesselName_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--TenthoneCorpMember_z0TkFgIslXPf" style="font-style: italic; text-align: left" title="Vessel">Pyxis Karteria</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--VesselCapacity_uInstallement_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--TenthoneCorpMember_zW5nwBHrvH6f" style="text-align: right" title="DWT">46,652</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--VesselBuiltYear_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--TenthoneCorpMember_z8xo25Vj2Pjk" style="text-align: right" title="Year built">2013</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"><span id="xdx_90A_ecustom--VesselAcquisitionDate_dd_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--TenthoneCorpMember_z8YuuBEoAmN9" title="Acquisition date">15-Jul-2021</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Eleventhone</td><td> </td> <td style="text-align: center"><span id="xdx_90C_edei--EntityIncorporationDateOfIncorporation_dd_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--EleventhoneCorpMember_zizxE4RbkCV7" title="Entity incorporation date of incorporation">11-Sep-2021</td><td style="font-style: italic"> </td> <td id="xdx_98F_ecustom--VesselName_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--EleventhoneCorpMember_zqXpLtSTtjc1" style="font-style: italic; text-align: left" title="Vessel">Pyxis Lamda</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--VesselCapacity_uInstallement_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--EleventhoneCorpMember_zr7wa6h87SRh" style="text-align: right" title="DWT">50,145</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--VesselBuiltYear_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--EleventhoneCorpMember_zGB5sw9jv3a5" style="text-align: right" title="Year built">2017</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"><span id="xdx_902_ecustom--VesselAcquisitionDate_dd_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--EleventhoneCorpMember_zq0Gv8M9na0i" title="Acquisition date">20-Dec-2021</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Dry-bulk fleet</td><td> </td> <td style="text-align: center"> </td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Dryone</td><td> </td> <td style="text-align: center"><span id="xdx_907_edei--EntityIncorporationDateOfIncorporation_dd_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--DryoneCorpMember_zhIm7dEH1wCh" title="Entity incorporation date of incorporation">04-Jul-2023</td><td style="font-style: italic"> </td> <td id="xdx_98B_ecustom--VesselName_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--DryoneCorpMember_z1G9HcHiebV7" style="font-style: italic; text-align: left" title="Vessel">Konkar Ormi</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--VesselCapacity_uInstallement_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--DryoneCorpMember_znXFOnTRqf6j" style="text-align: right" title="DWT">63,520</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--VesselBuiltYear_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--DryoneCorpMember_z4uIxP6yOy41" style="text-align: right" title="Year built">2016</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"><span id="xdx_907_ecustom--VesselAcquisitionDate_dd_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--DryoneCorpMember_zzXlnlOL7Z6i" title="Acquisition date">14-Sep-2023</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Drytwo</td><td> </td> <td style="text-align: center"><span id="xdx_909_edei--EntityIncorporationDateOfIncorporation_dd_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--DrytwoCorpMember_zzFraXEICEdh" title="Entity incorporation date of incorporation">24-Nov-2023</td><td style="font-style: italic"> </td> <td id="xdx_986_ecustom--VesselName_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--DrytwoCorpMember_z0esa2zG0fL5" style="font-style: italic; text-align: left" title="Vessel">Konkar Asteri</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--VesselCapacity_uInstallement_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--DrytwoCorpMember_z3Ctlyylkp6d" style="text-align: right" title="DWT">82,013</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--VesselBuiltYear_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--DrytwoCorpMember_zZckAbL8aQ6b" style="text-align: right" title="Year built">2015</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"><span id="xdx_909_ecustom--VesselAcquisitionDate_dd_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--DrytwoCorpMember_zwsikmOuK731" title="Acquisition date">15-Feb-2024</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Drythree</td><td> </td> <td style="text-align: center"><span id="xdx_905_edei--EntityIncorporationDateOfIncorporation_dd_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--DrythreeCorpMember_zMzynEkQq311" title="Incorporation date">29-May-2024</td><td style="font-style: italic"> </td> <td id="xdx_986_ecustom--VesselName_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--DrythreeCorpMember_zbGXsJcNlXSc" style="font-style: italic; text-align: left" title="Vessel">Konkar Venture</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--VesselCapacity_uInstallement_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--DrythreeCorpMember_zvyrZ6hwVy39" style="text-align: right" title="DWT">82,099</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--VesselBuiltYear_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--DrythreeCorpMember_zUADHgI5ziZe" style="text-align: right" title="Year built">2015</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"><span id="xdx_90C_ecustom--VesselAcquisitionDate_dd_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--DrythreeCorpMember_zZ1WE9i2YM9e" title="Acquisition date">28-Jun-2024</td></tr> </table> The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of Pyxis and its subsidiaries as presented in Note 1 above (collectively the “Company”), as of December 31, 2024 and 2025 and for the years ended December 31, 2023, 2024 and 2025. The Company’s vessels are engaged in the transportation of refined petroleum products and other liquid bulk items, such as organic chemicals and vegetable oils, and dry-bulk commodities. The vessels Pyxis Theta, Pyxis Karteria and Pyxis Lamda are medium-range product tankers and Konkar Ormi, Konkar Asteri and Konkar Venture are dry-bulk carriers. All of the Company’s tanker vessels are double hulled. PYXIS MARITIME CORP. (“Maritime”), a corporation established under the laws of the Republic of the Marshall Islands, which is beneficially owned by Mr. Valentis, provides certain ship management services to the Company’s tanker vessels (Note 3). With effect from the delivery of each tanker vessel, the crewing and technical management of the vessels are contracted to INTERNATIONAL TANKER MANAGEMENT LTD. (“ITM”) with permission from Maritime. ITM is an unrelated third party technical manager, represented by its branch based in Dubai, UAE. Each ship-management agreement with ITM is in force until it is terminated by either party. The ship management agreements can be cancelled either by the Company or ITM for any reason at any time upon three months’ advance notice. Management fees charged by ITM are separately presented as “management fees, other” in the Company’s Consolidated Statements of Comprehensive Income. Konkar Shipping Agencies, S.A. (“Konkar Agencies”), a company beneficially owned by Mr. Valentis, provides similar technical management and commercial management services for its dry-bulk vessels. As of December 31, 2024 and December 31, 2025, Mr. Valentis beneficially owned <span id="xdx_903_ecustom--PercentageOfCommonStockBeneficiallyOwned_iI_dp_uPure_c20241231__srt--TitleOfIndividualAxis__custom--MrValentisMember_zYIQDMmokku4" title="Percentage of beneficially owned common stock">56.9% and <span id="xdx_90F_ecustom--PercentageOfCommonStockBeneficiallyOwned_iI_dp_uPure_c20251231__srt--TitleOfIndividualAxis__custom--MrValentisMember_zpBceG5NSdCi" title="Percentage of beneficially owned common stock">57.7%, respectively, of the Company’s common stock.

0.60

6780000

0.40

0.60

8700000

0.40

All of the Vessel-owning companies are engaged in the marine transportation of liquid cargoes through the ownership and operation of tanker vessels and dry commodities through the ownership and operation of dry-bulk carriers, as listed below: PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share and per share data) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">1.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Basis of Presentation and General Information: -Continued:</td></tr></table> Schedule of Ownership and Operation of Tanker Vessels <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center">Vessel-owning Company</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">Incorporation date</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Vessel</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">DWT</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Year built</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">Acquisition date</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Tanker fleet</td><td> </td> <td style="text-align: center"> </td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 15%">Seventhone</td><td style="width: 2%"> </td> <td style="width: 15%; text-align: center"><span id="xdx_906_edei--EntityIncorporationDateOfIncorporation_dd_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--SeventhoneCorpMember_zHIIH02GC1L3" title="Entity incorporation date of incorporation">31-May-2011</td><td style="width: 2%; font-style: italic"> </td> <td id="xdx_988_ecustom--VesselName_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--SeventhoneCorpMember_zgwunQLbaBF8" style="width: 15%; font-style: italic; text-align: left" title="Vessel">Pyxis Theta</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_ecustom--VesselCapacity_uInstallement_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--SeventhoneCorpMember_z7Va3f2hJxAl" style="width: 13%; text-align: right" title="DWT">51,795</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_981_ecustom--VesselBuiltYear_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--SeventhoneCorpMember_ziKIIY9TGiJ3" style="width: 13%; text-align: right" title="Year built">2013</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 15%; text-align: center"><span id="xdx_90E_ecustom--VesselAcquisitionDate_dd_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--SeventhoneCorpMember_zmeOa0lIKj08" title="Acquisition date">16-Sep-2013</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Tenthone</td><td> </td> <td style="text-align: center"><span id="xdx_90D_edei--EntityIncorporationDateOfIncorporation_dd_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--TenthoneCorpMember_zbrzYgGy76Hi" title="Entity incorporation date of incorporation">22-Apr-2021</td><td style="font-style: italic"> </td> <td id="xdx_98C_ecustom--VesselName_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--TenthoneCorpMember_z0TkFgIslXPf" style="font-style: italic; text-align: left" title="Vessel">Pyxis Karteria</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--VesselCapacity_uInstallement_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--TenthoneCorpMember_zW5nwBHrvH6f" style="text-align: right" title="DWT">46,652</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--VesselBuiltYear_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--TenthoneCorpMember_z8xo25Vj2Pjk" style="text-align: right" title="Year built">2013</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"><span id="xdx_90A_ecustom--VesselAcquisitionDate_dd_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--TenthoneCorpMember_z8YuuBEoAmN9" title="Acquisition date">15-Jul-2021</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Eleventhone</td><td> </td> <td style="text-align: center"><span id="xdx_90C_edei--EntityIncorporationDateOfIncorporation_dd_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--EleventhoneCorpMember_zizxE4RbkCV7" title="Entity incorporation date of incorporation">11-Sep-2021</td><td style="font-style: italic"> </td> <td id="xdx_98F_ecustom--VesselName_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--EleventhoneCorpMember_zqXpLtSTtjc1" style="font-style: italic; text-align: left" title="Vessel">Pyxis Lamda</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--VesselCapacity_uInstallement_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--EleventhoneCorpMember_zr7wa6h87SRh" style="text-align: right" title="DWT">50,145</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--VesselBuiltYear_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--EleventhoneCorpMember_zGB5sw9jv3a5" style="text-align: right" title="Year built">2017</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"><span id="xdx_902_ecustom--VesselAcquisitionDate_dd_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--EleventhoneCorpMember_zq0Gv8M9na0i" title="Acquisition date">20-Dec-2021</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Dry-bulk fleet</td><td> </td> <td style="text-align: center"> </td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Dryone</td><td> </td> <td style="text-align: center"><span id="xdx_907_edei--EntityIncorporationDateOfIncorporation_dd_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--DryoneCorpMember_zhIm7dEH1wCh" title="Entity incorporation date of incorporation">04-Jul-2023</td><td style="font-style: italic"> </td> <td id="xdx_98B_ecustom--VesselName_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--DryoneCorpMember_z1G9HcHiebV7" style="font-style: italic; text-align: left" title="Vessel">Konkar Ormi</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--VesselCapacity_uInstallement_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--DryoneCorpMember_znXFOnTRqf6j" style="text-align: right" title="DWT">63,520</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--VesselBuiltYear_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--DryoneCorpMember_z4uIxP6yOy41" style="text-align: right" title="Year built">2016</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"><span id="xdx_907_ecustom--VesselAcquisitionDate_dd_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--DryoneCorpMember_zzXlnlOL7Z6i" title="Acquisition date">14-Sep-2023</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Drytwo</td><td> </td> <td style="text-align: center"><span id="xdx_909_edei--EntityIncorporationDateOfIncorporation_dd_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--DrytwoCorpMember_zzFraXEICEdh" title="Entity incorporation date of incorporation">24-Nov-2023</td><td style="font-style: italic"> </td> <td id="xdx_986_ecustom--VesselName_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--DrytwoCorpMember_z0esa2zG0fL5" style="font-style: italic; text-align: left" title="Vessel">Konkar Asteri</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--VesselCapacity_uInstallement_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--DrytwoCorpMember_z3Ctlyylkp6d" style="text-align: right" title="DWT">82,013</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--VesselBuiltYear_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--DrytwoCorpMember_zZckAbL8aQ6b" style="text-align: right" title="Year built">2015</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"><span id="xdx_909_ecustom--VesselAcquisitionDate_dd_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--DrytwoCorpMember_zwsikmOuK731" title="Acquisition date">15-Feb-2024</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Drythree</td><td> </td> <td style="text-align: center"><span id="xdx_905_edei--EntityIncorporationDateOfIncorporation_dd_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--DrythreeCorpMember_zMzynEkQq311" title="Incorporation date">29-May-2024</td><td style="font-style: italic"> </td> <td id="xdx_986_ecustom--VesselName_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--DrythreeCorpMember_zbGXsJcNlXSc" style="font-style: italic; text-align: left" title="Vessel">Konkar Venture</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--VesselCapacity_uInstallement_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--DrythreeCorpMember_zvyrZ6hwVy39" style="text-align: right" title="DWT">82,099</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--VesselBuiltYear_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--DrythreeCorpMember_zUADHgI5ziZe" style="text-align: right" title="Year built">2015</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"><span id="xdx_90C_ecustom--VesselAcquisitionDate_dd_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--DrythreeCorpMember_zZ1WE9i2YM9e" title="Acquisition date">28-Jun-2024</td></tr> </table> 2011-05-31 Pyxis Theta 51795000 2013 2013-09-16 2021-04-22 Pyxis Karteria 46652000 2013 2021-07-15 2021-09-11 Pyxis Lamda 50145000 2017 2021-12-20 2023-07-04 Konkar Ormi 63520000 2016 2023-09-14 2023-11-24 Konkar Asteri 82013000 2015 2024-02-15 2024-05-29 Konkar Venture 82099000 2015 2024-06-28 0.569 0.577

2. Significant Accounting Policies: (a) Principles of Consolidation: The accompanying Consolidated Financial Statements have been prepared in accordance with U.S. GAAP. The Consolidated Financial Statements include the accounts of Pyxis and its subsidiaries as presented in Note 1 above. All intercompany balances and transactions have been eliminated upon consolidation. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: -Continued: Pyxis, as the holding company, determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. Under Accounting Standards Codification (“ASC”) 810 “Consolidation” a voting interest entity is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make financial and operating decisions. Pyxis consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%), of the voting interest. Variable interest entities (“VIE”) are entities as defined under ASC 810-10, that in general either do not have equity investors with voting rights or that have equity investors that do not provide sufficient financial resources for the entity to support its activities. A controlling financial interest in a VIE is present when a company absorbs a majority of an entity’s expected losses, receives a majority of an entity’s expected residual returns, or both. The company with a controlling financial interest, known as the primary beneficiary, is required to consolidate the VIE. Pyxis evaluates all arrangements that may include a variable interest in an entity to determine if it may be the primary beneficiary, and would be required to include assets, liabilities and operations of a VIE in its Consolidated Financial Statements. On July 5, 2023, the Company acquired a <span id="xdx_90C_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_dp_uPure_c20230705__us-gaap--BusinessAcquisitionAxis__custom--DrykonMaritimeCorpMember_zBuyHFafNbr8" title="Business acquisition equity interest percentage">60% equity interest in the newly incorporated entity Drykon for a consideration of $<span id="xdx_901_eus-gaap--BusinessCombinationConsiderationTransferred1_pn4n6_c20230705__20230705__us-gaap--BusinessAcquisitionAxis__custom--DrykonMaritimeCorpMember_zxb8DDuutp1l" title="Consideration in cash">6.78 million in cash. The remaining <span id="xdx_908_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20230705__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ChiefExecutiveOfficerAndChairmanMember_zODyJMb3cTh7" title="Business acquisition equity interest percentage">40% was acquired by an entity related to the Company’s Chief Executive Officer and Chairman for a consideration of $<span id="xdx_90A_eus-gaap--BusinessCombinationConsiderationTransferred1_pn4n6_c20230705__20230705__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ChiefExecutiveOfficerAndChairmanMember_zTX8cT2sNm8k" title="Consideration in cash">4.52 million in cash. An Agreement has been signed among the shareholders of Drykon pursuant to which all matters about Drykon’s structure, operations and governance are determined and agreed in writing. Management assessed the terms of the agreement and concluded that there is disproportionality in between the financial interest and voting rights of the Company. More specifically, Pyxis owns <span id="xdx_90B_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20230705__us-gaap--BusinessAcquisitionAxis__custom--DrykonMaritimeCorpMember_zJtG4BOXYrql" title="Business acquisition equity interest percentage">60% of the equity interest in Drykon. However, there are matters in the agreement requiring the unanimous vote of all directors resulting in Pyxis only holding a <span id="xdx_904_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_dp_uPure_c20230705__us-gaap--BusinessAcquisitionAxis__custom--PyxisHoldingsIncMember_zIHnC78XtMU3" title="Business acquisition equity interest percentage">50% share of the voting rights for these specific matters. A number of these matters that require a unanimous vote have been determined by the management to relate to activities that significantly affect the economic performance of Drykon and are considered by the management to be participating rights rather than protective in nature. Based on the above and the relevant guidance under ASC 810 “Consolidation”, management has assessed that Drykon is a VIE. Further, management assessed that Pyxis is the primary beneficiary of Drykon and therefore consolidates Drykon because (i) Pyxis has the power to direct the activities of Drykon that most significantly affect its economic performance through decisions made by its majority of the Board of Directors and (ii) Pyxis has the obligation to absorb losses of, and the right to receive benefits from, Drykon that could potentially be significant through its <span id="xdx_90B_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20230705__us-gaap--BusinessAcquisitionAxis__custom--DrykonMaritimeCorpMember_zrlvDsfULjp" title="Business acquisition equity interest percentage">60% equity interest and its guarantee of up to 60% of the outstanding indebtedness of Drykon’s wholly-owned subsidiary, Dryone Corp. The fact that the remaining 40% interest is held by a related party of the Company’s Chief Executive Officer and Chairman was also considered in management’s analysis under ASC 810. No gain or loss was recognized upon the initial consolidation of the VIE. Drykon is the 100% owner of Dryone Corp., which owns the vessel Konkar Ormi, a 2016 Japanese built 63,250 dwt Ultramax carrier. The acquisition of the vessel was financed through a combination of equity contribution and external loan. Pyxis serves as a guarantor for an amount not exceeding 60% of the then outstanding indebtedness of Drykon’s wholly-owned subsidiary, Dryone Corp., under its external loan. For the years ended December 31, 2023, 2024 and 2025, Drykon recorded net losses of $502 and $541 and net income of $169, respectively, of which $301, $325 and $101 were attributable to Pyxis and $201, $216 and $68, respectively, were attributable to non-controlling interest (“NCI”). The VIE’s assets and liabilities that have been consolidated in the accompanying Consolidated Balance Sheets are analyzed per classification as follows: <p id="xdx_891_ecustom--ScheduleOfVariableInterestEntityAssetAndLiabilitiesTableTextBlock_gL3SOCBSTTB-QXTSM_zbicfst7WF39" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> Schedule of VIE's Assets and Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Drykon</td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_497_20241231__srt--ConsolidatedEntitiesAxis__custom--DrykonMaritimeCorpMember_zGSFZbutckPk" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_491_20251231__srt--ConsolidatedEntitiesAxis__custom--DrykonMaritimeCorpMember_zv2BinMMfY4c" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--AssetsCurrent_iI_pn3n3_maAzybi_zPWJdQU9RvQf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Total current assets</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,723</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,045</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_maAzybi_zyZiNfPCG31a" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Total fixed assets, net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">26,730</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">25,385</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--Assets_iTI_pn3n3_mtAzybi_zKTuT9fLt4g3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total assets:</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">28,453</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">26,430</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LiabilitiesCurrent_iI_pn3n3_maLASEztyS_z94w9fhrQnUa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total current liabilities</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,364</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,345</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--LiabilitiesNoncurrent_iI_pn3n3_maLASEztyS_z4dkkEseQuha" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total non-current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,832</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,659</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--StockholdersEquity_iI_pn3n3_maLASEztyS_zwL8ZIwD2s3c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Total stockholders’ equity</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,257</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,426</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--LiabilitiesAndStockholdersEquity_iTI_pn3n3_mtLASEztyS_zq9TyeTrfBj" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total liabilities and stockholders’ equity</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">28,453</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">26,430</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: -Continued: On June 28, 2024, the Company completed the acquisition of an <span id="xdx_900_ecustom--VesselCapacity_uInstallement_c20240628__20240628__dei--LegalEntityAxis__custom--JiangsuNewYangziShipbuildingMember__us-gaap--BusinessAcquisitionAxis__custom--AccushipMaritimeLtdMember_zR17SkYK3JEi">82,099 dwt eco-efficient Kamsarmax dry-bulk carrier built in <span id="xdx_908_ecustom--VesselBuiltYear_pid_uInstallement_c20240628__20240628__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--JiangsuNewYangziShipbuildingMember_zl5s1nm92t0h">2015 at Jiangsu New Yangzi Shipbuilding, through the <span id="xdx_904_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20240628__dei--LegalEntityAxis__custom--JiangsuNewYangziShipbuildingMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AccushipMaritimeLtdMember_zLuS22sXd7y2">60% equity interest in the newly incorporated entity Accuship Maritime Ltd. for a consideration of $<span id="xdx_904_eus-gaap--BusinessCombinationConsiderationTransferred1_pn3n3_c20240628__20240628__us-gaap--BusinessAcquisitionAxis__custom--AccushipMaritimeLtdMember__dei--LegalEntityAxis__custom--JiangsuNewYangziShipbuildingMember_z84JRJf5j9O1">7,320 in cash, and the issuance of <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures_pid_c20240628__20240628__dei--LegalEntityAxis__custom--JiangsuNewYangziShipbuildingMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember__us-gaap--BusinessAcquisitionAxis__custom--AccushipMaritimeLtdMember_z0MPiBPd1fW3">267,857 restricted common shares of the Company to the seller of the vessel acquired, Eightytwo Corp., an entity controlled by our Chairman and Chief Executive Officer. Upon acquisition of the Konkar Venture from Eightytwo Corp. in a transaction among entities under common control, the Company recognized the $<span id="xdx_904_eus-gaap--Dividends_pn3n3_c20240628__20240628__dei--LegalEntityAxis__custom--JiangsuNewYangziShipbuildingMember__us-gaap--BusinessAcquisitionAxis__custom--AccushipMaritimeLtdMember_zrE3BHRbTO3f" title="Dividends">8,875 excess of the consideration transferred over the seller’s vessel book value at the transaction date, as a deemed dividend, which was allocated to Pyxis Tankers’ equity and non-controlling interests’ equity in accordance with their ownership percentages. The remaining 40% was acquired by an entity related to the Company’s Chief Executive Officer and Chairman for a consideration of $<span id="xdx_906_eus-gaap--BusinessCombinationConsiderationTransferred1_pn3n3_c20240628__20240628__us-gaap--BusinessAcquisitionAxis__custom--AccushipMaritimeLtdMember__dei--LegalEntityAxis__custom--JiangsuNewYangziShipbuildingMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zBmvX09Gdkrb">5,880 in cash. An Agreement has been signed among the shareholders of Accuship pursuant to which all matters about Accuship’s structure, operations and governance are determined and agreed in writing. Management assessed the terms of the agreement and concluded that there is disproportionality in between the financial interest and voting rights of the Company. More specifically, Pyxis owns 60% of the equity interest in Accuship. However, there are matters in the agreement requiring the unanimous vote of all directors resulting in Pyxis only holding a 50% share of the voting rights for these specific matters. A number of these matters that require a unanimous vote have been determined by the management to relate to activities that significantly affect the economic performance of Accuship and are considered by the management to be participating rights rather than protective in nature. Based on the above and the relevant guidance under ASC 810, “Consolidation,” management has assessed that Accuship is a VIE. Further, management assessed that Pyxis is the primary beneficiary of Accuship and therefore consolidates Accuship because (i) Pyxis has the power to direct the activities of Accuship that most significantly affect its economic performance through decisions made by its majority of the Board of Directors and (ii) Pyxis has the obligation to absorb losses of, and the right to receive benefits from, Accuship that could potentially be significant through its 60% equity interest and its guarantee of up to 60% of the outstanding indebtedness of Accuship’s wholly-owned subsidiary, Drythree Corp. The fact that the remaining 40% interest is held by a related party of the Company’s Chief Executive Officer and Chairman was also considered in management’s analysis under ASC 810. No gain or loss was recognized upon the initial consolidation of the VIE. Accuship is the 100% owner of the entity Drythree Corp., owner of the vessel Konkar Venture. The acquisition of the vessel was financed through a combination of equity contribution and external loan. Pyxis serves as a guarantor for an amount not exceeding 60% of the then outstanding indebtedness of Accuship’s wholly-owned subsidiary, Drythree Corp., under its external loan. For the years ended December 31, 2024 and December 31, 2025 Accuship recorded a net loss of $361 and $316, respectively, of which $217 and $189 were attributable to Pyxis and $144 and $127 were attributable to the non-controlling interest (“NCI”). The VIE’s assets and liabilities that have been consolidated in the accompanying Consolidated Balance Sheets are analyzed per classification as follows: <div id="xdx_C0B_gL3SOCBSTTB-QXTSM_z8SztxrPWZXk"><table cellpadding="0" cellspacing="0" id="xdx_303_134_z3bd9wYu5554" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Schedule of VIE's Assets and Liabilities (Details)"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Accuship</td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20241231__srt--ConsolidatedEntitiesAxis__custom--AccushipMaritimeLtdMember_zMtrXgRz61G9" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49F_20251231__srt--ConsolidatedEntitiesAxis__custom--AccushipMaritimeLtdMember_zTGfd4FcIaR7" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--AssetsCurrent_iI_pn3n3_maAzaQX_z98hM0Ya088e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Total current assets</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">726</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,291</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_maAzaQX_zE2R2OrtY7h9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total fixed assets, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,563</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,630</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--OtherAssetsNoncurrent_iI_pn3n3_maAzaQX_z55uTxWbIwpd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Total other non-current assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">580</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--Assets_iI_pn3n3_mtAzaQX_zCJBbOj9ypXa" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total assets:</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">21,289</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">21,501</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LiabilitiesCurrent_iI_pn3n3_maLASEzpYr_zqOcultA9WD8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total current liabilities</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,415</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,178</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--LiabilitiesNoncurrent_iI_pn3n3_maLASEzpYr_zPrxox5flXC5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total non-current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,529</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,294</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--StockholdersEquity_iI_pn3n3_maLASEzpYr_zzx8VhAu9P19" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total stockholders’ equity</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,345</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,029</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LiabilitiesAndStockholdersEquity_iI_pn3n3_mtLASEzpYr_zObHh3yFw8nb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total liabilities and stockholders’ equity</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">21,289</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">21,501</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> </div> (b) Use of Estimates: The preparation of Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. (c) Comprehensive Income: The Company follows the provisions of ASC 220 “Comprehensive Income”, which requires separate presentation of certain transactions which are recorded directly as components of equity. The Company had no transactions which affect comprehensive income during the years ended December 31, 2023, 2024 and 2025 and accordingly, comprehensive income was equal to net income. (d) Foreign Currency Translation: The functional currency of the Company is the U.S. dollar as the Company’s vessels operate in international shipping markets and, therefore, primarily transact business in U.S. dollars. The Company’s accounting records are maintained in U.S. dollars. Transactions involving other currencies during the year are converted into U.S. dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated into U.S. dollars at the exchange rates in effect at the balance sheet date. Resulting gains or losses are included in Vessel operating expenses in the accompanying Consolidated Statements of Comprehensive Income. All amounts in the Consolidated Financial Statements are presented in thousand U.S. dollars rounded to the nearest thousand. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: -Continued: (e) Commitments and Contingencies: Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and a reliable estimate of the amount of the obligation can be made. Provisions are reviewed at each balance sheet date. Disclosure of a contingency is made if there is at least a reasonable possibility that a change in the Company’s estimate of its probable liability could occur in the near future. (f) Insurance Claims Receivable: The Company records insurance claim recoveries for insured losses incurred on damage to fixed assets and for insured crew medical expenses. Insurance claim recoveries are recorded, net of any deductible amounts, at the time the Company’s fixed assets suffer insured damages or when crew medical expenses are incurred, recovery is probable under the related insurance policies and the claim is not subject to litigation. The Company assessed the provisions of ASC 326 regarding the collectability of insurance claims recoveries and concluded that there is no material impact on the Company’s Consolidated Financial Statements as of December 31, 2024 and 2025, and thus no provision for credit losses was recorded as of those dates. (g) Cash and Cash Equivalents, Time Deposits and Restricted Cash: The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents. Time deposits with an original maturity of more than three months are separately presented as time deposits. During the years ended December 31, 2024 and 2025, the Company placed new time deposits exceeding three months of $19,500 and $32,000, respectively, and during the same periods, deposits of $22,500 and $31,000 matured. Restricted cash is associated with pledged retention accounts in connection with the loan repayments and minimum liquidity requirements under the loan agreements discussed in Note 8 and is presented separately in the accompanying Consolidated Balance Sheets. The Company assessed the provisions of ASC 326 for cash equivalents, time deposits, and restricted cash and concluded that the impact on the Company’s Consolidated Financial Statements as of December 31, 2024 and 2025 was immaterial and thus no provision for credit losses was recorded as of those dates. (h) Income Taxes: Neither Pyxis Tankers Inc. nor any of its subsidiaries are subject to income taxes. More specifically, under the laws of the Republic of the Marshall Islands, the country of incorporation of the Company and, as of December 31, 2024 and 2025, all of the Company’s vessel-owning companies, and/or the vessels’ registration, the vessel-owning companies and Pyxis Tankers Inc. as well, are not liable for any Marshall Islands income tax on their income. Under the laws of the Republic of Malta, the country of incorporation of certain of the Company’s vessel-owning companies, and/or the vessels’ registration during the years ended December 31, 2023, these vessel-owning companies were not liable for any Maltese income tax on their income derived from shipping operations, the only operations they had in Malta. The vessel-owning companies with vessels that have called on the United States during the relevant years of operation are obliged to file income tax returns with the Internal Revenue Service. The applicable income tax would be 50% of 4% of U.S. related gross transportation income unless an exemption applies. The Company believes that based on current legislation the relevant vessel-owning companies are entitled to an exemption because they satisfy the relevant requirements, namely that (i) the related vessel-owning companies are incorporated in a jurisdiction granting an equivalent exemption to U.S. corporations and (ii) over 50% of the ultimate stockholders of the vessel-owning companies are residents of a country granting an equivalent exemption to U.S. persons. The Company and each of its vessel-owning subsidiaries believe that they qualify for this statutory tax exemption for the 2021 through 2025 taxable years (the tax years that remain subject to examination) and accordingly, the Company believes that it is not subject to U.S. federal income tax. The Company has taken this position for United States federal income tax return reporting purposes. The Company also believes the vessel owning companies are exempt from income taxes in the other ports where they have called under various exemptions for the shipping industry. Instead, a non-income-based tax is levied in certain of the countries where the vessels trade based on their tonnage, which is included in Vessel operating expenses in the accompanying Consolidated Statements of Comprehensive Income. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: -Continued: (i) Inventories: Inventories consist of lubricants and bunkers (where applicable) on board the vessels, which are stated at the lower of cost and net realizable value. Cost is determined by the first-in, first-out (“FIFO”) method. (j) Trade Accounts Receivable, Net and Hire Collected in Advance: Under spot voyage charters, the Company normally issues its invoices to charterers at the completion of the voyage. Invoices are due upon issuance of the invoice. Since the Company satisfies its performance obligation over the time of the spot charter, the Company recognizes its unconditional right to consideration in trade accounts receivable, net of an allowance for credit losses. Trade accounts receivable from spot voyage charters as of December 31, 2024 and 2025, amounted to $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNpZ25pZmljYW50IEFjY291bnRpbmcgUG9saWNpZXMgKERldGFpbHMgTmFycmF0aXZlKQA_" id="xdx_901_eus-gaap--AccountsReceivableGrossCurrent_iI_pn3n3_c20241231__srt--ProductOrServiceAxis__custom--SpotVoyageChartersMember_zOAjVcSN9mO5" title="Trade accounts receivable">4,609 and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNpZ25pZmljYW50IEFjY291bnRpbmcgUG9saWNpZXMgKERldGFpbHMgTmFycmF0aXZlKQA_" id="xdx_904_eus-gaap--AccountsReceivableGrossCurrent_iI_pn3n3_c20251231__srt--ProductOrServiceAxis__custom--SpotVoyageChartersMember_zKphFn6VkA65" title="Trade accounts receivable">4, respectively. The allowance reduction for expected credit losses at December 31, 2024 and 2025 was $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNpZ25pZmljYW50IEFjY291bnRpbmcgUG9saWNpZXMgKERldGFpbHMgTmFycmF0aXZlKQA_" id="xdx_909_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iI_pn3n3_c20241231__srt--ProductOrServiceAxis__custom--SpotVoyageChartersMember_ztnmsP3EROy9" title="Allowance for expected credit losses">22 and <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNpZ25pZmljYW50IEFjY291bnRpbmcgUG9saWNpZXMgKERldGFpbHMgTmFycmF0aXZlKQA_" id="xdx_90C_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iI_pn3n3_dxL_c20251231__srt--ProductOrServiceAxis__custom--SpotVoyageChartersMember_zfGI8od1Ruv7" title="Allowance for expected credit losses::XDX::-">nil, respectively (Note 2(k)). Under time charter contracts, the Company normally issues invoices on a monthly basis 30 days in advance of providing its services. Trade accounts receivable from time charters as of December 31, 2024 and 2025, amounted to $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNpZ25pZmljYW50IEFjY291bnRpbmcgUG9saWNpZXMgKERldGFpbHMgTmFycmF0aXZlKQA_" id="xdx_902_eus-gaap--AccountsReceivableGrossCurrent_iI_pn3n3_c20241231__srt--ProductOrServiceAxis__custom--TimeChartersMember_zH5TfgF87K9k" title="Trade accounts receivable">453 and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNpZ25pZmljYW50IEFjY291bnRpbmcgUG9saWNpZXMgKERldGFpbHMgTmFycmF0aXZlKQA_" id="xdx_905_eus-gaap--AccountsReceivableGrossCurrent_iI_pn3n3_c20251231__srt--ProductOrServiceAxis__custom--TimeChartersMember_zfGc7BNO03k9" title="Trade accounts receivable">2,003, respectively. Hire collected in advance includes cash received in advance of performance under the contract prior to the balance sheet date and is realized when the associated revenue is recognized under the contract in periods after such date. The hire collected in advance as of December 31, 2024 and 2025, was $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNpZ25pZmljYW50IEFjY291bnRpbmcgUG9saWNpZXMgKERldGFpbHMgTmFycmF0aXZlKQA_" id="xdx_903_ecustom--HireCollectedInAdvance_iI_pn3n3_c20241231_zmdE1HAEmMs2" title="Hire collected in advance">111 and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNpZ25pZmljYW50IEFjY291bnRpbmcgUG9saWNpZXMgKERldGFpbHMgTmFycmF0aXZlKQA_" id="xdx_90C_ecustom--HireCollectedInAdvance_iI_pn3n3_c20251231_zABXdg9Hfv1j" title="Hire collected in advance">597, respectively and concerns hire received in advance from time charters. (k) Allowance reduction for credit losses: The Company evaluates credit losses on financial assets within the scope of ASC 326 using a forward-looking expected credit loss model. Trade receivables arising from voyage charters and other revenue contracts accounted for under ASC 606 are within the scope of ASC 326. Receivables arising from operating leases (time charters) are evaluated under ASC 842 and are not included in the ASC 326 allowance. The Company assesses collectability based on a combination of historical loss experience, aging/past-due status, customer-specific information, current market conditions, and reasonable and supportable forecasts, and evaluates receivables on a pooled basis when similar risk characteristics exist and individually when specific collectability issues are identified. The allowance for expected credit losses is recorded as a reduction of trade accounts receivable and changes in the allowance, if any, are recognized in the Consolidated Statements of Comprehensive Income. As of December 31, 2024 and December 31, 2025, the allowance for expected credit losses was $22 and nil, respectively (Note 2(j)). The nil allowance at December 31, 2025 primarily reflects that during 2025 the Company’s fleet was employed mainly on time charters, and therefore the Company did not have material receivables within the scope of ASC 326, including demurrage receivables. For the year ended December 31, 2024, a net allowance reduction of $38 was recognized in the accompanying Consolidated Statements of Comprehensive Income. For the year ended December 31, 2025, a net allowance reduction of $22 was recognized, which reversed the allowance balance existing as of December 31, 2024, resulting in a nil allowance balance at December 31, 2025. (l) Vessels, Net: Vessels are stated at cost, which consists of the contract price or the fair value of the consideration given on the acquisition date and any material expenses incurred in connection with the acquisition (initial repairs, improvements, delivery expenses and other expenditures to prepare the vessel for her initial voyage, as well as professional fees directly associated with the vessel acquisition). Subsequent expenditures for major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise, these amounts are expensed as incurred. The cost of each of the Company’s vessels is depreciated from the date of acquisition on a straight-line basis over the vessels’ remaining estimated economic useful life, after considering the estimated residual value. A vessel’s residual value is equal to the product of its lightweight tonnage and estimated scrap rate per ton which is assessed at $0.34/ton. The Company estimates the useful life of the Company’s vessels to be 25 years from the date of initial delivery from the shipyard. In the event that future regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life will be adjusted at the date such regulations are adopted. <p id="xdx_849_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock_zX6w41tqqVKi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">(m) Impairment of Long-Lived Assets: The Company reviews its long lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount plus the unamortized dry-dock and special survey balances of these assets may not be recoverable. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: -Continued: In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels’ future performance, with the significant assumptions being related to time charter equivalent rates by vessel type, while other assumptions include vessels’ operating expenses, management fees, vessels’ capital expenditures, vessels’ residual value, fleet utilization and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. To the extent impairment indicators are present, the projected net operating cash flows are determined by considering the charter revenues from existing time charters for the fixed days and an estimated daily future charter rate for the uncontracted days based on the ten year average historical charter rates, of similar type and size vessels, for the period up to the end of the estimated useful life of the vessel. When the ten year average of historical charter rates is not available for a type of vessel, the Company uses the average of historical charter rates of the available period, expected outflows for vessels’ operating expenses, planned dry-docking and special survey expenditures, management fees expenditures which are adjusted every year, pursuant to the Company’s existing group management agreement, and fleet utilization. The residual value used in the impairment test is estimated to be $0.34 per lightweight ton in accordance with the vessels’ depreciation policy. Should the carrying value plus the unamortized dry-dock and survey balance of the vessel exceed its estimated future undiscounted net operating cash flows, impairment is measured based on the excess of the carrying value plus the unamortized dry-dock and survey balance of the vessel over the fair market value of the asset. The Company determines the fair value of its vessels primarily based on third-party valuations, while also considering available market data, including reported vessel sale and purchase transactions and broker market information. The Company reviews the carrying values of its vessels, together with their unamortized dry-docking and special survey balances, for impairment whenever events or changes in circumstances indicate that the carrying amount of a vessel may not be recoverable. When indicators of impairment are present and the estimated future undiscounted net operating cash flows are less than the carrying value of the vessels plus the unamortized dry-docking and special survey balances of those vessels, the carrying value is reduced to its estimated fair value, and the difference is recorded as an “Impairment loss” in the consolidated statements of comprehensive income. None of the Company’s vessels were classified as held for sale as of December 31, 2024 and 2025. (n) Long-lived Assets Classified as Held for Sale: The Company classifies long-lived assets and disposal groups as being held-for-sale in accordance with ASC 360, “Property, Plant and Equipment”, when: (i) management, having the authority to approve the action, commits to a plan to sell the asset; (ii) the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated; (iv) the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year; (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Long-lived assets classified as held-for-sale are measured at the lower of their carrying amount or fair value less costs to sell. According to ASC 360-10-35, the fair value less costs to sell of the long-lived asset (disposal group) should be assessed at each reporting period it remains classified as held-for-sale. Subsequent changes in the long-lived asset’s fair value less costs to sell (increase or decrease) would be reported as an adjustment to its carrying amount, not exceeding the carrying amount of the long-lived asset at the time it was initially classified as held-for-sale. These long-lived assets are not depreciated once they meet the criteria to be classified as held-for-sale and are classified in current assets on the Consolidated Balance Sheet. No long-lived assets were classified as held for sale as of December 31, 2024 and 2025. (o) Financial Derivative Instruments: The Company enters into interest rate derivatives to manage its exposure to fluctuations of interest rate risk associated with its borrowings, from time to time. All derivatives are recognized in the Consolidated Financial Statements at their fair value. The fair value of the interest rate derivatives is based on a discounted cash flow analysis. When such derivatives do not qualify for hedge accounting, the Company recognizes their fair value changes in current period earnings. When the derivatives qualify for hedge accounting, the Company recognizes the effective portion of the gain or loss on the hedging instrument directly in other comprehensive income/(loss), while the ineffective portion, if any, is recognized immediately in current period earnings. The Company, at the inception of the transaction, documents the relationship between the hedged item and the hedging instrument, as well as its risk management objective and the strategy of undertaking various hedging transactions. The Company also assesses at hedge inception whether the hedging instruments are highly effective in offsetting changes in the cash flows of the hedged items. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: -Continued: The Company discontinues cash flow hedge accounting if the hedging instrument expires and it no longer meets the criteria for hedge accounting or its designation is revoked by the Company. At that time, any cumulative gain or loss on the hedging instrument recognized in equity is kept in equity until the forecasted transaction occurs. When the forecasted transaction occurs, any cumulative gain or loss on the hedging instrument is recognized in the Consolidated Statements of Comprehensive Income/(loss). If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in equity is transferred to the current period’s Consolidated Statements of Comprehensive Income as financial income or expense. (p) Accounting for Special Survey and Dry-docking Costs: The Company follows the deferral method of accounting for special survey and dry-docking costs, whereby actual costs incurred at the yard and parts used in the dry-docking or special survey, are deferred and are amortized on a straight-line basis over the period through the date the next survey is scheduled to become due. Costs deferred are limited to actual costs incurred at the shipyard and costs incurred in the dry-docking or special survey. If a dry-dock or a survey is performed prior to the scheduled date, any remaining unamortized balances of the previous dry-dock and survey are immediately written off. Unamortized dry-dock and survey balances of vessels that are sold are written off and included in the calculation of the resulting gain or loss in the period of the vessel’s sale. Furthermore, unamortized dry-docking and special survey balances of vessels that are classified as assets held for sale and are not recoverable as of the date of such classification are immediately written off and included in the resulting gain or loss on vessels held for sale. (q) Interest Income, Interest and Finance Costs: The Company incurs interest expense on outstanding indebtedness under its existing credit facilities, which is included in interest and finance costs. Finance costs also include financing and legal costs in connection with establishing and amending those facilities, which are deferred and amortized to interest and finance costs during the life of the related debt using the effective interest method. Costs associated with new loans or refinancing of existing ones, which meet the criteria for debt modification, including fees paid to lenders or required to be paid to third parties on the lender’s behalf for obtaining new loans or refinancing existing loans, are recorded as a direct deduction from the carrying amount of the debt liability. Such costs are deferred and amortized to interest and finance costs in the Consolidated Statements of Comprehensive Income during the life of the related debt using the effective interest method. For loans repaid or refinanced that meet the criteria for debt extinguishment, the difference between the settlement price and the net carrying amount of the debt being extinguished (which includes any deferred debt issuance costs) is recognized as a gain or loss from debt extinguishment in the Consolidated Statements of Comprehensive Income. Commitment fees relating to undrawn loan principal are expensed as incurred. Further, the Company earns interest on cash deposits in interest-bearing accounts and on interest-bearing securities, which is included in interest income. The Company may incur additional interest expense in the future on its outstanding borrowings and under future borrowings. Interest income from time deposits for the years ended December 31, 2023, 2024 and 2025 amounted to $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNpZ25pZmljYW50IEFjY291bnRpbmcgUG9saWNpZXMgKERldGFpbHMgTmFycmF0aXZlKQA_" id="xdx_907_eus-gaap--InterestIncomeDomesticDeposits_pn3n3_c20230101__20231231_zGQhD47QfMPl" title="Interest from deposits">1,240, $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNpZ25pZmljYW50IEFjY291bnRpbmcgUG9saWNpZXMgKERldGFpbHMgTmFycmF0aXZlKQA_" id="xdx_909_eus-gaap--InterestIncomeDomesticDeposits_pn3n3_c20240101__20241231_zMfIkbYfmpdd" title="Interest from deposits">2,312 and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNpZ25pZmljYW50IEFjY291bnRpbmcgUG9saWNpZXMgKERldGFpbHMgTmFycmF0aXZlKQA_" id="xdx_909_eus-gaap--InterestIncomeDomesticDeposits_pn3n3_c20250101__20251231_zEBdtiCTlDad" title="Interest from deposits">1,792, respectively, and is presented separately in the accompanying Consolidated Statements of Comprehensive Income. The unamortized portion of deferred debt issuance costs is presented as a direct deduction from the corresponding debt liability. (r) Fair Value Measurements: The Company follows the provisions of ASC 820 “Fair Value Measurements and Disclosures”, which defines fair value and provides guidance for using fair value to measure assets and liabilities. The guidance creates a fair value hierarchy of measurement and describes fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the market in which the reporting entity transacts. In accordance with the requirements of accounting guidance relating to Fair Value Measurements, the Company classifies and discloses its assets and liabilities carried at the fair value in one of the following categories: ● Level 1: Quoted market prices in active markets for identical assets or liabilities; ● Level 2: Observable market- based inputs or unobservable inputs that are corroborated by market data; ● Level 3: Unobservable inputs that are not corroborated by market data. (s) Segment Reporting: The Company has determined that it operates under two reportable segments, one relating to its operations of the medium range tanker vessels and one to the operations of the dry-bulk vessels. Segment results are evaluated based on segment’s profit/(loss) (see also note 15). Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share 2. Significant Accounting Policies: – Continued: (t) Net income per common share: Basic net income per common share is computed by dividing the net income attributable to common shareholders by the weighted average number of common shares outstanding during the period. The computation of diluted net income per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted at the beginning of the periods presented, or issuance date, if later. The treasury stock method is used to compute the dilutive effect of warrants and shares issued under the equity incentive plan and the Promissory Note. The if-converted method is used to compute the dilutive effect of shares which could be issued upon conversion of the Series A Convertible Preferred Shares into common shares. Potential common shares that have an anti-dilutive effect (i.e. those that increase net income per common share or decrease loss per share) are excluded from the calculation of diluted net income per common share. (u) Revenues, net: The Company generates its revenues from charterers. The vessels are chartered using either spot voyage charters, where a contract is made in the spot market for the use of a vessel for a specific voyage for a specified charter rate, or time charters, where a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate. The following table presents the Company’s revenue disaggregated by revenue source, net of commissions, for the years ended December 31, 2023, 2024 and 2025: Schedule of Revenue Disaggregated by Revenue Source <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" id="xdx_497_20230101__20231231_zyineP2m8dt9" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2023</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" id="xdx_497_20240101__20241231_zw5hEJ2B5Hy8" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" id="xdx_49A_20250101__20251231_z4mq1bbBi5jg" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2025</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Year ended December 31,</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2023</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2025</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr id="xdx_40B_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--SpotVoyageChartersMember_zgwJdI7VpLc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 52%; text-align: left">Revenues derived from spot voyage charters, net</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">12,665</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">19,769</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">2,041</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--TimeChartersMember_zkOMgzMu6Wud" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Revenues derived from time charters, net</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">32,803</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">31,773</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">36,953</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_pn3n3_zong3H0Pzgoi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Revenues, net</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">45,468</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">51,542</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">38,994</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Revenue from customers (ASC 606): The Company assessed its contracts with charterers for spot voyage charters and concluded that there is a single performance obligation for each spot charter, which is to provide the charterer with ocean transportation services from loading to discharge within a specified time period. In addition, the Company has concluded that a spot charter meets the criteria to recognize revenue over time as the charterer simultaneously receives and consumes the benefits of the Company’s performance. The Company’s method of revenue recognition is on a load-to-discharge basis; accordingly, voyage revenues are recognized from loading of the current spot charter through discharge of the current spot charter, and no voyage revenues are recognized during ballast periods between voyages (i.e., from discharge of the prior spot charter to loading of the current spot charter). Demurrage income represents payments by a charterer to a vessel owner when loading or discharging time exceeds the stipulated time in the spot charter. The Company has determined that demurrage represents variable consideration and estimates demurrage at contract inception. Demurrage income estimated, net of address commission, is recognized over the charter period as the performance obligation is satisfied. Under a spot charter, the Company incurs and pays for certain voyage expenses, primarily consisting of brokerage commissions, port and canal costs and bunker consumption, during the spot charter (load-to-discharge) and during the ballast voyage (date of previous discharge to loading, assuming a new charter has been agreed before the completion of the previous spot charter). The Company accounts for voyage costs incurred during the ballast voyage as costs to fulfill a contract and records such costs as an asset (“deferred voyage costs”), which is amortized over the related spot charter on a load-to-discharge basis, consistent with the recognition of voyage revenues; voyage costs incurred during the spot charter are expensed as incurred. Under ASC 606 and ASC 340-40, incremental costs of obtaining a contract with a customer would be capitalized and amortized as the performance obligation is satisfied if the applicable criteria are met; however, the Company has adopted the practical expedient in the guidance and expenses such costs as incurred for the Company’s spot voyage charters that do not exceed one year. Vessel operating expenses are expensed as incurred. In addition, pursuant to ASC 606 and ASC 842 (discussed below), the Company presents revenues net of address commissions. Address commissions represent a discount provided directly to the charterers based on a fixed percentage of the agreed upon charter. Since address commissions represent a discount (sales incentive) on services rendered by the Company and the Company does not receive a distinct good or service in exchange, these commissions are presented as a reduction of revenue in the accompanying Consolidated Statements of Comprehensive Income. The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less, in accordance with the optional exception in ASC 606. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share 2. Significant Accounting Policies: – Continued: Leases: The Company has assessed time charter contracts under the criteria imposed by ASC 842 and has concluded that these contracts contain a lease with the related executory costs (insurance), as well as non-lease components to provide other services related to the operation of the vessel, with the most substantial service being the crew cost to operate the vessel. The Company has concluded that the criteria for not separating the lease and non-lease components of its time charter contracts are met, since (i) the time pattern of recognizing revenues for crew and other services for the operation of the vessels, is similar to the time pattern of recognizing rental income, (ii) the lease component of the time charter contracts, if accounted for separately, would be classified as an operating lease, and (iii) the predominant component in its time charter agreements is the lease component. Accordingly, revenues from time charter contracts are recognized on a straight-line basis over the term of the lease. After the lease commencement date, the Company evaluates lease modifications, if any, that could result in a change in the accounting for leases. For a lease modification, an evaluation is performed to determine if it should be treated as either a separate lease or a change in the accounting of an existing lease. Brokerage and address commissions on time charter revenues are deferred and amortized over the related time charter period, to the extent revenue has been deferred, since commissions are earned as revenues are earned, and are presented in voyage expenses and as a reduction to voyage revenues (see above), respectively. Vessel operating expenses are expensed as incurred. As per the accounting policy election, the Company expenses other contract fulfillment costs for time charters under ASC 340-40 as incurred. Revenues for the years ended December 31, 2023, 2024 and 2025, deriving from significant charterers individually accounting for 10% or more of revenues (in percentages of total revenues), were as follows: Summary of Revenue from Significant Charterers for 10% or More of Revenue <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20230101__20231231_zHiM7SSUqQhh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20240101__20241231_zvLhsESnc0bk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250101__20251231_zu16O0rlJFeb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold">Charterer</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_hsrt--MajorCustomersAxis__custom--ChartererAMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_z3ED2hHyvO87" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td id="xdx_F4E_zKfFaXJQjJb3" style="width: 52%">A (*)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">24</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">31</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_hsrt--MajorCustomersAxis__custom--ChartererBMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_ztWi4cmq2Or7" style="vertical-align: bottom; background-color: White"> <td id="xdx_F47_zO06c3TJUGra">B (*)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">43</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_hsrt--MajorCustomersAxis__custom--ChartererCMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_ztjLeCZR28z8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td id="xdx_F4F_zolszv9mPMek">C (*)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_hsrt--MajorCustomersAxis__custom--ChartererDMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zljT6iM9xuv2" style="vertical-align: bottom; background-color: White"> <td id="xdx_F4D_zLPcFtMAQry2">D (*)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20</td><td style="text-align: left">%</td></tr> <tr id="xdx_40D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_hsrt--MajorCustomersAxis__custom--ChartererEMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_z3YXsbUupQpi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td id="xdx_F48_zG7dtlO0BEii">E (*)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22</td><td style="text-align: left">%</td></tr> <tr id="xdx_402_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_hsrt--MajorCustomersAxis__custom--ChartererFMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zTrWgDdkyVoa" style="vertical-align: bottom; background-color: White"> <td id="xdx_F4A_ztg8usMirFik" style="padding-bottom: 1pt">F (*)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">11</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_408_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_hsrt--MajorCustomersAxis__custom--CharterersMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zB85RTABT5Ab" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">85</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">%</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">66</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">%</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">53</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 14px">*</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Tanker vessels segment</td></tr> </table> (v) Restricted Cash: The Company follows the provisions of ASU 2016-18 “Statement of Cash Flows (Topic 230): Restricted Cash”, which requires that the statement of cash flows explain the change in the total of cash and cash equivalents and restricted cash. Restricted cash of $1,350 as of December 31, 2024 and 2025, respectively, remained unchanged, and has been aggregated with cash and cash equivalents in both the beginning-of-year and end-of-year line items of the consolidated statements of cash flows for each of the periods presented (Note 8). The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying Consolidated Balance Sheets that sum to the total of the same such amounts that are presented in the accompanying Consolidated Statements of Cash Flows for the years ended December 31, 2023, 2024 and 2025. Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20231231_z4g9r0E5B0Va" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20241231_zKIhBpPIoV82" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20251231_zzyocehuQrl6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_maCCERCzTFD_z4dOgCdEI2bd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Cash and cash equivalents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">34,539</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">21,243</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">35,555</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--RestrictedCashAndCashEquivalentsNoncurrent_iI_pn3n3_maCCERCzTFD_zBF0jYwAvXWc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Restricted cash, net of current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,800</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,350</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,350</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iTI_pn3n3_mtCCERCzTFD_zEG32AtGzknl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total cash and cash equivalents and restricted cash</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">36,339</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">22,593</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">36,905</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share 2. Significant Accounting Policies: – Continued: (w) Short-term investments: Short-term investments consist of short-term time deposits with no early redemption feature and with maturities in excess of three months but less than twelve months at the time of purchase and are stated at amortized cost, which approximates their fair value due to their short-term nature. As of December 31, 2024 and 2025 short-term investment in cash time deposits amounted to $17,000 and $18,000, respectively. The Company assessed the provisions of ASC 326 for short-term time deposits and concluded that the impact on the Company’s Consolidated Financial Statements as of December 31, 2024 and 2025 is immaterial and thus no provision for credit losses was recorded as of those dates. (x) Business combinations: The Company follows the provisions of ASU No. 2017-01, “Business Combinations” (Topic 805) which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisition (or disposals) of assets or businesses. Under current implementation guidance, to be considered a business, a set must include an input and a substantive process that together significantly contribute to the ability to create outputs. This ASU provides a screen to determine when a set of assets and activities does not constitute a business. (y) Debt Modifications and Extinguishments: The Company follows the provisions of ASC 470-50, Modifications and Extinguishments, to account for all modifications or extinguishments of debt instruments, except debt that is extinguished through a troubled debt restructuring or a conversion of debt to equity securities of the debtor pursuant to conversion privileges provided in terms of the debt at issuance. This standard also provides guidance on whether an exchange of debt instruments with the same creditor constitutes an extinguishment and whether a modification of a debt instrument should be accounted for in the same manner as an extinguishment. In circumstances where an exchange of debt instruments or a modification of a debt instrument does not result in extinguishment accounting, this standard provides guidance on the appropriate accounting treatment. In evaluating whether an amendment or refinancing with the same creditor should be accounted for as a modification or an extinguishment, the Company applies the cash flow test prescribed by ASC 470-50, including the effect of any fees paid to, or received from, the creditor. If a debt transaction is accounted for as a modification, the Company does not recognize a gain or loss; instead, the existing unamortized deferred financing costs (and any unamortized discount or premium, if applicable) are carried forward and amortized as interest expense over the revised term of the amended debt, together with any incremental debt issuance costs. During the year ended December 31, 2025, the refinancings of the Company’s secured loans with Alpha Bank S.A. for Eleventhone Corp. (Pyxis Lamda) and Seventhone Corp. (Pyxis Theta) were accounted for as modifications. “Loss from debt extinguishment” of $379, nil and nil was recognized in the accompanying Consolidated Statements of Comprehensive Income for the years ended December 31, 2023, 2024 and 2025, respectively. (z) Distinguishing Liabilities from Equity: The Company follows the provisions of ASC 480 “Distinguishing Liabilities from Equity” to determine the classification of certain freestanding financial instruments as either liabilities or equity. The Company in its assessment of the accounting for the Series A Convertible Preferred Shares and warrants issued in connection with the October 13, 2020 public offering and the July 16, 2021, follow-on offering, has taken into consideration ASC 480 “Distinguishing Liabilities from Equity” and determined that the Series A Convertible Preferred Shares and warrants should be classified as equity instead of liabilities (Note 9). The Company further analyzed key features of the Series A Convertible Preferred Shares and detachable warrants to determine whether these instruments are more akin to equity or debt and concluded that the Series A Convertible Preferred Shares and warrants are equity-like. In its assessment, the Company identified certain embedded features and examined whether they meet the definition of a derivative under ASC 815 or otherwise affect classification. Derivative accounting was deemed inappropriate and, therefore, no bifurcation of these features was performed. Share Repurchases: The Company accounts for repurchases of its common shares at cost. Repurchased shares are classified as treasury stock until retired and are presented as a reduction of shareholders’ equity. The cost of treasury stock includes incremental direct transaction costs, such as brokerage commissions. Treasury shares remain issued but are not considered outstanding; accordingly, common shares presented as “issued and outstanding” exclude treasury shares. If and when treasury shares are retired, the Company reclassifies the related cost within shareholders’ equity in accordance with U.S. GAAP. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share 2. Significant Accounting Policies: – Continued: From January 1, 2025 through January 30, 2025, the Company repurchased 67,534 common shares under its previously authorized repurchase program, which was initially approved on May 11, 2023 for up to $2.0 million and increased on May 16, 2024 to an aggregate authorization of $3.0 million. This prior authorization was fully utilized as of January 30, 2025. From November 19, 2025 through December 31, 2025, the Company repurchased 67,004 common shares under a new Board-authorized program approved on November 19, 2025 for up to $3.0 million. All repurchased shares were recorded as treasury stock at cost and reflected as a reduction of shareholders’ equity. As of December 31, 2025, these repurchased shares had not been cancelled and were held as treasury shares, accordingly, they were excluded from the Company’s common shares outstanding. (aa) Share based payments: The Company has issued restricted share awards which are measured at their grant date fair value and are not subsequently re-measured. Compensation cost is recognized on a straight-line basis over the period during which an employee is required to provide service in exchange for the award – the requisite service period (usually the vesting period). Forfeitures of awards are accounted for when and if they occur. If an equity award is modified after the grant date, incremental compensation cost will be recognized in an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. (ab) Repurchase and Retirement of Company’s Preferred Shares: All Company’s preferred shares re-purchased are immediately cancelled and retired, and the Company’s share capital is accordingly reduced. Any difference between the fair value of the consideration transferred to the holders of the preferred stock and the carrying amount of the preferred stock represents a return to (from) the preferred stockholder that should be treated in a manner similar to the treatment of dividends paid on preferred stock. If the fair value of the consideration transferred plus any direct costs incurred in relation to the redemption, is more than the carrying amount of the preferred shares redeemed (net of any issuance costs), the difference is debited to retained earnings as deemed dividend. In addition, any possible excess between the fair value of the consideration paid for the re-purchase of preferred shares and the carrying amount of the shares surrendered reduces the net income/(loss) from continuing operations to arrive at the net income/(loss) available to common stockholders from continuing operations. (ac) Accounting for transactions under common control: A common control transaction is any transfer of net assets or exchange of equity interests between entities or businesses that are under common control by an ultimate parent or controlling shareholder before and after the transaction. Common control transactions may have characteristics that are similar to business combinations but do not meet the requirements to be accounted for as business combinations because, from the perspective of the ultimate parent or controlling shareholder, there has not been a change in control over the acquiree. Due to the fact that common control transactions do not result in a change of control at the ultimate parent or controlling shareholder level, the Company does not account for them at fair value. Rather, common control transactions are accounted for at the carrying amount of the net assets or equity interests transferred. Any difference in the fair value of cash and non-cash consideration paid by the transferee versus the historical costs of the assets transferred to the transferee is recorded as an adjustment to equity by the transferee. (ad) New Accounting Pronouncements – Not Yet Adopted: In November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”. The standard is intended to require more detailed disclosure about specified categories of expenses (including employee compensation, depreciation and amortization) included in certain expense captions presented on the face of the income statement. The amendments primarily affect disclosure requirements (and do not change expense recognition or income statement presentation) and generally require disaggregation, in the notes, of relevant expense captions into prescribed natural expense categories, as well as disclosures about selling expenses. In January 2025, the FASB issued ASU 2025-01, which clarifies the effective date of ASU 2024-03. This ASU is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of this standard on its financial statements. In July 2025, the FASB issued ASU 2025-05, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets.” This standard clarifies the measurement of expected credit losses for accounts receivable and contract assets within its scope. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements and related disclosures. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share 2. Significant Accounting Policies: – Continued: In December 2025, the FASB issued ASU 2025-11, “Interim Reporting (Topic 270): Narrow-Scope Improvements.” The amendments clarify the applicability of Topic 270 to interim financial statements and notes prepared in accordance with GAAP, provide a comprehensive list of interim disclosure requirements and add a disclosure principle requiring disclosure of events and changes since the end of the most recent annual reporting period that have a material impact on the entity. For public business entities, the amendments are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements and related disclosures. In December 2025, the FASB issued ASU 2025-12, “Codification Improvements.” The amendments clarify, correct errors in, and make minor improvements to various topics in the FASB Accounting Standards Codification. The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements and related disclosures.

(a) Principles of Consolidation: The accompanying Consolidated Financial Statements have been prepared in accordance with U.S. GAAP. The Consolidated Financial Statements include the accounts of Pyxis and its subsidiaries as presented in Note 1 above. All intercompany balances and transactions have been eliminated upon consolidation. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: -Continued: Pyxis, as the holding company, determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. Under Accounting Standards Codification (“ASC”) 810 “Consolidation” a voting interest entity is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make financial and operating decisions. Pyxis consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%), of the voting interest. Variable interest entities (“VIE”) are entities as defined under ASC 810-10, that in general either do not have equity investors with voting rights or that have equity investors that do not provide sufficient financial resources for the entity to support its activities. A controlling financial interest in a VIE is present when a company absorbs a majority of an entity’s expected losses, receives a majority of an entity’s expected residual returns, or both. The company with a controlling financial interest, known as the primary beneficiary, is required to consolidate the VIE. Pyxis evaluates all arrangements that may include a variable interest in an entity to determine if it may be the primary beneficiary, and would be required to include assets, liabilities and operations of a VIE in its Consolidated Financial Statements. On July 5, 2023, the Company acquired a <span id="xdx_90C_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_dp_uPure_c20230705__us-gaap--BusinessAcquisitionAxis__custom--DrykonMaritimeCorpMember_zBuyHFafNbr8" title="Business acquisition equity interest percentage">60% equity interest in the newly incorporated entity Drykon for a consideration of $<span id="xdx_901_eus-gaap--BusinessCombinationConsiderationTransferred1_pn4n6_c20230705__20230705__us-gaap--BusinessAcquisitionAxis__custom--DrykonMaritimeCorpMember_zxb8DDuutp1l" title="Consideration in cash">6.78 million in cash. The remaining <span id="xdx_908_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20230705__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ChiefExecutiveOfficerAndChairmanMember_zODyJMb3cTh7" title="Business acquisition equity interest percentage">40% was acquired by an entity related to the Company’s Chief Executive Officer and Chairman for a consideration of $<span id="xdx_90A_eus-gaap--BusinessCombinationConsiderationTransferred1_pn4n6_c20230705__20230705__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ChiefExecutiveOfficerAndChairmanMember_zTX8cT2sNm8k" title="Consideration in cash">4.52 million in cash. An Agreement has been signed among the shareholders of Drykon pursuant to which all matters about Drykon’s structure, operations and governance are determined and agreed in writing. Management assessed the terms of the agreement and concluded that there is disproportionality in between the financial interest and voting rights of the Company. More specifically, Pyxis owns <span id="xdx_90B_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20230705__us-gaap--BusinessAcquisitionAxis__custom--DrykonMaritimeCorpMember_zJtG4BOXYrql" title="Business acquisition equity interest percentage">60% of the equity interest in Drykon. However, there are matters in the agreement requiring the unanimous vote of all directors resulting in Pyxis only holding a <span id="xdx_904_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_dp_uPure_c20230705__us-gaap--BusinessAcquisitionAxis__custom--PyxisHoldingsIncMember_zIHnC78XtMU3" title="Business acquisition equity interest percentage">50% share of the voting rights for these specific matters. A number of these matters that require a unanimous vote have been determined by the management to relate to activities that significantly affect the economic performance of Drykon and are considered by the management to be participating rights rather than protective in nature. Based on the above and the relevant guidance under ASC 810 “Consolidation”, management has assessed that Drykon is a VIE. Further, management assessed that Pyxis is the primary beneficiary of Drykon and therefore consolidates Drykon because (i) Pyxis has the power to direct the activities of Drykon that most significantly affect its economic performance through decisions made by its majority of the Board of Directors and (ii) Pyxis has the obligation to absorb losses of, and the right to receive benefits from, Drykon that could potentially be significant through its <span id="xdx_90B_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20230705__us-gaap--BusinessAcquisitionAxis__custom--DrykonMaritimeCorpMember_zrlvDsfULjp" title="Business acquisition equity interest percentage">60% equity interest and its guarantee of up to 60% of the outstanding indebtedness of Drykon’s wholly-owned subsidiary, Dryone Corp. The fact that the remaining 40% interest is held by a related party of the Company’s Chief Executive Officer and Chairman was also considered in management’s analysis under ASC 810. No gain or loss was recognized upon the initial consolidation of the VIE. Drykon is the 100% owner of Dryone Corp., which owns the vessel Konkar Ormi, a 2016 Japanese built 63,250 dwt Ultramax carrier. The acquisition of the vessel was financed through a combination of equity contribution and external loan. Pyxis serves as a guarantor for an amount not exceeding 60% of the then outstanding indebtedness of Drykon’s wholly-owned subsidiary, Dryone Corp., under its external loan. For the years ended December 31, 2023, 2024 and 2025, Drykon recorded net losses of $502 and $541 and net income of $169, respectively, of which $301, $325 and $101 were attributable to Pyxis and $201, $216 and $68, respectively, were attributable to non-controlling interest (“NCI”). The VIE’s assets and liabilities that have been consolidated in the accompanying Consolidated Balance Sheets are analyzed per classification as follows: <p id="xdx_891_ecustom--ScheduleOfVariableInterestEntityAssetAndLiabilitiesTableTextBlock_gL3SOCBSTTB-QXTSM_zbicfst7WF39" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> Schedule of VIE's Assets and Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Drykon</td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_497_20241231__srt--ConsolidatedEntitiesAxis__custom--DrykonMaritimeCorpMember_zGSFZbutckPk" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_491_20251231__srt--ConsolidatedEntitiesAxis__custom--DrykonMaritimeCorpMember_zv2BinMMfY4c" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--AssetsCurrent_iI_pn3n3_maAzybi_zPWJdQU9RvQf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Total current assets</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,723</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,045</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_maAzybi_zyZiNfPCG31a" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Total fixed assets, net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">26,730</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">25,385</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--Assets_iTI_pn3n3_mtAzybi_zKTuT9fLt4g3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total assets:</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">28,453</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">26,430</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LiabilitiesCurrent_iI_pn3n3_maLASEztyS_z94w9fhrQnUa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total current liabilities</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,364</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,345</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--LiabilitiesNoncurrent_iI_pn3n3_maLASEztyS_z4dkkEseQuha" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total non-current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,832</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,659</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--StockholdersEquity_iI_pn3n3_maLASEztyS_zwL8ZIwD2s3c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Total stockholders’ equity</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,257</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,426</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--LiabilitiesAndStockholdersEquity_iTI_pn3n3_mtLASEztyS_zq9TyeTrfBj" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total liabilities and stockholders’ equity</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">28,453</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">26,430</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: -Continued: On June 28, 2024, the Company completed the acquisition of an <span id="xdx_900_ecustom--VesselCapacity_uInstallement_c20240628__20240628__dei--LegalEntityAxis__custom--JiangsuNewYangziShipbuildingMember__us-gaap--BusinessAcquisitionAxis__custom--AccushipMaritimeLtdMember_zR17SkYK3JEi">82,099 dwt eco-efficient Kamsarmax dry-bulk carrier built in <span id="xdx_908_ecustom--VesselBuiltYear_pid_uInstallement_c20240628__20240628__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselsMember__dei--LegalEntityAxis__custom--JiangsuNewYangziShipbuildingMember_zl5s1nm92t0h">2015 at Jiangsu New Yangzi Shipbuilding, through the <span id="xdx_904_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20240628__dei--LegalEntityAxis__custom--JiangsuNewYangziShipbuildingMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AccushipMaritimeLtdMember_zLuS22sXd7y2">60% equity interest in the newly incorporated entity Accuship Maritime Ltd. for a consideration of $<span id="xdx_904_eus-gaap--BusinessCombinationConsiderationTransferred1_pn3n3_c20240628__20240628__us-gaap--BusinessAcquisitionAxis__custom--AccushipMaritimeLtdMember__dei--LegalEntityAxis__custom--JiangsuNewYangziShipbuildingMember_z84JRJf5j9O1">7,320 in cash, and the issuance of <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures_pid_c20240628__20240628__dei--LegalEntityAxis__custom--JiangsuNewYangziShipbuildingMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember__us-gaap--BusinessAcquisitionAxis__custom--AccushipMaritimeLtdMember_z0MPiBPd1fW3">267,857 restricted common shares of the Company to the seller of the vessel acquired, Eightytwo Corp., an entity controlled by our Chairman and Chief Executive Officer. Upon acquisition of the Konkar Venture from Eightytwo Corp. in a transaction among entities under common control, the Company recognized the $<span id="xdx_904_eus-gaap--Dividends_pn3n3_c20240628__20240628__dei--LegalEntityAxis__custom--JiangsuNewYangziShipbuildingMember__us-gaap--BusinessAcquisitionAxis__custom--AccushipMaritimeLtdMember_zrE3BHRbTO3f" title="Dividends">8,875 excess of the consideration transferred over the seller’s vessel book value at the transaction date, as a deemed dividend, which was allocated to Pyxis Tankers’ equity and non-controlling interests’ equity in accordance with their ownership percentages. The remaining 40% was acquired by an entity related to the Company’s Chief Executive Officer and Chairman for a consideration of $<span id="xdx_906_eus-gaap--BusinessCombinationConsiderationTransferred1_pn3n3_c20240628__20240628__us-gaap--BusinessAcquisitionAxis__custom--AccushipMaritimeLtdMember__dei--LegalEntityAxis__custom--JiangsuNewYangziShipbuildingMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zBmvX09Gdkrb">5,880 in cash. An Agreement has been signed among the shareholders of Accuship pursuant to which all matters about Accuship’s structure, operations and governance are determined and agreed in writing. Management assessed the terms of the agreement and concluded that there is disproportionality in between the financial interest and voting rights of the Company. More specifically, Pyxis owns 60% of the equity interest in Accuship. However, there are matters in the agreement requiring the unanimous vote of all directors resulting in Pyxis only holding a 50% share of the voting rights for these specific matters. A number of these matters that require a unanimous vote have been determined by the management to relate to activities that significantly affect the economic performance of Accuship and are considered by the management to be participating rights rather than protective in nature. Based on the above and the relevant guidance under ASC 810, “Consolidation,” management has assessed that Accuship is a VIE. Further, management assessed that Pyxis is the primary beneficiary of Accuship and therefore consolidates Accuship because (i) Pyxis has the power to direct the activities of Accuship that most significantly affect its economic performance through decisions made by its majority of the Board of Directors and (ii) Pyxis has the obligation to absorb losses of, and the right to receive benefits from, Accuship that could potentially be significant through its 60% equity interest and its guarantee of up to 60% of the outstanding indebtedness of Accuship’s wholly-owned subsidiary, Drythree Corp. The fact that the remaining 40% interest is held by a related party of the Company’s Chief Executive Officer and Chairman was also considered in management’s analysis under ASC 810. No gain or loss was recognized upon the initial consolidation of the VIE. Accuship is the 100% owner of the entity Drythree Corp., owner of the vessel Konkar Venture. The acquisition of the vessel was financed through a combination of equity contribution and external loan. Pyxis serves as a guarantor for an amount not exceeding 60% of the then outstanding indebtedness of Accuship’s wholly-owned subsidiary, Drythree Corp., under its external loan. For the years ended December 31, 2024 and December 31, 2025 Accuship recorded a net loss of $361 and $316, respectively, of which $217 and $189 were attributable to Pyxis and $144 and $127 were attributable to the non-controlling interest (“NCI”). The VIE’s assets and liabilities that have been consolidated in the accompanying Consolidated Balance Sheets are analyzed per classification as follows: <div id="xdx_C0B_gL3SOCBSTTB-QXTSM_z8SztxrPWZXk"><table cellpadding="0" cellspacing="0" id="xdx_303_134_z3bd9wYu5554" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Schedule of VIE's Assets and Liabilities (Details)"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Accuship</td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20241231__srt--ConsolidatedEntitiesAxis__custom--AccushipMaritimeLtdMember_zMtrXgRz61G9" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49F_20251231__srt--ConsolidatedEntitiesAxis__custom--AccushipMaritimeLtdMember_zTGfd4FcIaR7" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--AssetsCurrent_iI_pn3n3_maAzaQX_z98hM0Ya088e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Total current assets</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">726</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,291</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_maAzaQX_zE2R2OrtY7h9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total fixed assets, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,563</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,630</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--OtherAssetsNoncurrent_iI_pn3n3_maAzaQX_z55uTxWbIwpd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Total other non-current assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">580</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--Assets_iI_pn3n3_mtAzaQX_zCJBbOj9ypXa" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total assets:</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">21,289</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">21,501</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LiabilitiesCurrent_iI_pn3n3_maLASEzpYr_zqOcultA9WD8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total current liabilities</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,415</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,178</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--LiabilitiesNoncurrent_iI_pn3n3_maLASEzpYr_zPrxox5flXC5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total non-current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,529</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,294</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--StockholdersEquity_iI_pn3n3_maLASEzpYr_zzx8VhAu9P19" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total stockholders’ equity</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,345</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,029</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LiabilitiesAndStockholdersEquity_iI_pn3n3_mtLASEzpYr_zObHh3yFw8nb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total liabilities and stockholders’ equity</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">21,289</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">21,501</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> </div>

0.60

6780000

0.40

4520000

0.60

0.50

0.60

502000

541000

169000

301000

325000

101000

201000

216000

68000

<p id="xdx_891_ecustom--ScheduleOfVariableInterestEntityAssetAndLiabilitiesTableTextBlock_gL3SOCBSTTB-QXTSM_zbicfst7WF39" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> Schedule of VIE's Assets and Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Drykon</td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_497_20241231__srt--ConsolidatedEntitiesAxis__custom--DrykonMaritimeCorpMember_zGSFZbutckPk" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_491_20251231__srt--ConsolidatedEntitiesAxis__custom--DrykonMaritimeCorpMember_zv2BinMMfY4c" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--AssetsCurrent_iI_pn3n3_maAzybi_zPWJdQU9RvQf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Total current assets</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,723</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,045</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_maAzybi_zyZiNfPCG31a" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Total fixed assets, net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">26,730</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">25,385</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--Assets_iTI_pn3n3_mtAzybi_zKTuT9fLt4g3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total assets:</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">28,453</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">26,430</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LiabilitiesCurrent_iI_pn3n3_maLASEztyS_z94w9fhrQnUa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total current liabilities</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,364</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,345</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--LiabilitiesNoncurrent_iI_pn3n3_maLASEztyS_z4dkkEseQuha" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total non-current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,832</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,659</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--StockholdersEquity_iI_pn3n3_maLASEztyS_zwL8ZIwD2s3c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Total stockholders’ equity</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,257</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,426</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--LiabilitiesAndStockholdersEquity_iTI_pn3n3_mtLASEztyS_zq9TyeTrfBj" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total liabilities and stockholders’ equity</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">28,453</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">26,430</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_303_134_z3bd9wYu5554" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Schedule of VIE's Assets and Liabilities (Details)"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Accuship</td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20241231__srt--ConsolidatedEntitiesAxis__custom--AccushipMaritimeLtdMember_zMtrXgRz61G9" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49F_20251231__srt--ConsolidatedEntitiesAxis__custom--AccushipMaritimeLtdMember_zTGfd4FcIaR7" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--AssetsCurrent_iI_pn3n3_maAzaQX_z98hM0Ya088e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Total current assets</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">726</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,291</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_maAzaQX_zE2R2OrtY7h9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total fixed assets, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,563</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,630</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--OtherAssetsNoncurrent_iI_pn3n3_maAzaQX_z55uTxWbIwpd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Total other non-current assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">580</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--Assets_iI_pn3n3_mtAzaQX_zCJBbOj9ypXa" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total assets:</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">21,289</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">21,501</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LiabilitiesCurrent_iI_pn3n3_maLASEzpYr_zqOcultA9WD8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total current liabilities</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,415</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,178</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--LiabilitiesNoncurrent_iI_pn3n3_maLASEzpYr_zPrxox5flXC5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total non-current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,529</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,294</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--StockholdersEquity_iI_pn3n3_maLASEzpYr_zzx8VhAu9P19" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total stockholders’ equity</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,345</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,029</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LiabilitiesAndStockholdersEquity_iI_pn3n3_mtLASEzpYr_zObHh3yFw8nb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total liabilities and stockholders’ equity</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">21,289</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">21,501</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

1723000

1045000

26730000

25385000

28453000

26430000

2364000

1345000

15832000

14659000

10257000

10426000

28453000

26430000

82099 2015

0.60

7320000

267857

8875000

5880000

0.60

0.50

361000

316000

217000

189000

144000

127000

726000

1291000

20563000

19630000

580000

21289000

21501000

1415000

3178000

14529000

13294000

5345000

5029000

21289000

21501000

(b) Use of Estimates: The preparation of Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates.

(c) Comprehensive Income: The Company follows the provisions of ASC 220 “Comprehensive Income”, which requires separate presentation of certain transactions which are recorded directly as components of equity. The Company had no transactions which affect comprehensive income during the years ended December 31, 2023, 2024 and 2025 and accordingly, comprehensive income was equal to net income.

(d) Foreign Currency Translation: The functional currency of the Company is the U.S. dollar as the Company’s vessels operate in international shipping markets and, therefore, primarily transact business in U.S. dollars. The Company’s accounting records are maintained in U.S. dollars. Transactions involving other currencies during the year are converted into U.S. dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated into U.S. dollars at the exchange rates in effect at the balance sheet date. Resulting gains or losses are included in Vessel operating expenses in the accompanying Consolidated Statements of Comprehensive Income. All amounts in the Consolidated Financial Statements are presented in thousand U.S. dollars rounded to the nearest thousand. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: -Continued:

(e) Commitments and Contingencies: Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and a reliable estimate of the amount of the obligation can be made. Provisions are reviewed at each balance sheet date. Disclosure of a contingency is made if there is at least a reasonable possibility that a change in the Company’s estimate of its probable liability could occur in the near future.

(f) Insurance Claims Receivable: The Company records insurance claim recoveries for insured losses incurred on damage to fixed assets and for insured crew medical expenses. Insurance claim recoveries are recorded, net of any deductible amounts, at the time the Company’s fixed assets suffer insured damages or when crew medical expenses are incurred, recovery is probable under the related insurance policies and the claim is not subject to litigation. The Company assessed the provisions of ASC 326 regarding the collectability of insurance claims recoveries and concluded that there is no material impact on the Company’s Consolidated Financial Statements as of December 31, 2024 and 2025, and thus no provision for credit losses was recorded as of those dates.

(g) Cash and Cash Equivalents, Time Deposits and Restricted Cash: The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents. Time deposits with an original maturity of more than three months are separately presented as time deposits. During the years ended December 31, 2024 and 2025, the Company placed new time deposits exceeding three months of $19,500 and $32,000, respectively, and during the same periods, deposits of $22,500 and $31,000 matured. Restricted cash is associated with pledged retention accounts in connection with the loan repayments and minimum liquidity requirements under the loan agreements discussed in Note 8 and is presented separately in the accompanying Consolidated Balance Sheets. The Company assessed the provisions of ASC 326 for cash equivalents, time deposits, and restricted cash and concluded that the impact on the Company’s Consolidated Financial Statements as of December 31, 2024 and 2025 was immaterial and thus no provision for credit losses was recorded as of those dates.

19500

32000

22500

31000

(h) Income Taxes: Neither Pyxis Tankers Inc. nor any of its subsidiaries are subject to income taxes. More specifically, under the laws of the Republic of the Marshall Islands, the country of incorporation of the Company and, as of December 31, 2024 and 2025, all of the Company’s vessel-owning companies, and/or the vessels’ registration, the vessel-owning companies and Pyxis Tankers Inc. as well, are not liable for any Marshall Islands income tax on their income. Under the laws of the Republic of Malta, the country of incorporation of certain of the Company’s vessel-owning companies, and/or the vessels’ registration during the years ended December 31, 2023, these vessel-owning companies were not liable for any Maltese income tax on their income derived from shipping operations, the only operations they had in Malta. The vessel-owning companies with vessels that have called on the United States during the relevant years of operation are obliged to file income tax returns with the Internal Revenue Service. The applicable income tax would be 50% of 4% of U.S. related gross transportation income unless an exemption applies. The Company believes that based on current legislation the relevant vessel-owning companies are entitled to an exemption because they satisfy the relevant requirements, namely that (i) the related vessel-owning companies are incorporated in a jurisdiction granting an equivalent exemption to U.S. corporations and (ii) over 50% of the ultimate stockholders of the vessel-owning companies are residents of a country granting an equivalent exemption to U.S. persons. The Company and each of its vessel-owning subsidiaries believe that they qualify for this statutory tax exemption for the 2021 through 2025 taxable years (the tax years that remain subject to examination) and accordingly, the Company believes that it is not subject to U.S. federal income tax. The Company has taken this position for United States federal income tax return reporting purposes. The Company also believes the vessel owning companies are exempt from income taxes in the other ports where they have called under various exemptions for the shipping industry. Instead, a non-income-based tax is levied in certain of the countries where the vessels trade based on their tonnage, which is included in Vessel operating expenses in the accompanying Consolidated Statements of Comprehensive Income. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: -Continued:

(i) Inventories: Inventories consist of lubricants and bunkers (where applicable) on board the vessels, which are stated at the lower of cost and net realizable value. Cost is determined by the first-in, first-out (“FIFO”) method.

(j) Trade Accounts Receivable, Net and Hire Collected in Advance: Under spot voyage charters, the Company normally issues its invoices to charterers at the completion of the voyage. Invoices are due upon issuance of the invoice. Since the Company satisfies its performance obligation over the time of the spot charter, the Company recognizes its unconditional right to consideration in trade accounts receivable, net of an allowance for credit losses. Trade accounts receivable from spot voyage charters as of December 31, 2024 and 2025, amounted to $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNpZ25pZmljYW50IEFjY291bnRpbmcgUG9saWNpZXMgKERldGFpbHMgTmFycmF0aXZlKQA_" id="xdx_901_eus-gaap--AccountsReceivableGrossCurrent_iI_pn3n3_c20241231__srt--ProductOrServiceAxis__custom--SpotVoyageChartersMember_zOAjVcSN9mO5" title="Trade accounts receivable">4,609 and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNpZ25pZmljYW50IEFjY291bnRpbmcgUG9saWNpZXMgKERldGFpbHMgTmFycmF0aXZlKQA_" id="xdx_904_eus-gaap--AccountsReceivableGrossCurrent_iI_pn3n3_c20251231__srt--ProductOrServiceAxis__custom--SpotVoyageChartersMember_zKphFn6VkA65" title="Trade accounts receivable">4, respectively. The allowance reduction for expected credit losses at December 31, 2024 and 2025 was $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNpZ25pZmljYW50IEFjY291bnRpbmcgUG9saWNpZXMgKERldGFpbHMgTmFycmF0aXZlKQA_" id="xdx_909_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iI_pn3n3_c20241231__srt--ProductOrServiceAxis__custom--SpotVoyageChartersMember_ztnmsP3EROy9" title="Allowance for expected credit losses">22 and <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNpZ25pZmljYW50IEFjY291bnRpbmcgUG9saWNpZXMgKERldGFpbHMgTmFycmF0aXZlKQA_" id="xdx_90C_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iI_pn3n3_dxL_c20251231__srt--ProductOrServiceAxis__custom--SpotVoyageChartersMember_zfGI8od1Ruv7" title="Allowance for expected credit losses::XDX::-">nil, respectively (Note 2(k)). Under time charter contracts, the Company normally issues invoices on a monthly basis 30 days in advance of providing its services. Trade accounts receivable from time charters as of December 31, 2024 and 2025, amounted to $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNpZ25pZmljYW50IEFjY291bnRpbmcgUG9saWNpZXMgKERldGFpbHMgTmFycmF0aXZlKQA_" id="xdx_902_eus-gaap--AccountsReceivableGrossCurrent_iI_pn3n3_c20241231__srt--ProductOrServiceAxis__custom--TimeChartersMember_zH5TfgF87K9k" title="Trade accounts receivable">453 and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNpZ25pZmljYW50IEFjY291bnRpbmcgUG9saWNpZXMgKERldGFpbHMgTmFycmF0aXZlKQA_" id="xdx_905_eus-gaap--AccountsReceivableGrossCurrent_iI_pn3n3_c20251231__srt--ProductOrServiceAxis__custom--TimeChartersMember_zfGc7BNO03k9" title="Trade accounts receivable">2,003, respectively. Hire collected in advance includes cash received in advance of performance under the contract prior to the balance sheet date and is realized when the associated revenue is recognized under the contract in periods after such date. The hire collected in advance as of December 31, 2024 and 2025, was $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNpZ25pZmljYW50IEFjY291bnRpbmcgUG9saWNpZXMgKERldGFpbHMgTmFycmF0aXZlKQA_" id="xdx_903_ecustom--HireCollectedInAdvance_iI_pn3n3_c20241231_zmdE1HAEmMs2" title="Hire collected in advance">111 and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNpZ25pZmljYW50IEFjY291bnRpbmcgUG9saWNpZXMgKERldGFpbHMgTmFycmF0aXZlKQA_" id="xdx_90C_ecustom--HireCollectedInAdvance_iI_pn3n3_c20251231_zABXdg9Hfv1j" title="Hire collected in advance">597, respectively and concerns hire received in advance from time charters.

4609000

4000

22000

453000

2003000

111000 597000

(k) Allowance reduction for credit losses: The Company evaluates credit losses on financial assets within the scope of ASC 326 using a forward-looking expected credit loss model. Trade receivables arising from voyage charters and other revenue contracts accounted for under ASC 606 are within the scope of ASC 326. Receivables arising from operating leases (time charters) are evaluated under ASC 842 and are not included in the ASC 326 allowance. The Company assesses collectability based on a combination of historical loss experience, aging/past-due status, customer-specific information, current market conditions, and reasonable and supportable forecasts, and evaluates receivables on a pooled basis when similar risk characteristics exist and individually when specific collectability issues are identified. The allowance for expected credit losses is recorded as a reduction of trade accounts receivable and changes in the allowance, if any, are recognized in the Consolidated Statements of Comprehensive Income. As of December 31, 2024 and December 31, 2025, the allowance for expected credit losses was $22 and nil, respectively (Note 2(j)). The nil allowance at December 31, 2025 primarily reflects that during 2025 the Company’s fleet was employed mainly on time charters, and therefore the Company did not have material receivables within the scope of ASC 326, including demurrage receivables. For the year ended December 31, 2024, a net allowance reduction of $38 was recognized in the accompanying Consolidated Statements of Comprehensive Income. For the year ended December 31, 2025, a net allowance reduction of $22 was recognized, which reversed the allowance balance existing as of December 31, 2024, resulting in a nil allowance balance at December 31, 2025.

-38000

-22000

(l) Vessels, Net: Vessels are stated at cost, which consists of the contract price or the fair value of the consideration given on the acquisition date and any material expenses incurred in connection with the acquisition (initial repairs, improvements, delivery expenses and other expenditures to prepare the vessel for her initial voyage, as well as professional fees directly associated with the vessel acquisition). Subsequent expenditures for major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise, these amounts are expensed as incurred. The cost of each of the Company’s vessels is depreciated from the date of acquisition on a straight-line basis over the vessels’ remaining estimated economic useful life, after considering the estimated residual value. A vessel’s residual value is equal to the product of its lightweight tonnage and estimated scrap rate per ton which is assessed at $0.34/ton. The Company estimates the useful life of the Company’s vessels to be 25 years from the date of initial delivery from the shipyard. In the event that future regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life will be adjusted at the date such regulations are adopted. 0.34

P25Y

<p id="xdx_849_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock_zX6w41tqqVKi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">(m) Impairment of Long-Lived Assets: The Company reviews its long lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount plus the unamortized dry-dock and special survey balances of these assets may not be recoverable. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: -Continued: In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels’ future performance, with the significant assumptions being related to time charter equivalent rates by vessel type, while other assumptions include vessels’ operating expenses, management fees, vessels’ capital expenditures, vessels’ residual value, fleet utilization and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. To the extent impairment indicators are present, the projected net operating cash flows are determined by considering the charter revenues from existing time charters for the fixed days and an estimated daily future charter rate for the uncontracted days based on the ten year average historical charter rates, of similar type and size vessels, for the period up to the end of the estimated useful life of the vessel. When the ten year average of historical charter rates is not available for a type of vessel, the Company uses the average of historical charter rates of the available period, expected outflows for vessels’ operating expenses, planned dry-docking and special survey expenditures, management fees expenditures which are adjusted every year, pursuant to the Company’s existing group management agreement, and fleet utilization. The residual value used in the impairment test is estimated to be $0.34 per lightweight ton in accordance with the vessels’ depreciation policy. Should the carrying value plus the unamortized dry-dock and survey balance of the vessel exceed its estimated future undiscounted net operating cash flows, impairment is measured based on the excess of the carrying value plus the unamortized dry-dock and survey balance of the vessel over the fair market value of the asset. The Company determines the fair value of its vessels primarily based on third-party valuations, while also considering available market data, including reported vessel sale and purchase transactions and broker market information. The Company reviews the carrying values of its vessels, together with their unamortized dry-docking and special survey balances, for impairment whenever events or changes in circumstances indicate that the carrying amount of a vessel may not be recoverable. When indicators of impairment are present and the estimated future undiscounted net operating cash flows are less than the carrying value of the vessels plus the unamortized dry-docking and special survey balances of those vessels, the carrying value is reduced to its estimated fair value, and the difference is recorded as an “Impairment loss” in the consolidated statements of comprehensive income. None of the Company’s vessels were classified as held for sale as of December 31, 2024 and 2025.

0.34

(n) Long-lived Assets Classified as Held for Sale: The Company classifies long-lived assets and disposal groups as being held-for-sale in accordance with ASC 360, “Property, Plant and Equipment”, when: (i) management, having the authority to approve the action, commits to a plan to sell the asset; (ii) the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated; (iv) the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year; (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Long-lived assets classified as held-for-sale are measured at the lower of their carrying amount or fair value less costs to sell. According to ASC 360-10-35, the fair value less costs to sell of the long-lived asset (disposal group) should be assessed at each reporting period it remains classified as held-for-sale. Subsequent changes in the long-lived asset’s fair value less costs to sell (increase or decrease) would be reported as an adjustment to its carrying amount, not exceeding the carrying amount of the long-lived asset at the time it was initially classified as held-for-sale. These long-lived assets are not depreciated once they meet the criteria to be classified as held-for-sale and are classified in current assets on the Consolidated Balance Sheet. No long-lived assets were classified as held for sale as of December 31, 2024 and 2025.

(o) Financial Derivative Instruments: The Company enters into interest rate derivatives to manage its exposure to fluctuations of interest rate risk associated with its borrowings, from time to time. All derivatives are recognized in the Consolidated Financial Statements at their fair value. The fair value of the interest rate derivatives is based on a discounted cash flow analysis. When such derivatives do not qualify for hedge accounting, the Company recognizes their fair value changes in current period earnings. When the derivatives qualify for hedge accounting, the Company recognizes the effective portion of the gain or loss on the hedging instrument directly in other comprehensive income/(loss), while the ineffective portion, if any, is recognized immediately in current period earnings. The Company, at the inception of the transaction, documents the relationship between the hedged item and the hedging instrument, as well as its risk management objective and the strategy of undertaking various hedging transactions. The Company also assesses at hedge inception whether the hedging instruments are highly effective in offsetting changes in the cash flows of the hedged items. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: -Continued: The Company discontinues cash flow hedge accounting if the hedging instrument expires and it no longer meets the criteria for hedge accounting or its designation is revoked by the Company. At that time, any cumulative gain or loss on the hedging instrument recognized in equity is kept in equity until the forecasted transaction occurs. When the forecasted transaction occurs, any cumulative gain or loss on the hedging instrument is recognized in the Consolidated Statements of Comprehensive Income/(loss). If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in equity is transferred to the current period’s Consolidated Statements of Comprehensive Income as financial income or expense.

(p) Accounting for Special Survey and Dry-docking Costs: The Company follows the deferral method of accounting for special survey and dry-docking costs, whereby actual costs incurred at the yard and parts used in the dry-docking or special survey, are deferred and are amortized on a straight-line basis over the period through the date the next survey is scheduled to become due. Costs deferred are limited to actual costs incurred at the shipyard and costs incurred in the dry-docking or special survey. If a dry-dock or a survey is performed prior to the scheduled date, any remaining unamortized balances of the previous dry-dock and survey are immediately written off. Unamortized dry-dock and survey balances of vessels that are sold are written off and included in the calculation of the resulting gain or loss in the period of the vessel’s sale. Furthermore, unamortized dry-docking and special survey balances of vessels that are classified as assets held for sale and are not recoverable as of the date of such classification are immediately written off and included in the resulting gain or loss on vessels held for sale. (q) Interest Income, Interest and Finance Costs: The Company incurs interest expense on outstanding indebtedness under its existing credit facilities, which is included in interest and finance costs. Finance costs also include financing and legal costs in connection with establishing and amending those facilities, which are deferred and amortized to interest and finance costs during the life of the related debt using the effective interest method. Costs associated with new loans or refinancing of existing ones, which meet the criteria for debt modification, including fees paid to lenders or required to be paid to third parties on the lender’s behalf for obtaining new loans or refinancing existing loans, are recorded as a direct deduction from the carrying amount of the debt liability. Such costs are deferred and amortized to interest and finance costs in the Consolidated Statements of Comprehensive Income during the life of the related debt using the effective interest method. For loans repaid or refinanced that meet the criteria for debt extinguishment, the difference between the settlement price and the net carrying amount of the debt being extinguished (which includes any deferred debt issuance costs) is recognized as a gain or loss from debt extinguishment in the Consolidated Statements of Comprehensive Income. Commitment fees relating to undrawn loan principal are expensed as incurred. Further, the Company earns interest on cash deposits in interest-bearing accounts and on interest-bearing securities, which is included in interest income. The Company may incur additional interest expense in the future on its outstanding borrowings and under future borrowings. Interest income from time deposits for the years ended December 31, 2023, 2024 and 2025 amounted to $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNpZ25pZmljYW50IEFjY291bnRpbmcgUG9saWNpZXMgKERldGFpbHMgTmFycmF0aXZlKQA_" id="xdx_907_eus-gaap--InterestIncomeDomesticDeposits_pn3n3_c20230101__20231231_zGQhD47QfMPl" title="Interest from deposits">1,240, $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNpZ25pZmljYW50IEFjY291bnRpbmcgUG9saWNpZXMgKERldGFpbHMgTmFycmF0aXZlKQA_" id="xdx_909_eus-gaap--InterestIncomeDomesticDeposits_pn3n3_c20240101__20241231_zMfIkbYfmpdd" title="Interest from deposits">2,312 and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNpZ25pZmljYW50IEFjY291bnRpbmcgUG9saWNpZXMgKERldGFpbHMgTmFycmF0aXZlKQA_" id="xdx_909_eus-gaap--InterestIncomeDomesticDeposits_pn3n3_c20250101__20251231_zEBdtiCTlDad" title="Interest from deposits">1,792, respectively, and is presented separately in the accompanying Consolidated Statements of Comprehensive Income. The unamortized portion of deferred debt issuance costs is presented as a direct deduction from the corresponding debt liability.

1240000

2312000

1792000

(r) Fair Value Measurements: The Company follows the provisions of ASC 820 “Fair Value Measurements and Disclosures”, which defines fair value and provides guidance for using fair value to measure assets and liabilities. The guidance creates a fair value hierarchy of measurement and describes fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the market in which the reporting entity transacts. In accordance with the requirements of accounting guidance relating to Fair Value Measurements, the Company classifies and discloses its assets and liabilities carried at the fair value in one of the following categories: ● Level 1: Quoted market prices in active markets for identical assets or liabilities; ● Level 2: Observable market- based inputs or unobservable inputs that are corroborated by market data; ● Level 3: Unobservable inputs that are not corroborated by market data.

(s) Segment Reporting: The Company has determined that it operates under two reportable segments, one relating to its operations of the medium range tanker vessels and one to the operations of the dry-bulk vessels. Segment results are evaluated based on segment’s profit/(loss) (see also note 15). Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share 2. Significant Accounting Policies: – Continued:

(t) Net income per common share: Basic net income per common share is computed by dividing the net income attributable to common shareholders by the weighted average number of common shares outstanding during the period. The computation of diluted net income per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted at the beginning of the periods presented, or issuance date, if later. The treasury stock method is used to compute the dilutive effect of warrants and shares issued under the equity incentive plan and the Promissory Note. The if-converted method is used to compute the dilutive effect of shares which could be issued upon conversion of the Series A Convertible Preferred Shares into common shares. Potential common shares that have an anti-dilutive effect (i.e. those that increase net income per common share or decrease loss per share) are excluded from the calculation of diluted net income per common share.

(u) Revenues, net: The Company generates its revenues from charterers. The vessels are chartered using either spot voyage charters, where a contract is made in the spot market for the use of a vessel for a specific voyage for a specified charter rate, or time charters, where a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate. The following table presents the Company’s revenue disaggregated by revenue source, net of commissions, for the years ended December 31, 2023, 2024 and 2025: Schedule of Revenue Disaggregated by Revenue Source <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" id="xdx_497_20230101__20231231_zyineP2m8dt9" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2023</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" id="xdx_497_20240101__20241231_zw5hEJ2B5Hy8" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" id="xdx_49A_20250101__20251231_z4mq1bbBi5jg" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2025</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Year ended December 31,</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2023</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2025</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr id="xdx_40B_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--SpotVoyageChartersMember_zgwJdI7VpLc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 52%; text-align: left">Revenues derived from spot voyage charters, net</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">12,665</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">19,769</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">2,041</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--TimeChartersMember_zkOMgzMu6Wud" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Revenues derived from time charters, net</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">32,803</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">31,773</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">36,953</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_pn3n3_zong3H0Pzgoi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Revenues, net</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">45,468</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">51,542</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">38,994</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Revenue from customers (ASC 606): The Company assessed its contracts with charterers for spot voyage charters and concluded that there is a single performance obligation for each spot charter, which is to provide the charterer with ocean transportation services from loading to discharge within a specified time period. In addition, the Company has concluded that a spot charter meets the criteria to recognize revenue over time as the charterer simultaneously receives and consumes the benefits of the Company’s performance. The Company’s method of revenue recognition is on a load-to-discharge basis; accordingly, voyage revenues are recognized from loading of the current spot charter through discharge of the current spot charter, and no voyage revenues are recognized during ballast periods between voyages (i.e., from discharge of the prior spot charter to loading of the current spot charter). Demurrage income represents payments by a charterer to a vessel owner when loading or discharging time exceeds the stipulated time in the spot charter. The Company has determined that demurrage represents variable consideration and estimates demurrage at contract inception. Demurrage income estimated, net of address commission, is recognized over the charter period as the performance obligation is satisfied. Under a spot charter, the Company incurs and pays for certain voyage expenses, primarily consisting of brokerage commissions, port and canal costs and bunker consumption, during the spot charter (load-to-discharge) and during the ballast voyage (date of previous discharge to loading, assuming a new charter has been agreed before the completion of the previous spot charter). The Company accounts for voyage costs incurred during the ballast voyage as costs to fulfill a contract and records such costs as an asset (“deferred voyage costs”), which is amortized over the related spot charter on a load-to-discharge basis, consistent with the recognition of voyage revenues; voyage costs incurred during the spot charter are expensed as incurred. Under ASC 606 and ASC 340-40, incremental costs of obtaining a contract with a customer would be capitalized and amortized as the performance obligation is satisfied if the applicable criteria are met; however, the Company has adopted the practical expedient in the guidance and expenses such costs as incurred for the Company’s spot voyage charters that do not exceed one year. Vessel operating expenses are expensed as incurred. In addition, pursuant to ASC 606 and ASC 842 (discussed below), the Company presents revenues net of address commissions. Address commissions represent a discount provided directly to the charterers based on a fixed percentage of the agreed upon charter. Since address commissions represent a discount (sales incentive) on services rendered by the Company and the Company does not receive a distinct good or service in exchange, these commissions are presented as a reduction of revenue in the accompanying Consolidated Statements of Comprehensive Income. The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less, in accordance with the optional exception in ASC 606. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share 2. Significant Accounting Policies: – Continued:

The following table presents the Company’s revenue disaggregated by revenue source, net of commissions, for the years ended December 31, 2023, 2024 and 2025: Schedule of Revenue Disaggregated by Revenue Source <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" id="xdx_497_20230101__20231231_zyineP2m8dt9" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2023</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" id="xdx_497_20240101__20241231_zw5hEJ2B5Hy8" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" id="xdx_49A_20250101__20251231_z4mq1bbBi5jg" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2025</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Year ended December 31,</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2023</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2025</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr id="xdx_40B_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--SpotVoyageChartersMember_zgwJdI7VpLc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 52%; text-align: left">Revenues derived from spot voyage charters, net</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">12,665</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">19,769</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">2,041</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--TimeChartersMember_zkOMgzMu6Wud" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Revenues derived from time charters, net</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">32,803</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">31,773</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">36,953</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_pn3n3_zong3H0Pzgoi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Revenues, net</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">45,468</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">51,542</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">38,994</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

12665000

19769000

2041000

32803000

31773000

36953000

45468000

51542000

38994000

Leases: The Company has assessed time charter contracts under the criteria imposed by ASC 842 and has concluded that these contracts contain a lease with the related executory costs (insurance), as well as non-lease components to provide other services related to the operation of the vessel, with the most substantial service being the crew cost to operate the vessel. The Company has concluded that the criteria for not separating the lease and non-lease components of its time charter contracts are met, since (i) the time pattern of recognizing revenues for crew and other services for the operation of the vessels, is similar to the time pattern of recognizing rental income, (ii) the lease component of the time charter contracts, if accounted for separately, would be classified as an operating lease, and (iii) the predominant component in its time charter agreements is the lease component. Accordingly, revenues from time charter contracts are recognized on a straight-line basis over the term of the lease. After the lease commencement date, the Company evaluates lease modifications, if any, that could result in a change in the accounting for leases. For a lease modification, an evaluation is performed to determine if it should be treated as either a separate lease or a change in the accounting of an existing lease. Brokerage and address commissions on time charter revenues are deferred and amortized over the related time charter period, to the extent revenue has been deferred, since commissions are earned as revenues are earned, and are presented in voyage expenses and as a reduction to voyage revenues (see above), respectively. Vessel operating expenses are expensed as incurred. As per the accounting policy election, the Company expenses other contract fulfillment costs for time charters under ASC 340-40 as incurred. Revenues for the years ended December 31, 2023, 2024 and 2025, deriving from significant charterers individually accounting for 10% or more of revenues (in percentages of total revenues), were as follows: Summary of Revenue from Significant Charterers for 10% or More of Revenue <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20230101__20231231_zHiM7SSUqQhh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20240101__20241231_zvLhsESnc0bk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250101__20251231_zu16O0rlJFeb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold">Charterer</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_hsrt--MajorCustomersAxis__custom--ChartererAMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_z3ED2hHyvO87" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td id="xdx_F4E_zKfFaXJQjJb3" style="width: 52%">A (*)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">24</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">31</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_hsrt--MajorCustomersAxis__custom--ChartererBMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_ztWi4cmq2Or7" style="vertical-align: bottom; background-color: White"> <td id="xdx_F47_zO06c3TJUGra">B (*)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">43</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_hsrt--MajorCustomersAxis__custom--ChartererCMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_ztjLeCZR28z8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td id="xdx_F4F_zolszv9mPMek">C (*)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_hsrt--MajorCustomersAxis__custom--ChartererDMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zljT6iM9xuv2" style="vertical-align: bottom; background-color: White"> <td id="xdx_F4D_zLPcFtMAQry2">D (*)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20</td><td style="text-align: left">%</td></tr> <tr id="xdx_40D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_hsrt--MajorCustomersAxis__custom--ChartererEMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_z3YXsbUupQpi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td id="xdx_F48_zG7dtlO0BEii">E (*)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22</td><td style="text-align: left">%</td></tr> <tr id="xdx_402_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_hsrt--MajorCustomersAxis__custom--ChartererFMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zTrWgDdkyVoa" style="vertical-align: bottom; background-color: White"> <td id="xdx_F4A_ztg8usMirFik" style="padding-bottom: 1pt">F (*)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">11</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_408_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_hsrt--MajorCustomersAxis__custom--CharterersMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zB85RTABT5Ab" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">85</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">%</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">66</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">%</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">53</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 14px">*</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Tanker vessels segment</td></tr> </table>

Revenues for the years ended December 31, 2023, 2024 and 2025, deriving from significant charterers individually accounting for 10% or more of revenues (in percentages of total revenues), were as follows: Summary of Revenue from Significant Charterers for 10% or More of Revenue <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20230101__20231231_zHiM7SSUqQhh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20240101__20241231_zvLhsESnc0bk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250101__20251231_zu16O0rlJFeb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold">Charterer</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_hsrt--MajorCustomersAxis__custom--ChartererAMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_z3ED2hHyvO87" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td id="xdx_F4E_zKfFaXJQjJb3" style="width: 52%">A (*)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">24</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">31</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_hsrt--MajorCustomersAxis__custom--ChartererBMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_ztWi4cmq2Or7" style="vertical-align: bottom; background-color: White"> <td id="xdx_F47_zO06c3TJUGra">B (*)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">43</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_hsrt--MajorCustomersAxis__custom--ChartererCMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_ztjLeCZR28z8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td id="xdx_F4F_zolszv9mPMek">C (*)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_hsrt--MajorCustomersAxis__custom--ChartererDMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zljT6iM9xuv2" style="vertical-align: bottom; background-color: White"> <td id="xdx_F4D_zLPcFtMAQry2">D (*)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20</td><td style="text-align: left">%</td></tr> <tr id="xdx_40D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_hsrt--MajorCustomersAxis__custom--ChartererEMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_z3YXsbUupQpi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td id="xdx_F48_zG7dtlO0BEii">E (*)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22</td><td style="text-align: left">%</td></tr> <tr id="xdx_402_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_hsrt--MajorCustomersAxis__custom--ChartererFMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zTrWgDdkyVoa" style="vertical-align: bottom; background-color: White"> <td id="xdx_F4A_ztg8usMirFik" style="padding-bottom: 1pt">F (*)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">11</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_408_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_hsrt--MajorCustomersAxis__custom--CharterersMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zB85RTABT5Ab" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">85</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">%</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">66</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">%</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">53</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 14px">*</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Tanker vessels segment</td></tr> </table>

0.24

0.31

0.43

0.20

0.15

0.18

0.20

0.22

0.11

0.85

0.66

0.53

(v) Restricted Cash: The Company follows the provisions of ASU 2016-18 “Statement of Cash Flows (Topic 230): Restricted Cash”, which requires that the statement of cash flows explain the change in the total of cash and cash equivalents and restricted cash. Restricted cash of $1,350 as of December 31, 2024 and 2025, respectively, remained unchanged, and has been aggregated with cash and cash equivalents in both the beginning-of-year and end-of-year line items of the consolidated statements of cash flows for each of the periods presented (Note 8). The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying Consolidated Balance Sheets that sum to the total of the same such amounts that are presented in the accompanying Consolidated Statements of Cash Flows for the years ended December 31, 2023, 2024 and 2025. Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20231231_z4g9r0E5B0Va" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20241231_zKIhBpPIoV82" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20251231_zzyocehuQrl6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_maCCERCzTFD_z4dOgCdEI2bd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Cash and cash equivalents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">34,539</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">21,243</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">35,555</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--RestrictedCashAndCashEquivalentsNoncurrent_iI_pn3n3_maCCERCzTFD_zBF0jYwAvXWc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Restricted cash, net of current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,800</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,350</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,350</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iTI_pn3n3_mtCCERCzTFD_zEG32AtGzknl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total cash and cash equivalents and restricted cash</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">36,339</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">22,593</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">36,905</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share 2. Significant Accounting Policies: – Continued:

1350000

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying Consolidated Balance Sheets that sum to the total of the same such amounts that are presented in the accompanying Consolidated Statements of Cash Flows for the years ended December 31, 2023, 2024 and 2025. Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20231231_z4g9r0E5B0Va" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20241231_zKIhBpPIoV82" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20251231_zzyocehuQrl6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_maCCERCzTFD_z4dOgCdEI2bd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Cash and cash equivalents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">34,539</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">21,243</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">35,555</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--RestrictedCashAndCashEquivalentsNoncurrent_iI_pn3n3_maCCERCzTFD_zBF0jYwAvXWc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Restricted cash, net of current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,800</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,350</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,350</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iTI_pn3n3_mtCCERCzTFD_zEG32AtGzknl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total cash and cash equivalents and restricted cash</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">36,339</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">22,593</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">36,905</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

34539000

21243000

35555000

1800000

1350000

36339000

22593000

36905000

(w) Short-term investments: Short-term investments consist of short-term time deposits with no early redemption feature and with maturities in excess of three months but less than twelve months at the time of purchase and are stated at amortized cost, which approximates their fair value due to their short-term nature. As of December 31, 2024 and 2025 short-term investment in cash time deposits amounted to $17,000 and $18,000, respectively. The Company assessed the provisions of ASC 326 for short-term time deposits and concluded that the impact on the Company’s Consolidated Financial Statements as of December 31, 2024 and 2025 is immaterial and thus no provision for credit losses was recorded as of those dates.

17000000

18000000

(x) Business combinations: The Company follows the provisions of ASU No. 2017-01, “Business Combinations” (Topic 805) which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisition (or disposals) of assets or businesses. Under current implementation guidance, to be considered a business, a set must include an input and a substantive process that together significantly contribute to the ability to create outputs. This ASU provides a screen to determine when a set of assets and activities does not constitute a business.

(y) Debt Modifications and Extinguishments: The Company follows the provisions of ASC 470-50, Modifications and Extinguishments, to account for all modifications or extinguishments of debt instruments, except debt that is extinguished through a troubled debt restructuring or a conversion of debt to equity securities of the debtor pursuant to conversion privileges provided in terms of the debt at issuance. This standard also provides guidance on whether an exchange of debt instruments with the same creditor constitutes an extinguishment and whether a modification of a debt instrument should be accounted for in the same manner as an extinguishment. In circumstances where an exchange of debt instruments or a modification of a debt instrument does not result in extinguishment accounting, this standard provides guidance on the appropriate accounting treatment. In evaluating whether an amendment or refinancing with the same creditor should be accounted for as a modification or an extinguishment, the Company applies the cash flow test prescribed by ASC 470-50, including the effect of any fees paid to, or received from, the creditor. If a debt transaction is accounted for as a modification, the Company does not recognize a gain or loss; instead, the existing unamortized deferred financing costs (and any unamortized discount or premium, if applicable) are carried forward and amortized as interest expense over the revised term of the amended debt, together with any incremental debt issuance costs. During the year ended December 31, 2025, the refinancings of the Company’s secured loans with Alpha Bank S.A. for Eleventhone Corp. (Pyxis Lamda) and Seventhone Corp. (Pyxis Theta) were accounted for as modifications. “Loss from debt extinguishment” of $379, nil and nil was recognized in the accompanying Consolidated Statements of Comprehensive Income for the years ended December 31, 2023, 2024 and 2025, respectively.

-379000

(z) Distinguishing Liabilities from Equity: The Company follows the provisions of ASC 480 “Distinguishing Liabilities from Equity” to determine the classification of certain freestanding financial instruments as either liabilities or equity. The Company in its assessment of the accounting for the Series A Convertible Preferred Shares and warrants issued in connection with the October 13, 2020 public offering and the July 16, 2021, follow-on offering, has taken into consideration ASC 480 “Distinguishing Liabilities from Equity” and determined that the Series A Convertible Preferred Shares and warrants should be classified as equity instead of liabilities (Note 9). The Company further analyzed key features of the Series A Convertible Preferred Shares and detachable warrants to determine whether these instruments are more akin to equity or debt and concluded that the Series A Convertible Preferred Shares and warrants are equity-like. In its assessment, the Company identified certain embedded features and examined whether they meet the definition of a derivative under ASC 815 or otherwise affect classification. Derivative accounting was deemed inappropriate and, therefore, no bifurcation of these features was performed. Share Repurchases: The Company accounts for repurchases of its common shares at cost. Repurchased shares are classified as treasury stock until retired and are presented as a reduction of shareholders’ equity. The cost of treasury stock includes incremental direct transaction costs, such as brokerage commissions. Treasury shares remain issued but are not considered outstanding; accordingly, common shares presented as “issued and outstanding” exclude treasury shares. If and when treasury shares are retired, the Company reclassifies the related cost within shareholders’ equity in accordance with U.S. GAAP. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share 2. Significant Accounting Policies: – Continued: From January 1, 2025 through January 30, 2025, the Company repurchased 67,534 common shares under its previously authorized repurchase program, which was initially approved on May 11, 2023 for up to $2.0 million and increased on May 16, 2024 to an aggregate authorization of $3.0 million. This prior authorization was fully utilized as of January 30, 2025. From November 19, 2025 through December 31, 2025, the Company repurchased 67,004 common shares under a new Board-authorized program approved on November 19, 2025 for up to $3.0 million. All repurchased shares were recorded as treasury stock at cost and reflected as a reduction of shareholders’ equity. As of December 31, 2025, these repurchased shares had not been cancelled and were held as treasury shares, accordingly, they were excluded from the Company’s common shares outstanding.

67534

2000000.0 3.0

67004

3.0

(aa) Share based payments: The Company has issued restricted share awards which are measured at their grant date fair value and are not subsequently re-measured. Compensation cost is recognized on a straight-line basis over the period during which an employee is required to provide service in exchange for the award – the requisite service period (usually the vesting period). Forfeitures of awards are accounted for when and if they occur. If an equity award is modified after the grant date, incremental compensation cost will be recognized in an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification.

(ab) Repurchase and Retirement of Company’s Preferred Shares: All Company’s preferred shares re-purchased are immediately cancelled and retired, and the Company’s share capital is accordingly reduced. Any difference between the fair value of the consideration transferred to the holders of the preferred stock and the carrying amount of the preferred stock represents a return to (from) the preferred stockholder that should be treated in a manner similar to the treatment of dividends paid on preferred stock. If the fair value of the consideration transferred plus any direct costs incurred in relation to the redemption, is more than the carrying amount of the preferred shares redeemed (net of any issuance costs), the difference is debited to retained earnings as deemed dividend. In addition, any possible excess between the fair value of the consideration paid for the re-purchase of preferred shares and the carrying amount of the shares surrendered reduces the net income/(loss) from continuing operations to arrive at the net income/(loss) available to common stockholders from continuing operations. (ac) Accounting for transactions under common control: A common control transaction is any transfer of net assets or exchange of equity interests between entities or businesses that are under common control by an ultimate parent or controlling shareholder before and after the transaction. Common control transactions may have characteristics that are similar to business combinations but do not meet the requirements to be accounted for as business combinations because, from the perspective of the ultimate parent or controlling shareholder, there has not been a change in control over the acquiree. Due to the fact that common control transactions do not result in a change of control at the ultimate parent or controlling shareholder level, the Company does not account for them at fair value. Rather, common control transactions are accounted for at the carrying amount of the net assets or equity interests transferred. Any difference in the fair value of cash and non-cash consideration paid by the transferee versus the historical costs of the assets transferred to the transferee is recorded as an adjustment to equity by the transferee.

(ad) New Accounting Pronouncements – Not Yet Adopted: In November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”. The standard is intended to require more detailed disclosure about specified categories of expenses (including employee compensation, depreciation and amortization) included in certain expense captions presented on the face of the income statement. The amendments primarily affect disclosure requirements (and do not change expense recognition or income statement presentation) and generally require disaggregation, in the notes, of relevant expense captions into prescribed natural expense categories, as well as disclosures about selling expenses. In January 2025, the FASB issued ASU 2025-01, which clarifies the effective date of ASU 2024-03. This ASU is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of this standard on its financial statements. In July 2025, the FASB issued ASU 2025-05, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets.” This standard clarifies the measurement of expected credit losses for accounts receivable and contract assets within its scope. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements and related disclosures. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share 2. Significant Accounting Policies: – Continued: In December 2025, the FASB issued ASU 2025-11, “Interim Reporting (Topic 270): Narrow-Scope Improvements.” The amendments clarify the applicability of Topic 270 to interim financial statements and notes prepared in accordance with GAAP, provide a comprehensive list of interim disclosure requirements and add a disclosure principle requiring disclosure of events and changes since the end of the most recent annual reporting period that have a material impact on the entity. For public business entities, the amendments are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements and related disclosures. In December 2025, the FASB issued ASU 2025-12, “Codification Improvements.” The amendments clarify, correct errors in, and make minor improvements to various topics in the FASB Accounting Standards Codification. The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements and related disclosures.

3. Transactions with Related Parties: The Company uses the services of Maritime (see Note 1 for its full legal name and the nature of its relationship with the Company), a tanker ship management company with its principal office in Greece and an office in the U.S.A. Maritime is engaged under separate management agreements directly by the Company’s respective subsidiaries to provide a wide range of shipping services, including but not limited to, chartering, sale and purchase, insurance, operations and dry-docking and construction supervision, all provided at a fixed daily fee per vessel. For the ship management services, Maritime charges a fee payable by each subsidiary of $<span id="xdx_902_ecustom--DailyShipManagementFeesPayableToRelatedParty_c20250101__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PyxisMaritimeMember_zrRhRZd8kNnf" title="Ship management services per day per vessel">325 per day per vessel (the initial base rate) while the vessel is in operation including any pool arrangements and $<span id="xdx_905_ecustom--DailyShipManagementFeesPayableToRelatedParty_c20250101__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WhileVesselIsUnderConstructionMember_zZzapdAFiKG4" title="Ship management services per day per vessel">450 per day per vessel (the initial base rate) while the vessel is under construction, as well as an additional daily fee (which is dependent on the seniority of the personnel) to cover the cost of engineers employed to conduct the supervision of the newbuilding (collectively the “Ship-management Fees”). In addition, Maritime charges the Company a commission rate of <span id="xdx_90E_ecustom--CharterHireAgreementCommissionRate_pid_dp_c20250101__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PyxisMaritimeMember_z0SN7WFGH5if" title="Charter hire agreement commission rate">1.25% on all charter agreements arranged by Maritime, and <span id="xdx_903_eus-gaap--SaleOfStockPercentageOfOwnershipAfterTransaction_pid_dp_uPure_c20250101__20251231__dei--LegalEntityAxis__custom--PyxisMaritimeMember_zoN0Pn30Zs4b" title="Sale of stock percentage of ownership after transaction">1% of the price of any vessel sale. Maritime also provides administrative services to the Company, such as executive, financial, accounting and other administrative services, including to the Company’s dry bulk Joint Ventures for which it is paid $150 per day/ per vessel. The management agreements for the vessels had an initial term of five years. For the Pyxis Theta, the base term expired on <span id="xdx_902_ecustom--ManagementAgreementExpirationDate_c20250101__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PyxisMaritimeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PyxisEpsilonMember_zXRG70uXgzU9" title="Base term expired">December 31, 2017, and the agreement was automatically renewed for consecutive five-year periods, unless terminated by either party upon three months’ notice. For the Pyxis Karteria and the Pyxis Lamda, the base term expire on December 31, 2026. Maritime also provides administrative services to the Company, which include, among other, the provision of the services of the Company’s Chief Executive Officer, Chief Financial Officer, General Counsel and Corporate Secretary, Chief Operating Officer, one or more internal auditor(s) and a secretary, as well as the use of office space in Maritime’s premises through a Head Management Agreement (the “Head Management Agreement”). The Head Management Agreement with Maritime commenced on March 23, 2015 and continued through <span id="xdx_90B_ecustom--HeadManagementAgreementWithRelatedPartyCommencementDate_dd_c20250101__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PyxisMaritimeMember_zRb7oHvNasHe" title="Head management agreement commencement date">March 23, 2020. Following the initial expiration date and the first <span id="xdx_90C_ecustom--ManagementAgreementsRenewalPeriod_dtY_c20250101__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PyxisMaritimeMember_zrimCUZLj4B3" title="Management agreements renewal period">5-year period extension ended March 23, 2025, the Head Management Agreement was automatically renewed for a five-year period (unless terminated by either party on 90 days’ notice) ending March 23, 2030. Under the Head Management Agreement, the Company pays Maritime a fixed fee of $<span id="xdx_900_ecustom--AdministrationFees_pn3n3_c20250101__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PyxisMaritimeMember_z3aktIl6KGR" title="Administration fees payable to related party">1,600 annually (the initial base rate) (the “Administration Fees”). <span id="xdx_906_eus-gaap--RelatedPartyTransactionTermsAndMannerOfSettlement_c20250101__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PyxisMaritimeMember_zN03oO9v0mHg" title="Head management agreement, terms and manner of settlement">In the event of a change of control of the Company during the management period or within 12 months after the early termination of the Head Management Agreement, then the Company will pay to Maritime an amount equal to 2.5 times the then annual Administration Fees. Pursuant to the amendment of this agreement on March 18, 2020, in the event of such change of control and termination, the Company shall also pay to Maritime an amount equal to 12 months of the then daily Ship-management Fees. The Ship-management Fees and the Administration Fees are adjusted annually according to the official inflation rate in Greece or such other country where Maritime was headquartered during the preceding year. On August 9, 2016, the Company amended the Head Management Agreement with Maritime to provide that in the event that the official inflation rate for any calendar year is deflationary, no adjustment shall be made to the Ship-management Fees and the Administration Fees, which will remain, for the particular calendar year, as per the previous calendar year. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share 3. Transactions with Related Parties: – Continued: Accordingly, the ship management fees and administration fees have been adjusted from the initial base rates described above, as follows: Effective January 1, 2023, following the average inflation rate in Greece of 9.65% in 2022, ship management fees and administration fees were adjusted to $368 per day per vessel and $1.8 million per annum, respectively. Effective January 1, 2024, following the average inflation rate in Greece of 3.5% in 2023, ship management fees and administration fees were adjusted to $381 per day per vessel and $1.9 million per annum, respectively. Effective January 1, 2025, following the average inflation rate in Greece of 2.74% in 2024, ship management fees and administration fees were adjusted to $391 per day per vessel and $1.9 million per annum, respectively. In addition, during 2025, the Company paid Maritime a one-time bonus of $<span id="xdx_901_eus-gaap--StockRedeemedOrCalledDuringPeriodValue_pn5n6_c20250101__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zzj2hsVAt4uj" title="Convertible preferred stock">3.0 million in respect of prior years’ performance, which was approved in June 2025, and no commitment to pay such bonus existed during the year ended December 31, 2024. The respective amount was included in general and administrative expenses in the accompanying Consolidated Statements of Comprehensive Income. No such payments were made during the years ended December 31, 2023 and 2024. The Company uses the services of Konkar Agencies (see Note 1 for its full legal name and the nature of its relationship with the Company), a dry-bulk ship management company with its principal office in Greece. Konkar Agencies is engaged under separate management agreements directly by the Company’s respective ship-owning companies to provide a wide range of shipping services, including, but not limited to, chartering, technical, sale and purchase, insurance, operations and dry-docking and construction supervision, all provided at a fixed daily fee per vessel. For the ship management services, Konkar Agencies charges a fee payable by each subsidiary of $<span id="xdx_908_ecustom--DailyShipManagementFeesPayableToRelatedParty_c20250101__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--KonkarAgenciesMember_zxiy4QNKHpl2" title="Ship management services per day per vessel">850 per day per vessel while the vessel is in operation including any pool arrangements, as well as an additional daily fee (which is dependent on the seniority of the personnel) to cover the cost of engineers employed to conduct the supervision of the newbuilding (collectively the “Ship-management Fees”). In addition, Konkar Agencies charges the Company a commission rate of <span id="xdx_903_ecustom--CharterHireAgreementCommissionRate_pid_dp_c20250101__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--KonkarAgenciesMember_zZ0RJh3DSk1b" title="Charter hire agreement commission rate">1.25% on all charter agreements arranged by Konkar Agencies. The management agreements for the Konkar Ormi, Konkar Asteri and Konkar Venture have an initial term of five years and expire in September 2029, February 2030 and June 2030, respectively. The management agreements will automatically be renewed for consecutive five year periods, or until terminated by either party on three months’ notice. Fees are adjusted annually according to the official inflation rate in Greece (effective January 1 of each year). The following amounts were charged by Maritime pursuant to the head management and ship management agreements and by Konkar Agencies pursuant to the ship management agreements with the ship-owning company of vessels Konkar Ormi, Konkar Asteri and Konkar Venture and are included in the accompanying Consolidated Statements of Comprehensive Income: Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Income <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20230101__20231231_zwnKlsPEepn2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20240101__20241231_zxnt1vz3Jq58" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250101__20251231_zjpJqRoGNuNi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Included in Voyage related costs and commissions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--CharterHireCommissions_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_maRPTEFzIV0_zjxORq4scYna" style="vertical-align: bottom; background-color: White"> <td style="width: 52%; text-align: left">Charter hire commissions</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">575</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">644</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">486</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Included in Management fees, related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--ManagementFeesRelatedParties_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_maRPTEFzIV0_z1VQBnVsil4e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Ship-management Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">728</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,177</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,384</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Included in General and administrative expenses</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--ProfessionalFees_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_maRPTEFzIV0_z5Dm0a81Kch1" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Administration Fees</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,812</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,958</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,036</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OperatingCostsAndExpenses_iT_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_mtRPTEFzIV0_z6s3uzQfpQYe" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,115</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,779</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,906</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> As of December 31, 2024 and 2025, there was a balance due to Maritime of $908 and $242, respectively. Further, as of December 31, 2024 and 2025, there was a balance due to Konkar Agencies of $65 and $1,443, respectively. Relevant balances are reflected in Due to related parties, in the accompanying Consolidated Balance Sheets. The balances with Maritime and Konkar Agencies are non-interest bearing and have no stated maturity. Further, the Company had an amended and restated Promissory Note in favor of Maritime Investors Corp. (“MIC”), originally issued in connection with the 2015 merger and further amended in December 2021 in connection with the acquisition of the Pyxis Lamda. The remaining outstanding balance was fully repaid on March 14, 2023. Interest charged on the related party Promissory Note for the years ended December 31, 2023, 2024 and 2025 amounted to $69, nil and nil, respectively, and is included in Interest and finance costs (see Note 14) in the accompanying Consolidated Statements of Comprehensive Income. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share 3. Transactions with Related Parties: – Continued: During 2023 and 2024, the Company entered into dry-bulk joint venture transactions with entities related to the Company’s Chairman and Chief Executive Officer, including the acquisition of the Konkar Ormi in 2023 and the acquisition of the Konkar Venture in 2024, the latter of which included cash consideration and the issuance of restricted common shares to the related party seller. For additional information, see Notes 2(a), 2(ac), 5, 8 and 9. No amounts were due to or due from related parties in connection with these transactions as of December 31, 2024 and December 31, 2025.

325 450 0.0125

0.01

150

P5Y December 31, 2017 2020-03-23 P5Y 1600000

In the event of a change of control of the Company during the management period or within 12 months after the early termination of the Head Management Agreement, then the Company will pay to Maritime an amount equal to 2.5 times the then annual Administration Fees. Pursuant to the amendment of this agreement on March 18, 2020, in the event of such change of control and termination, the Company shall also pay to Maritime an amount equal to 12 months of the then daily Ship-management Fees.

0.0965

368000

1800000

0.035

381000

1900000

0.0274

391000

1900000

3000000.0

850 0.0125

The following amounts were charged by Maritime pursuant to the head management and ship management agreements and by Konkar Agencies pursuant to the ship management agreements with the ship-owning company of vessels Konkar Ormi, Konkar Asteri and Konkar Venture and are included in the accompanying Consolidated Statements of Comprehensive Income: Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Income <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20230101__20231231_zwnKlsPEepn2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20240101__20241231_zxnt1vz3Jq58" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250101__20251231_zjpJqRoGNuNi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Included in Voyage related costs and commissions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--CharterHireCommissions_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_maRPTEFzIV0_zjxORq4scYna" style="vertical-align: bottom; background-color: White"> <td style="width: 52%; text-align: left">Charter hire commissions</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">575</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">644</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">486</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Included in Management fees, related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--ManagementFeesRelatedParties_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_maRPTEFzIV0_z1VQBnVsil4e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Ship-management Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">728</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,177</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,384</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Included in General and administrative expenses</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--ProfessionalFees_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_maRPTEFzIV0_z5Dm0a81Kch1" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Administration Fees</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,812</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,958</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,036</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OperatingCostsAndExpenses_iT_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_mtRPTEFzIV0_z6s3uzQfpQYe" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,115</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,779</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,906</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

575000 644000 486000 728000 1177000 1384000

1812000

1958000

2036000

3115000

3779000

3906000

908000

242000

65000

1443000

69000

4. Inventories: The amounts in the accompanying Consolidated Balance Sheets are analyzed as follows: Schedule of Inventories <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_499_20241231_zwrBfOI9mpe6" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_494_20251231_zIbT2KUOFd4d" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--InventoryNet_iI_pn3n3_hus-gaap--PublicUtilitiesInventoryAxis__custom--LubricantsMember_zLp1ar1WcyUd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Lubricants</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">542</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">536</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--InventoryNet_iI_pn3n3_hus-gaap--PublicUtilitiesInventoryAxis__custom--BunkersMember_z2A3bWD5KEd" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Bunkers</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,347</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--InventoryNet_iI_pn3n3_zNE48tmF9jP3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,889</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">536</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

The amounts in the accompanying Consolidated Balance Sheets are analyzed as follows: Schedule of Inventories <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_499_20241231_zwrBfOI9mpe6" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_494_20251231_zIbT2KUOFd4d" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--InventoryNet_iI_pn3n3_hus-gaap--PublicUtilitiesInventoryAxis__custom--LubricantsMember_zLp1ar1WcyUd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Lubricants</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">542</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">536</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--InventoryNet_iI_pn3n3_hus-gaap--PublicUtilitiesInventoryAxis__custom--BunkersMember_z2A3bWD5KEd" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Bunkers</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,347</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--InventoryNet_iI_pn3n3_zNE48tmF9jP3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,889</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">536</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

542000

536000

1347000

1889000

536000

5. Vessels, net: The amounts in the accompanying Consolidated Balance Sheets are analyzed as follows: Schedule of Vessels <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Vessel</td><td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Accumulated</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Net Book</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Cost</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Depreciation</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Value</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; font-weight: bold">Balance January 1, 2024</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td id="xdx_989_eus-gaap--PropertyPlantAndEquipmentGross_iS_pn3n3_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselCostMember_zUBUIakZGG1g" style="width: 12%; font-weight: bold; text-align: right" title="Vessel cost, beginning balance">119,303</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td id="xdx_98F_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNS_pn3n3_di_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--AccumulatedDepreciationMember_zh2v5TIdEIU8" style="width: 12%; font-weight: bold; text-align: right" title="Accumulated depreciation, beginning balance">(20,030</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td id="xdx_98F_eus-gaap--PropertyPlantAndEquipmentNet_iS_pn3n3_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NetBookValueMember_zZl9nrUxu3I3" style="width: 12%; font-weight: bold; text-align: right" title="Net book value, beginning balance">99,273</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vessel acquisition - “Konkar Asteri”</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--PropertyPlantAndEquipmentVesselAcquisitionKonkarAsteri_pn3n3_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselCostMember_zBve61UyMiGd" style="text-align: right" title="Vessel cost, acquisition - "Konkar Asteri"">26,625</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--PropertyPlantAndEquipmentVesselAcquisitionKonkarAsteri_pn3n3_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--AccumulatedDepreciationMember_zDuNU4iPVm65" style="text-align: right" title="Accumulated depreciation, vessel acquisition - "Konkar Asteri"">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--PropertyPlantAndEquipmentVesselAcquisitionKonkarAsteri_pn3n3_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NetBookValueMember_zcmx9Rn2nePc" style="text-align: right" title="Net book value, vessel acquisition - "Konkar Asteri"">26,625</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Vessel acquisition - “Konkar Venture”</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--PropertyPlantAndEquipmentVesselAcquisitionKonkarVenture_pn3n3_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselCostMember_z9bEgmgHdmU3" style="text-align: right" title="Vessel cost, acquisition - "Konkar Venture"">21,007</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--PropertyPlantAndEquipmentVesselAcquisitionKonkarVenture_pn3n3_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--AccumulatedDepreciationMember_zIkxg6DPizai" style="text-align: right" title="Accumulated depreciation, vessel acquisition - "Konkar Venture"">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--PropertyPlantAndEquipmentVesselAcquisitionKonkarVenture_pn3n3_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NetBookValueMember_zDeo37dAq62d" style="text-align: right" title="Net book value, vessel acquisition - "Konkar Venture"">21,007</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vessel additions</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--PropertyPlantAndEquipmentAdditions_pn3n3_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselCostMember_zQY6P9TDa832" style="text-align: right" title="Vessel cost, additions">24</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--PropertyPlantAndEquipmentAdditions_pn3n3_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--AccumulatedDepreciationMember_zFZevnKuZMtk" style="text-align: right" title="Accumulated depreciation, vessel additions">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--PropertyPlantAndEquipmentAdditions_pn3n3_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NetBookValueMember_z9oBKXJyhv24" style="text-align: right" title="Net book value, vessel additions">24</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--Depreciation_iN_pn3n3_di_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselCostMember_zcaFDp1bnAxl" style="border-bottom: Black 1pt solid; text-align: right" title="Vessel cost, depreciation">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--Depreciation_iN_pn3n3_di_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--AccumulatedDepreciationMember_zTup6UN2kodh" style="border-bottom: Black 1pt solid; text-align: right" title="Accumulated depreciation, vessel depreciation">(6,904</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--Depreciation_iN_pn3n3_di_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NetBookValueMember_zxwkSXtYkYbd" style="border-bottom: Black 1pt solid; text-align: right" title="Net book value, vessel depreciation">(6,904</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance December 31, 2024</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_982_eus-gaap--PropertyPlantAndEquipmentGross_iE_pn3n3_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselCostMember_zLugbSW1suI4" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Vessel cost, ending balance">166,958</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_981_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNE_pn3n3_di_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--AccumulatedDepreciationMember_zEvheJIRvI42" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Accumulated depreciation, ending balance">(26,934</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_985_eus-gaap--PropertyPlantAndEquipmentNet_iE_pn3n3_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NetBookValueMember_zkArovpQ0YZ3" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Net book value, ending balance">140,024</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Balance January 1, 2025</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td id="xdx_98C_eus-gaap--PropertyPlantAndEquipmentGross_iS_pn3n3_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselCostMember_zGTvGuW7a7z6" style="font-weight: bold; text-align: right" title="Vessel cost, beginning balance">166,958</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td id="xdx_985_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNS_pn3n3_di_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--AccumulatedDepreciationMember_zaAZvQ6tltBl" style="font-weight: bold; text-align: right" title="Accumulated depreciation, beginning balance">(26,934</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td id="xdx_98D_eus-gaap--PropertyPlantAndEquipmentNet_iS_pn3n3_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NetBookValueMember_ztdxCH6lKCp1" style="font-weight: bold; text-align: right" title="Net book value, beginning balance">140,024</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vessel additions</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--PropertyPlantAndEquipmentAdditions_pn3n3_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselCostMember_zVfcdbihulL6" style="text-align: right" title="Vessel cost, additions">869</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--PropertyPlantAndEquipmentAdditions_pn3n3_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--AccumulatedDepreciationMember_zmJ0Qf5nc6a1" style="text-align: right" title="Accumulated depreciation, vessel additions">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--PropertyPlantAndEquipmentAdditions_pn3n3_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NetBookValueMember_zLh7AoSB1iq6" style="text-align: right" title="Net book value, vessel additions">869</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--Depreciation_iN_pn3n3_di_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselCostMember_zQgQhukttWK1" style="border-bottom: Black 1pt solid; text-align: right" title="Vessel cost, depreciation">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--Depreciation_iN_pn3n3_di_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--AccumulatedDepreciationMember_z5ZxKeweouqj" style="border-bottom: Black 1pt solid; text-align: right" title="Accumulated depreciation, vessel depreciation">(7,574</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--Depreciation_iN_pn3n3_di_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NetBookValueMember_zQqCx0VE72ri" style="border-bottom: Black 1pt solid; text-align: right" title="Net book value, vessel depreciation">(7,574</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance December 31, 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_986_eus-gaap--PropertyPlantAndEquipmentGross_iE_pn3n3_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselCostMember_zDvr11jkqQzb" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Vessel cost, ending balance">167,827</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_98A_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNE_pn3n3_di_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--AccumulatedDepreciationMember_z5OcnuaMIA3i" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Accumulated depreciation, ending balance">(34,508</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_98F_eus-gaap--PropertyPlantAndEquipmentNet_iE_pn3n3_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NetBookValueMember_zKg4UBYy4wyc" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Net book value, ending balance">133,319</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> As of December 31, 2023, 2024 and 2025, the Company evaluated its vessels for impairment indicators. For the year ended December 31, 2023, no impairment indicators were identified. For the years ended December 31, 2024 and 2025, for those vessels whose fair market values were lower than their carrying values plus unamortized dry-dock and special survey balances, the Company performed a recoverability assessment by estimating future undiscounted net operating cash flows and comparing them to the respective vessels’ carrying values plus unamortized dry-dock and special survey balances. Based on this assessment, no impairment charge was recorded for the years ended December 31, 2023, 2024 and 2025. On March 23, 2023 the Company sold the “Pyxis Malou”, the 2009 built 50,667 dwt. MR product tanker, for a sale price of $<span id="xdx_903_eus-gaap--ProceedsFromSaleOfPropertyPlantAndEquipment_pn3n3_c20230323__20230323__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PyxisMalouMember_zn3k9rBk8Qni" title="Proceeds from sale of property">24,800 in cash to an unaffiliated buyer located in the United Kingdom. After the repayment of the outstanding indebtedness secured by this vessel and the payment of various transaction costs, the Company received cash proceeds of $<span id="xdx_904_eus-gaap--ProceedsFromRepaymentsOfDebt_pn3n3_c20230323__20230323__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PyxisMalouMember_zZUx8bsjYUz9" title="Proceeds from repayment of debt">18,900 (Note 8), and recognized an accounting gain of $<span id="xdx_908_eus-gaap--GainLossOnDispositionOfAssets1_pn3n3_c20230323__20230323__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PyxisMalouMember_zvNysUNRUXQ2" title="Gain (Loss) from the sale of vessels">8,017 which is included in “Gain on sale of vessels, net” in the accompanying Consolidated Statements of Comprehensive Income. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share 5. Vessels, net: – Continued: On September 14, 2023 the Company took delivery of a 2016 Japanese built Ultramax dry-bulk carrier named Konkar Ormi, which commenced her initial charter on October 5, 2023. The purchase consideration of $<span id="xdx_908_eus-gaap--ProceedsFromSaleOfPropertyPlantAndEquipment_pn3n3_c20230913__20230914__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--KonharOrmiMember_zGwtxbP7mEve" title="Proceeds from sale of property">28,500 was funded by a $<span id="xdx_90A_eus-gaap--ProceedsFromIssuanceOfLongTermDebt_pn3n3_c20230913__20230914__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--KonharOrmiMember_zS1xnTAc85Q5" title="Proceeds from long term debt">19,000 secured five-year bank loan and cash equity (Note 8). On December 15, 2023 the Company sold the “Pyxis Epsilon”, the 2015 built 50,295 dwt. product tanker, for $<span id="xdx_905_eus-gaap--ProceedsFromSaleOfPropertyPlantAndEquipment_pn3n3_c20231214__20231215__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PyxisEpsilonMember_zyTIR7DBCM48" title="Proceeds from sale of property">40,750 in cash. After the repayment of the outstanding indebtedness secured by the vessel (Note 8) and the payment of various transaction costs, the Company received cash proceeds of $<span id="xdx_90C_eus-gaap--ProceedsFromRepaymentsOfDebt_pn3n3_c20231214__20231215__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PyxisEpsilonMember_zejcFcxXOmD3" title="Proceeds from repayment of debt">26,800 and recognized an accounting gain of $<span id="xdx_902_eus-gaap--GainLossOnDispositionOfAssets1_pn3n3_c20231214__20231215__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PyxisEpsilonMember_zUSA6MvRmPb3" title="Gain (Loss) from the sale of vessels">17,108 which is included in “Gain on sale of vessels, net” in the accompanying Consolidated Statements of Comprehensive Income. On February 15, 2024, the Company completed the acquisition of an 82,013 dwt dry-bulk vessel built in 2015 at Jiangsu New Yangzi Shipbuilding. This scrubber-fitted eco-vessel is geared with four cargo cranes and a ballast water treatment system. The $<span id="xdx_90C_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_pn3n3_c20240215__20240215__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--BallastWaterTreatmentSystemInstallationMember_zmxEWoqZWEkb" title="Proceeds from sale of property">26,625 purchase price of the eco-efficient Kamsarmax was funded by a combination of secured bank debt of $14.5 million (see Note 8 for further details) and cash on hand. The vessel has been named the Konkar Asteri and commenced its commercial operations on February 29, 2024. On June 28, 2024, the Company, through its subsidiary Accuship, which has been consolidated as a VIE as discussed in Note 2, completed the acquisition of an 82,099 dwt eco-efficient Kamsarmax dry-bulk vessel built in 2015 at Jiangsu New Yangzi Shipbuilding from a related party entity under common control with the Company’s Chairman and Chief Executive Officer. The $<span id="xdx_90C_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_pn3n3_c20240628__20240628__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--KonkarVentureMember_zMAeTUygMPS8" title="Proceeds from sale of property">30,000 purchase price for the Konkar Venture, which is fitted with a ballast water treatment system, was funded by a combination of secured bank debt of $16,500 (see Note 8 for further details), $12,000 of cash, of which the Company contributed $7,320 in cash, and the issuance of 267,857 restricted common shares to the related party seller. Upon acquisition of the Konkar Venture, the difference between the fair value of the consideration paid (cash and non-cash) and the carrying amount of the vessel in the accounts of the sellers of $8,875 was considered a deemed dividend by the Company (of which, $7,493 was presented in financing cash flow activities and $1,382 was presented as non-cash supplemental cash flow information for the common share issuance) and was allocated to Pyxis Tankers equity and non-controlling interest’s equity in accordance with their ownership percentages. During the year ended December 31, 2025, vessel additions primarily related to capitalized improvements and additions of $<span id="xdx_909_eus-gaap--CapitalizedComputerSoftwareAdditions_pn3n3_c20250101__20251231__us-gaap--TypeOfArrangementAxis__custom--KonkarAsteriMember_zJSx791Jymog" title="Capitalized improvements and additions">186 for the Konkar Asteri and $<span id="xdx_90A_eus-gaap--CapitalizedComputerSoftwareAdditions_pn3n3_c20250101__20251231__us-gaap--TypeOfArrangementAxis__custom--KonkarVentureMember_zak8whZkhFIc" title="Capitalized improvements and additions">192 for the Konkar Venture performed during their respective special surveys and dry-dockings. In addition, as of December 31, 2025, the Company had capitalized work-in-progress of $476 related to vessel improvement expenditures for the Pyxis Karteria, which had been incurred as of year-end and for which the related work is expected to be completed during its special survey, which is scheduled to take place in the spring of 2026, and $15 related to work-in-progress for the Konkar Ormi, for which the related work is also expected to be completed during its special survey, which is scheduled to take place in the fourth quarter of 2026. All of the Company’s vessels have been pledged as collateral to secure the bank loans discussed in Note 8.

The amounts in the accompanying Consolidated Balance Sheets are analyzed as follows: Schedule of Vessels <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center">Vessel</td><td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Accumulated</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Net Book</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Cost</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Depreciation</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Value</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; font-weight: bold">Balance January 1, 2024</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td id="xdx_989_eus-gaap--PropertyPlantAndEquipmentGross_iS_pn3n3_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselCostMember_zUBUIakZGG1g" style="width: 12%; font-weight: bold; text-align: right" title="Vessel cost, beginning balance">119,303</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td id="xdx_98F_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNS_pn3n3_di_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--AccumulatedDepreciationMember_zh2v5TIdEIU8" style="width: 12%; font-weight: bold; text-align: right" title="Accumulated depreciation, beginning balance">(20,030</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td id="xdx_98F_eus-gaap--PropertyPlantAndEquipmentNet_iS_pn3n3_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NetBookValueMember_zZl9nrUxu3I3" style="width: 12%; font-weight: bold; text-align: right" title="Net book value, beginning balance">99,273</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vessel acquisition - “Konkar Asteri”</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--PropertyPlantAndEquipmentVesselAcquisitionKonkarAsteri_pn3n3_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselCostMember_zBve61UyMiGd" style="text-align: right" title="Vessel cost, acquisition - "Konkar Asteri"">26,625</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--PropertyPlantAndEquipmentVesselAcquisitionKonkarAsteri_pn3n3_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--AccumulatedDepreciationMember_zDuNU4iPVm65" style="text-align: right" title="Accumulated depreciation, vessel acquisition - "Konkar Asteri"">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--PropertyPlantAndEquipmentVesselAcquisitionKonkarAsteri_pn3n3_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NetBookValueMember_zcmx9Rn2nePc" style="text-align: right" title="Net book value, vessel acquisition - "Konkar Asteri"">26,625</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Vessel acquisition - “Konkar Venture”</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--PropertyPlantAndEquipmentVesselAcquisitionKonkarVenture_pn3n3_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselCostMember_z9bEgmgHdmU3" style="text-align: right" title="Vessel cost, acquisition - "Konkar Venture"">21,007</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--PropertyPlantAndEquipmentVesselAcquisitionKonkarVenture_pn3n3_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--AccumulatedDepreciationMember_zIkxg6DPizai" style="text-align: right" title="Accumulated depreciation, vessel acquisition - "Konkar Venture"">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--PropertyPlantAndEquipmentVesselAcquisitionKonkarVenture_pn3n3_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NetBookValueMember_zDeo37dAq62d" style="text-align: right" title="Net book value, vessel acquisition - "Konkar Venture"">21,007</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vessel additions</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--PropertyPlantAndEquipmentAdditions_pn3n3_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselCostMember_zQY6P9TDa832" style="text-align: right" title="Vessel cost, additions">24</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--PropertyPlantAndEquipmentAdditions_pn3n3_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--AccumulatedDepreciationMember_zFZevnKuZMtk" style="text-align: right" title="Accumulated depreciation, vessel additions">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--PropertyPlantAndEquipmentAdditions_pn3n3_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NetBookValueMember_z9oBKXJyhv24" style="text-align: right" title="Net book value, vessel additions">24</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--Depreciation_iN_pn3n3_di_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselCostMember_zcaFDp1bnAxl" style="border-bottom: Black 1pt solid; text-align: right" title="Vessel cost, depreciation">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--Depreciation_iN_pn3n3_di_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--AccumulatedDepreciationMember_zTup6UN2kodh" style="border-bottom: Black 1pt solid; text-align: right" title="Accumulated depreciation, vessel depreciation">(6,904</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--Depreciation_iN_pn3n3_di_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NetBookValueMember_zxwkSXtYkYbd" style="border-bottom: Black 1pt solid; text-align: right" title="Net book value, vessel depreciation">(6,904</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance December 31, 2024</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_982_eus-gaap--PropertyPlantAndEquipmentGross_iE_pn3n3_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselCostMember_zLugbSW1suI4" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Vessel cost, ending balance">166,958</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_981_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNE_pn3n3_di_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--AccumulatedDepreciationMember_zEvheJIRvI42" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Accumulated depreciation, ending balance">(26,934</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_985_eus-gaap--PropertyPlantAndEquipmentNet_iE_pn3n3_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NetBookValueMember_zkArovpQ0YZ3" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Net book value, ending balance">140,024</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Balance January 1, 2025</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td id="xdx_98C_eus-gaap--PropertyPlantAndEquipmentGross_iS_pn3n3_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselCostMember_zGTvGuW7a7z6" style="font-weight: bold; text-align: right" title="Vessel cost, beginning balance">166,958</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td id="xdx_985_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNS_pn3n3_di_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--AccumulatedDepreciationMember_zaAZvQ6tltBl" style="font-weight: bold; text-align: right" title="Accumulated depreciation, beginning balance">(26,934</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td id="xdx_98D_eus-gaap--PropertyPlantAndEquipmentNet_iS_pn3n3_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NetBookValueMember_ztdxCH6lKCp1" style="font-weight: bold; text-align: right" title="Net book value, beginning balance">140,024</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vessel additions</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--PropertyPlantAndEquipmentAdditions_pn3n3_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselCostMember_zVfcdbihulL6" style="text-align: right" title="Vessel cost, additions">869</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--PropertyPlantAndEquipmentAdditions_pn3n3_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--AccumulatedDepreciationMember_zmJ0Qf5nc6a1" style="text-align: right" title="Accumulated depreciation, vessel additions">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--PropertyPlantAndEquipmentAdditions_pn3n3_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NetBookValueMember_zLh7AoSB1iq6" style="text-align: right" title="Net book value, vessel additions">869</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--Depreciation_iN_pn3n3_di_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselCostMember_zQgQhukttWK1" style="border-bottom: Black 1pt solid; text-align: right" title="Vessel cost, depreciation">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--Depreciation_iN_pn3n3_di_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--AccumulatedDepreciationMember_z5ZxKeweouqj" style="border-bottom: Black 1pt solid; text-align: right" title="Accumulated depreciation, vessel depreciation">(7,574</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--Depreciation_iN_pn3n3_di_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NetBookValueMember_zQqCx0VE72ri" style="border-bottom: Black 1pt solid; text-align: right" title="Net book value, vessel depreciation">(7,574</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance December 31, 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_986_eus-gaap--PropertyPlantAndEquipmentGross_iE_pn3n3_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VesselCostMember_zDvr11jkqQzb" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Vessel cost, ending balance">167,827</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_98A_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNE_pn3n3_di_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--AccumulatedDepreciationMember_z5OcnuaMIA3i" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Accumulated depreciation, ending balance">(34,508</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_98F_eus-gaap--PropertyPlantAndEquipmentNet_iE_pn3n3_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--NetBookValueMember_zKg4UBYy4wyc" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Net book value, ending balance">133,319</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

119303000

20030000

99273000

26625000 26625000 21007000 21007000

24000

6904000

166958000

26934000

140024000

166958000

26934000

140024000

869000

7574000

167827000

34508000

133319000

24800000

18900000

8017000

28500000

19000000

40750000

26800000

17108000

26625000

14500000

30000000

16500000

12000000

7320000

267857

8875000

7493000

1382000

186000

192000

476000 15000

6. Insurance claim receivable In May 2024, the vessel Konkar Ormi sustained minor damage due to adverse weather conditions in Rio Grande, Brazil. As of December 31, 2024, the insurance claim receivable was $245. During 2025, the claim was finalized at $341 and was collected in August 2025; accordingly, there was no insurance claim receivable outstanding related to this matter as of December 31, 2025.

245000

341000 7. Deferred dry-dock and special survey costs, net: The movement in Deferred dry-dock and special survey costs, net, in the accompanying Consolidated Balance Sheets are as follows: Schedule of Deferred Charges <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20230101__20231231_zsHXXLdJ9qRe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20240101__20241231_zHQoNNMsqVik" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20250101__20251231_zly0VfvncN89" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredCosts_iS_pn3n3_zcwXwDyUQnx1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; font-weight: bold">Balance January 1,</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">794</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">1,622</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">1,214</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_405_ecustom--AdditionsToDeferredChargesAmount_pn3n3_zJvWSDRP1vQe" style="vertical-align: bottom; background-color: White"> <td>Additions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,506</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(26</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,478</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AmortizationOfDeferredCharges_iN_pn3n3_di_zvXEyHPJf8S4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Amortization of special survey costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(388</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(382</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(599</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_ecustom--DeferredChangesWriteOffPyxisMalou_pn3n3_zlnh2OTrWLFf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Pyxis Malou write-off</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(168</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--DeferredChangesWriteOffPyxisEpsilon_pn3n3_z8jkHNNDCMq2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Pyxis Epsilon write-off</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(122</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--DeferredCosts_iE_pn3n3_zdKEAtOkKWZ" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Balance December, 31</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,622</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,214</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,093</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share 7. Deferred dry-dock and special survey costs, net: - Continued: During the year ended December 31, 2023, Pyxis Theta and Pyxis Karteria completed their second special surveys at a cost of $700 and $806, respectively, for an aggregate of $1,506 of which $1,379 was paid as of December 31, 2023 and the remaining amount was paid during 2024. During 2025, Konkar Venture and Konkar Asteri performed their second special surveys at a cost of $798 and $679, respectively. Including other additions of $1, the aggregate cost for the year was $1,478. The amortization of the special survey costs is separately reflected in the accompanying Consolidated Statements of Comprehensive Income. The movement in Deferred dry-dock and special survey costs, net, in the accompanying Consolidated Balance Sheets are as follows: Schedule of Deferred Charges <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20230101__20231231_zsHXXLdJ9qRe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20240101__20241231_zHQoNNMsqVik" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20250101__20251231_zly0VfvncN89" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredCosts_iS_pn3n3_zcwXwDyUQnx1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; font-weight: bold">Balance January 1,</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">794</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">1,622</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">1,214</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_405_ecustom--AdditionsToDeferredChargesAmount_pn3n3_zJvWSDRP1vQe" style="vertical-align: bottom; background-color: White"> <td>Additions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,506</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(26</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,478</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AmortizationOfDeferredCharges_iN_pn3n3_di_zvXEyHPJf8S4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Amortization of special survey costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(388</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(382</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(599</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_ecustom--DeferredChangesWriteOffPyxisMalou_pn3n3_zlnh2OTrWLFf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Pyxis Malou write-off</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(168</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--DeferredChangesWriteOffPyxisEpsilon_pn3n3_z8jkHNNDCMq2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Pyxis Epsilon write-off</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(122</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--DeferredCosts_iE_pn3n3_zdKEAtOkKWZ" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Balance December, 31</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,622</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,214</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,093</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

794000

1622000

1214000

1506000 -26000 1478000

388000

382000

599000

-168000 -122000

1622000

1214000

2093000

700000

806000

1506000

1379000

798000

679000

1000

1478000

8. Long-term Debt: The amounts shown in the accompanying Consolidated Balance Sheets at December 31, 2024 and 2025, are analyzed as follows: Schedule of Long-Term Debt <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Vessel (Borrower)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20241231_zl8qmVI7OmXa" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20251231_zpcSfKkENPVf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Vessel (Borrower)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PyxisThetaVesselMember__dei--LegalEntityAxis__custom--SeventhoneCorpMember_zuhn23RVR211" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-style: italic; text-align: left">(a) “Pyxis Theta” (Seventhone)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">10,150</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">14,750</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PyxisKarteriaVesselMember__dei--LegalEntityAxis__custom--TenthoneCorpMember_zg71LhfP01ti" style="vertical-align: bottom; background-color: White"> <td style="font-style: italic; text-align: left">(b) “Pyxis Karteria” (Tenthone)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,800</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,600</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PyxisLamdaVesselMember__dei--LegalEntityAxis__custom--EleventhoneCorpMember_zTa7HNlExcK6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic; text-align: left">(c) “Pyxis Lamda” (Eleventhone)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,663</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,600</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--KonkarOrmiMember__dei--LegalEntityAxis__custom--DryoneCorpMember_zAbp5ZbTzPWj" style="vertical-align: bottom; background-color: White"> <td style="font-style: italic; text-align: left">(d) “Konkar Ormi” (Dryone Corp.)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,900</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--KonkarAsteriMember__dei--LegalEntityAxis__custom--DrytwoCorpMember_zck9CaQRCh9f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic; text-align: left">(e) “Konkar Asteri” (Drytwo Corp.)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,600</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,400</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--KonkarVentureMember__dei--LegalEntityAxis__custom--DrythreeCorpMember_zZhy14sFjzxb" style="vertical-align: bottom; background-color: White"> <td style="font-style: italic; text-align: left; padding-bottom: 1pt">(f) “Konkar Venture” (Drythree Corp.)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">15,870</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">14,610</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_zjMOYsVzOnU6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt"> Total principal balance (gross)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">85,183</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">87,860</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> The vessel-by-vessel amounts represent outstanding principal balances (gross). Long-term debt is presented in the Consolidated Balance Sheets net of unamortized deferred financing costs, as reconciled below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_400_ecustom--LongTermDebtCurrentBeforeDeferredFinancingCost_iI_pn3n3_maLTDCzhwF_zeZwadPbAFIk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Principal balance (gross) - Current portion</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">7,787</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">8,160</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--DeferredFinanceCostsCurrentNet_iNI_pn3n3_di_msLTDCzhwF_zKThO7kNSJw4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less current portion of unamortized deferred financing costs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(226</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(193</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_402_eus-gaap--LongTermDebtCurrent_iTI_pn3n3_mtLTDCzhwF_zXA3eNfnr8dl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Current portion of long-term debt, net of unamortized deferred financing costs</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,561</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,967</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--LongTermDebtNoncurrentBeforeDeferredFinancingCost_iI_pn3n3_maLTDNzDIR_z20I5051YH7j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Principal balance (gross) - Non-current portion</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">77,396</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">79,700</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DeferredFinanceCostsNoncurrentNet_iNI_pn3n3_di_msLTDNzDIR_za0i5s8g0it9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less non-current portion of unamortized deferred financing costs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(433</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(421</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--LongTermDebtNoncurrent_iTI_pn3n3_mtLTDNzDIR_zWs9KfZaDVii" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Long-term debt, net of current portion and unamortized deferred financing costs</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">76,963</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">79,279</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic">Summarized:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--LongTermDebtBeforeDeferredFinancingCost_iI_pn3n3_maLTDNzM0R_zxSsmVLQs8xh" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Principal balance (gross)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">85,183</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">87,860</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredFinanceCostsNet_iNI_pn3n3_di_msLTDNzM0R_zslvDGlg6jQ9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less unamortized deferred financing costs (current and non-current)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(659</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(614</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_400_ecustom--LongTermDebtNet_iTI_pn3n3_mtLTDNzM0R_z9C2JcnaUSPd" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Long-term debt, net of deferred financing costs (as presented in the Consolidated Balance Sheets)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">84,524</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">87,246</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> (a) On December 17, 2025, Seventhone Corp. (“Seventhone”), which owns the Pyxis Theta, refinanced its secured loan with the existing lender, Alpha Bank S.A., in an amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90D_eus-gaap--LoansPayable_iI_pn3n3_c20251217__dei--LegalEntityAxis__custom--SeventhoneCorpMember_zsk1EQDinBS2" title="Outstanding balance">14,750. The amended facility has a five-year maturity, provides for quarterly principal repayments of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_906_eus-gaap--DebtInstrumentPeriodicPayment_pn3n3_c20251217__20251217__dei--LegalEntityAxis__custom--SeventhoneCorpMember_zgkWITiN4fcg" title="Quarterly installments">450, and bears interest at Term SOFR plus a margin of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_904_ecustom--DebtInstrumentBasisSpreadOnVariableRatePercentage_iI_pid_dp_uPure_c20251217__dei--LegalEntityAxis__custom--SeventhoneCorpMember_zzUEP8dOk9p9" title="Debt instrument basis spread variable rate">1.90% (previously priced at SOFR plus a margin of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_904_ecustom--DebtInstrumentBasisSpreadOnVariableRatesPercentage_iI_pid_dp_uPure_c20251217__dei--LegalEntityAxis__custom--SeventhoneCorpMember_zdld2V7lOVVg" title="Debt instrument basis spread variable rate">2.40%). Standard collateral interests and customary covenants are incorporated in this facility. The facility is secured by, among other things, a first priority mortgage on the Pyxis Theta, and includes customary covenants, including minimum liquidity and a minimum security cover ratio, or MSC. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share 8. Long-term Debt: – Continued: As of December 31, 2024 and December 31, 2025, the outstanding balance was $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_909_eus-gaap--LoansPayable_iI_pn3n3_c20241231__dei--LegalEntityAxis__custom--SeventhoneCorpMember_zD7OaB06vPcg" title="Outstanding balance">10,150 and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_908_eus-gaap--LoansPayable_iI_pn3n3_c20251231__dei--LegalEntityAxis__custom--SeventhoneCorpMember_z6owsyQSrXqd" title="Outstanding balance">14,750, respectively. As of December 31, 2025, the outstanding balance was repayable in <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_907_eus-gaap--DebtInstrumentFrequencyOfPeriodicPayment_c20250101__20251231__dei--LegalEntityAxis__custom--SeventhoneCorpMember_z0s9j8kH3fTl" title="Frequency of periodic payments">20 consecutive quarterly installments of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90C_eus-gaap--DebtInstrumentPeriodicPayment_pn3n3_c20250101__20251231__dei--LegalEntityAxis__custom--SeventhoneCorpMember_z1YOOiZZuee5" title="Quarterly installments">450 each, with the first installment due in March 2026, and the last installment accompanied by a balloon payment of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_908_eus-gaap--DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid_iI_pn3n3_c20251231__dei--LegalEntityAxis__custom--SeventhoneCorpMember_zbZEX9GB5gY5" title="Balloon payment">5,750 due in <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_908_ecustom--LongTermDebtBalloonPaymentYear_c20250101__20251231__dei--LegalEntityAxis__custom--SeventhoneCorpMember_zgNwxHGT88h4" title="Long term debt balloon payment year">December 2030. Covenants: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The borrower undertakes to maintain minimum deposit with the bank of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_903_eus-gaap--DepositsAssets_iI_pn3n3_c20251217__us-gaap--TypeOfArrangementAxis__custom--SecuredLoanAgreementMember__dei--LegalEntityAxis__custom--SeventhoneCorpMember_zXBpCIRGsiEe" title="Minimum cash deposits">500 at all times.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The ratio of the corporate guarantor’s total liabilities to market adjusted total assets is not to exceed <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_908_ecustom--DebtToMarketValueOfAdjustedAssetsMaximumRequiredRatio_iI_pid_dp_uPure_c20251217__us-gaap--TypeOfArrangementAxis__custom--SecuredLoanAgreementMember__dei--LegalEntityAxis__custom--SeventhoneCorpMember_zOtuQGTO7b0h" title="Debt to market value of adjusted assets maximum ratio">75%. This requirement is only applicable in order to assess whether the borrower is entitled to distribute dividends to Pyxis.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">MSC is to be at least <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90D_ecustom--MinimumSecurityCollateralCoverRequired_pid_dp_uPure_c20251217__20251217__us-gaap--TypeOfArrangementAxis__custom--SecuredLoanAgreementMember__dei--LegalEntityAxis__custom--SeventhoneCorpMember_z4Mh6KdPedT9" title="Minimum security collateral cover required">125% of the respective outstanding loan balance.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">No change shall be made directly or indirectly in the ownership, beneficial ownership, control or management of Seventhone or of the Company or any share therein or the Pyxis Theta, without the lender’s prior written consent, and at least 25% of the shares and voting rights in the corporate guarantor shall remain in the ultimate legal and beneficial ownership of the beneficial shareholders.</td></tr> </table> (b) On March 13, 2023, Tenthone Corp. (“Tenthone”), which owns the Pyxis Karteria, refinanced its indebtedness with the existing lender, Piraeus Bank S.A., through a $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_907_ecustom--LoanAmountDownPayment_iI_pn3n3_c20230313__dei--LegalEntityAxis__custom--TenthoneMember_zn2MNTgrkuL8" title="Loan drewdown">15,500 five-year secured loan. The facility provides for quarterly principal repayments of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90B_eus-gaap--PaymentsForLoans_pn3n3_c20230313__20230313__dei--LegalEntityAxis__custom--TenthoneCorpMember_zD3AFtOph6s9" title="Payment of loans">300 and bears interest at SOFR plus a margin of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90B_ecustom--DebtInstrumentBasisSpreadOnVariableRatePercentage_iI_pid_dp_uPure_c20230313__dei--LegalEntityAxis__custom--TenthoneMember_z8e76ArAMjCh" title="Debt instrument basis spread variable rate">2.70%. Standard collateral interests and customary covenants are incorporated in this facility. The facility is secured by, among other things, a first priority mortgage on the Pyxis Karteria, and includes customary covenants, including minimum liquidity and a minimum security cover ratio. As of December 31, 2024 and December 31, 2025, the outstanding balance was $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_908_eus-gaap--LoansPayable_iI_pn3n3_c20241231__dei--LegalEntityAxis__custom--TenthoneMember_zDHRRVRfGlj" title="Outstanding balance">12,800 and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_903_eus-gaap--LoansPayable_iI_pn3n3_c20251231__dei--LegalEntityAxis__custom--TenthoneMember_zIwivU3KKvY1" title="Outstanding balance">11,600, respectively. As of December 31, 2025, the outstanding balance was repayable in <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_901_eus-gaap--DebtInstrumentFrequencyOfPeriodicPayment_c20250101__20251231__dei--LegalEntityAxis__custom--TenthoneMember_zFNvLgBA8cZ1" title="Frequency of periodic payments">9 consecutive quarterly installments of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_908_eus-gaap--DebtInstrumentPeriodicPayment_pn3n3_c20250101__20251231__dei--LegalEntityAxis__custom--TenthoneMember_zlxOSEPe4gl" title="Quarterly installments">300 each, with the last installment accompanied by a balloon payment of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90B_eus-gaap--DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid_iI_pn3n3_c20251231__dei--LegalEntityAxis__custom--TenthoneMember_zrKOtuGpSbgc" title="Balloon payment">8,900 due in <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90A_ecustom--LongTermDebtBalloonPaymentYear_c20250101__20251231__dei--LegalEntityAxis__custom--TenthoneMember_zkJBsCTofAGh" title="Long term debt balloon payment year">March 2028. Covenants: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The borrower undertakes to maintain with the bank an average deposit balance of at least $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90A_ecustom--MinimumCashDeposits_iI_pn3n3_c20230313__us-gaap--TypeOfArrangementAxis__custom--SecuredLoanTenthoneCorpMember_zjX82cL11dl5" title="Minimum cash deposits">900, which is reduced to an average of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90C_ecustom--MinimumCashDeposits_iI_pn3n3_c20230313__us-gaap--TypeOfArrangementAxis__custom--SecuredLoanTenthoneCorpMember__srt--RangeAxis__srt--MinimumMember_zZcMbZ0ma289" title="Minimum cash deposits.">500 after six months.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The ratio of the corporate guarantor’s total liabilities (exclusive of cash, cash equivalents and Promissory Note, if any) to market adjusted total assets is not to exceed <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_900_ecustom--DebtToMarketValueOfAdjustedAssetsMaximumRequiredRatio_iI_pid_dp_uPure_c20230313__us-gaap--TypeOfArrangementAxis__custom--SecuredLoanTenthoneCorpMember_zAv1BV8S5TYi" title="Debt to market value of adjusted assets maximum ratio">75%. This requirement is only applicable in order to assess whether the borrower is entitled to distribute dividends to Pyxis. </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">MSC is to be at least <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_904_ecustom--MinimumSecurityCollateralCoverRequired_pid_dp_c20230313__20230313__us-gaap--TypeOfArrangementAxis__custom--SecuredLoanTenthoneCorpMember_zflkblenB4lf" title="Minimum security collateral cover required">130% of the respective outstanding loan balance.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Minimum cash and cash equivalent shall not be less than the greater of (i) $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_906_ecustom--MinimumCashAndCashEquivalents_iI_pn6n6_c20230313__us-gaap--TypeOfArrangementAxis__custom--SecuredLoanTenthoneCorpMember_zbe3tyBEiBFf" title="Minimum cash and cash equivalents">2 million and (ii) <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90A_ecustom--DebtToMarketValueOfAdjustedAssetsMinimumRequiredRatio_iI_pid_dp_uPure_c20230313__us-gaap--TypeOfArrangementAxis__custom--SecuredLoanTenthoneCorpMember_zhvhQbjS1tu8" title="Percentage of total debt">3% of the total debt excluding Promissory Note, if any.</td></tr> </table> (c) On December 17, 2025, Eleventhone Corp. (“Eleventhone”), which owns the Pyxis Lamda, refinanced its secured loan with the existing lender, Alpha Bank S.A., in an amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90F_ecustom--LoanAmountDownPayment_iI_pn3n3_c20251217__dei--LegalEntityAxis__custom--EleventhoneMember_z0z1C6n9VE8h" title="Loan drewdown">18,600. The amended facility has a five-year maturity, provides for quarterly principal repayments of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90A_ecustom--LoanAmountDownPayment_iI_pn3n3_c20251217_zoqFmUI3bqLg" title="Loan drewdown">375, and bears interest at Term SOFR plus a margin of <span id="xdx_90C_ecustom--DebtInstrumentBasisSpreadOnVariableRatePercentage_iI_c20251217__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PyxisLamdaVesselMember__dei--LegalEntityAxis__custom--SeventhoneMember_zbKVG3ru11H2" title="Interest rate margin">1.90% (previously priced at SOFR plus a margin of <span id="xdx_902_ecustom--DebtInstrumentBasisSpreadOnVariableRatePercentage_iI_c20251217__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PyxisLamdaVesselMember__dei--LegalEntityAxis__custom--SeventhoneMember_z52YegSg2WTf" title="Interest rate margin">2.40% following the July 30, 2024 margin reduction). Standard collateral interests and customary covenants are incorporated in this facility. The facility is secured by, among other things, a first priority mortgage on the Pyxis Lamda, and includes customary covenants, including minimum liquidity and a minimum security cover ratio. As of December 31, 2024 and December 31, 2025, the outstanding balance of the loan relating to Pyxis Lamda was $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90F_eus-gaap--LongTermDebt_iI_pn3n3_c20241231__dei--LegalEntityAxis__custom--EleventhoneMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PyxisLamdaVesselMember_zcoGjIbRpW33" title=" Long term debt outstanding">15,663 and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_903_eus-gaap--LongTermDebt_iI_pn3n3_c20251231__dei--LegalEntityAxis__custom--EleventhoneMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PyxisLamdaVesselMember_zs1L9wPh2zB4" title=" Long term debt outstanding">18,600, respectively. As of December 31, 2025, the outstanding balance was repayable in 20 consecutive quarterly installments of $<span id="xdx_903_ecustom--QuarterlyInstallmentsPayableNineteenInstallments_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PyxisLamdaVesselMember_zZumKFixa9ob" title="Vessel acquisition date">375 each, with the first installment due in March 2026, and the last installment accompanied by a balloon payment of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90C_eus-gaap--DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid_iI_pn3n3_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PyxisLamdaVesselMember_zdwrf8gJEzHg">11,100 due in <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_900_ecustom--LongTermDebtBalloonPaymentYear_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PyxisLamdaVesselMember_zGnji2XVvUv7" title="Long term debt balloon payment year">December 2030. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share 8. Long-term Debt: – Continued: Covenants: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 24px">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The borrower undertakes to maintain minimum deposit with the bank of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_900_ecustom--MinimumCashDeposits_iI_pn3n3_c20251217__us-gaap--TypeOfArrangementAxis__custom--SecuredLoanEleventhoneCorpMember_zh7MS7QSkmef" title="Minimum cash deposits">750 at all times, (which reduced to the amount of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_902_ecustom--ReducedMinimumCashDeposits_iI_pn3n3_c20251217__us-gaap--TypeOfArrangementAxis__custom--SecuredLoanEleventhoneCorpMember_zSajWxBbVKN6" title="Reduced minimum cash deposits">500, upon receipt of time charter employment for a period of at least six months).</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The ratio of the corporate guarantor’s total liabilities to market adjusted total assets is not to exceed <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_901_ecustom--DebtToMarketValueOfAdjustedAssetsMaximumRequiredRatio_iI_pid_dp_uPure_c20251217__us-gaap--TypeOfArrangementAxis__custom--SecuredLoanEleventhoneCorpMember_zB5XwrSpaWVh" title="Debt to market value of adjusted assets maximum ratio">75%. This requirement is only applicable in order to assess whether the borrowers are entitled to distribute dividends to Pyxis.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">MSC is to be at least <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90D_ecustom--MinimumSecurityCollateralCoverRequired_pid_dp_c20251217__20251217__us-gaap--TypeOfArrangementAxis__custom--SecuredLoanEleventhoneCorpMember_zWSWptzrsNtl" title="Minimum security collateral cover required">125% of the respective outstanding loan balance.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">No change shall be made directly or indirectly in the ownership, beneficial ownership, control or management of Eleventhone or of the Company or any share therein or the Pyxis Lamda, without the lender’s prior written consent, and at least 25% of the shares and voting rights in the corporate guarantor shall remain in the ultimate legal and beneficial ownership of the beneficial shareholders.</td></tr> </table> (d) In connection with the acquisition of the Konkar Ormi, Dryone Corp. entered into a $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_903_eus-gaap--DebtInstrumentSinkingFundPayment_pn3n3_c20230911__20230911__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--KonkarOrmiMember_zd7bRlPKwvwb" title="Fund payment">19,000 five-year secured loan agreement with Piraeus Bank S.A., on September 11, 2023. The facility provides for quarterly principal repayments of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90E_eus-gaap--DebtInstrumentPeriodicPayment_pn3n3_c20230911__20230911__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--KonkarOrmiMember_zYdQkLiufWRe" title="Quarterly installments">300 and bears interest at SOFR plus a margin of 2.35%. Standard collateral interests and customary covenants are incorporated in this facility. The facility is secured by, among other things, a first priority mortgage on the Konkar Ormi, and includes customary covenants, including minimum liquidity and a minimum security cover ratio. As of December 31, 2024 and December 31, 2025, the outstanding balance of the loan relating to the Konkar Ormi was $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_907_eus-gaap--LongTermDebt_iI_pn3n3_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--KonkarOrmiMember_zIyhdONwj5Gf" title=" Long term debt outstanding">17,100 and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_909_eus-gaap--LongTermDebt_iI_pn3n3_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--KonkarOrmiMember_zybBVg7zEnq1" title=" Long term debt outstanding">15,900, respectively. As of December 31, 2025, the outstanding balance was repayable in 11 consecutive quarterly installments of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_906_ecustom--QuarterlyInstallmentsPayableNineteenInstallments_pn3n3_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--KonkarOrmiMember_zzdXdQksVim4" title="Vessel acquisition date">300 each, with the last installment accompanied by a balloon payment of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_906_eus-gaap--DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid_iI_pn3n3_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--KonkarOrmiMember_zeSe0td9pw06">12,600 due in <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_909_ecustom--LongTermDebtBalloonPaymentYear_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--KonkarOrmiMember_z54thG5UESci" title="Long term debt balloon payment year">September 2028. Covenants: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 24px">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The borrower undertakes to maintain with the bank an average deposit balance of at least $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_905_ecustom--MinimumCashDeposits_iI_pn3n3_c20230911__us-gaap--TypeOfArrangementAxis__custom--SecuredLoanDryoneCorpMemberMember_zHsITzU3etm2" title="Minimum cash deposits">300 for the preceding six month period, first tested on December 31, 2024, and semi-annually thereafter.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The ratio of the corporate guarantor’s total liabilities (exclusive of cash, cash equivalents and Promissory Note, if any) to market adjusted total assets is not to exceed <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_903_ecustom--DebtToMarketValueOfAdjustedAssetsMaximumRequiredRatio_iI_pid_dp_uPure_c20230911__us-gaap--TypeOfArrangementAxis__custom--SecuredLoanDryoneCorpMemberMember_zSCbZHaIlVKi">75%. This requirement is only applicable in order to assess whether the borrower is entitled to distribute dividends to Pyxis. </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">MSC is to be at least <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_906_ecustom--MinimumSecurityCollateralCoverRequired_pid_dp_uPure_c20230911__20230911__us-gaap--TypeOfArrangementAxis__custom--SecuredLoanDryoneCorpMemberMember_z5OOLt2mWYo2" title="Minimum security collateral cover required">130% of the respective outstanding loan balance. </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Minimum cash and cash equivalent shall not be less than the greater of (i) $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_905_ecustom--MinimumCashAndCashEquivalents_iI_pn3n3_c20230911__us-gaap--TypeOfArrangementAxis__custom--SecuredLoanDrythreeCorpMember_zU7VNSuPzdzh" title="Minimum cash and cash equivalents">2,000 and (ii) <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_901_ecustom--DebtToMarketValueOfAdjustedAssetsMinimumRequiredRatio_iI_pid_dp_uPure_c20230911__us-gaap--TypeOfArrangementAxis__custom--SecuredLoanDrythreeCorpMember_zniSlAYHQVsg" title="Percentage of total debt">3% of the total debt excluding Promissory Note, if any.</td></tr> </table> (e) In connection with the acquisition of the Konkar Asteri, Drytwo Corp. entered into a $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20240215__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--KonkarAsteriDrytwoCorpMember_zBlUF39xN03e" title="Secured loan amount">14,500 five-year secured loan agreement with Alpha Bank S.A., on February 15, 2024. The facility provides for quarterly principal repayments of $300 and bears interest at SOFR plus a margin of <span id="xdx_901_ecustom--DebtInstrumentBasisSpreadOnVariableRatePercentage_iI_c20240215__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--KonkarAsteriDrytwoCorpMember_zSRc3R5PDsF4" title="Interest rate margin">2.35% per annum. Standard collateral interests and customary covenants are incorporated in this facility. The facility includes customary covenants, including minimum liquidity and a minimum security cover ratio (“MSC”). As of December 31, 2024 and December 31, 2025, the outstanding balance was $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90F_eus-gaap--PaymentsForLoans_pn3n3_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--KonkarAsteriDrytwoCorpMember_z50IcjeiPk96" title="Payment of loans">13,600 and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90D_eus-gaap--PaymentsForLoans_pn3n3_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--KonkarAsteriDrytwoCorpMember_zbvHE4LrSqdi" title="Payment of loans">12,400, respectively. As of December 31, 2025, the outstanding balance was repayable in 13 consecutive quarterly installments of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90C_eus-gaap--PrepaidExpenseCurrent_iI_pn3n3_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--KonkarAsteriDrytwoCorpMember_zSzvtUlA7qhh" title="Prepaid amount">300 each, with the last installment accompanied by a balloon payment of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_904_eus-gaap--DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid_iI_pn3n3_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--KonkarAsteriDrytwoCorpMember_zTlVFfC5zpy2" title="Loan balloon payment">8,500 due in <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_908_ecustom--LongTermDebtBalloonPaymentYear_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--KonkarAsteriDrytwoCorpMember_zDNIY6CCkpWd" title="Long term debt balloon payment year">February 2029. Covenants: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 24px">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The borrower undertakes to maintain minimum deposit with the bank of $350 at all times,</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The ratio of the corporate guarantor’s total liabilities to market adjusted total assets is not to exceed <span id="xdx_90B_ecustom--DebtToMarketValueOfAdjustedAssetsMaximumRequiredRatio_iI_pid_dp_uPure_c20240215__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--KonkarAsteriDrytwoCorpMember_zGXmHSmiozf6" title="Debt to market value of adjusted assets maximum ratio">75%. This requirement is only applicable in order to assess whether the borrowers are entitled to distribute dividends to Pyxis.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">MSC is to be at least <span id="xdx_908_ecustom--MinimumSecurityCollateralCoverRequired_pid_dp_uPure_c20250215__20250215__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--KonkarAsteriDrytwoCorpMember_zur4AfyVVeDk" title="Minimum security collateral cover required">125% of the respective outstanding loan balance.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">No change of control shall be made directly or indirectly in the ownership, beneficial ownership, control or management of any of the borrower and the corporate guarantor or any share therein or the Konkar Asteri, as a result of which less than 100% of the shares and voting rights in each borrower are owned by the corporate guarantor or less than 25% of the shares and voting rights in the corporate guarantor will remain in the ultimate legal and beneficial ownership of the beneficial shareholders.</td></tr> </table> PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share 8. Long-term Debt: – Continued: (f) In end of June 2024, the Company acquired the 2015 Chinese built Kamsarmax dry-bulk carrier Konkar Venture. Upon delivery of the dry-bulk carrier, on June 28, 2024, Drythree entered into a $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_902_ecustom--LoanAmountDownPayment_iI_pn3n3_c20240628__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--KonkarVentureMember_zuY3D6fYPPp5" title="Loan amount drew down">16,500 five-year secured loan agreement with Piraeus Bank S.A., on June 28, 2024 for the purpose of financing the vessel acquisition. The facility provides for quarterly principal repayments of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_908_eus-gaap--DebtInstrumentPeriodicPayment_pn3n3_c20240628__20240628__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--KonkarVentureMember_zrVcHmOtOKSh">315 and bears interest at SOFR plus a margin of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_907_ecustom--DebtInstrumentBasisSpreadOnVariableRatePercentage_iI_pid_dp_c20240628__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--KonkarVentureMember_z1XuxBtAlDWl" title="Interest rate margin">2.15%. Standard collateral interests and customary covenants are incorporated in this facility. The facility includes customary covenants, including minimum liquidity and a minimum security cover ratio (“MSC”). As of December 31, 2024 and December 31, 2025, the outstanding balance was $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_902_eus-gaap--LoansPayable_iI_pn3n3_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--KonkarVentureMember_zTt7DhFNEYue" title="Outstanding balance">15,870 and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90D_eus-gaap--LoansPayable_iI_pn3n3_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--KonkarVentureMember_zDfWcwpXbMTk" title="Outstanding balance">14,610, respectively. As of December 31, 2025, the outstanding balance was repayable in 14 consecutive quarterly installments of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_904_eus-gaap--DebtInstrumentPeriodicPayment_pn3n3_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--KonkarVentureMember_z7TcT5vnKIDa">315 each, with the last installment accompanied by a balloon payment of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_906_eus-gaap--DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid_iI_pn3n3_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--KonkarVentureMember_zKZjTBTX6zKa" title="Balloon payment">10,200 due in <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_906_ecustom--LongTermDebtBalloonPaymentYear_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--KonkarVentureMember_zonLHPyweg95" title="Long term debt balloon payment year">June 2029. Covenants: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The borrower undertakes to maintain with the bank an average deposit balance of at least $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90D_eus-gaap--DepositsAssets_iI_pn3n3_c20240628__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--KonkarVentureMember_zusyRfOHHmac" title="Minimum cash deposits">300 for the preceding six month period, first tested on December 31, 2024, and semi-annually thereafter.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The ratio of the corporate guarantor’s total liabilities (exclusive of cash, cash equivalents and Promissory Note, if any) to market adjusted total assets is not to exceed <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_902_ecustom--DebtToMarketValueOfAdjustedAssetsMaximumRequiredRatio_iI_pid_dp_uPure_c20240628__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--KonkarVentureMember_zmGX8XipHdt3" title="Debt to market value of adjusted assets maximum ratio">75%. This requirement is only applicable in order to assess whether the borrower is entitled to distribute dividends to Pyxis. </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">MSC is to be at least 130% of the respective outstanding loan balance.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Minimum cash and cash equivalent shall not be less than the greater of (i) $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_905_ecustom--MinimumCashAndCashEquivalents_iI_pn3n3_c20240628__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--KonkarVentureMember_zPjsWPc47ro4" title="Minimum cash and cash equivalents">2,000 and (ii) <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90C_ecustom--DebtToMarketValueOfAdjustedAssetsMinimumRequiredRatio_iI_pid_dp_c20240628__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--KonkarVentureMember_zEnZuVqeZQ71" title="Debt to market value of adjusted assets minimum required ratio">3% of the total debt excluding Promissory Note, if any.</td></tr> </table> Amounts presented in Restricted cash, non-current, in the Consolidated Balance Sheets related to minimum cash deposits required to be maintained under the Company’s debt agreements. The annual principal payments required to be made after December 31, 2025, are as follows: Schedule of Principal Payments <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold">To December 31,</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20251231_znhpREoYYbii" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_pn3n3_maLTDzvlr_zdDKYQUhlJk2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">8,160</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_pn3n3_maLTDzvlr_zk8py4hlo6S3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,160</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_iI_pn3n3_maLTDzvlr_zUcwjJsVcnea" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,460</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_iI_pn3n3_maLTDzvlr_zFvlXvpFYYee" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,930</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_iI_pn3n3_maLTDzvlr_zgWzb2Q6qEr5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">2030</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">20,150</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--LongTermDebt_iTI_pn3n3_mtLTDzvlr_zMjIgSz4XWLc" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">87,860</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> As of December 31, 2025, the Company was in compliance with the applicable financial and other covenants contained in its bank loan agreements described above. Total interest expense on long-term debt and the Promissory Note (see Note 3) for the years ended December 31, 2023, 2024 and 2025, amounted to $<span id="xdx_902_eus-gaap--DebtInstrumentPeriodicPaymentInterest_pn3n3_c20230101__20231231__us-gaap--DebtInstrumentAxis__custom--LongTermDebtAndPromissoryNoteMember_z3YB5H1X8jI9" title="Interest expense on long-term debt and promissory note">5,552, $<span id="xdx_90B_eus-gaap--DebtInstrumentPeriodicPaymentInterest_pn3n3_c20240101__20241231__us-gaap--DebtInstrumentAxis__custom--LongTermDebtAndPromissoryNoteMember_zJq32dItRnV9" title="Interest expense on long-term debt and promissory note">6,259 and $<span id="xdx_90A_eus-gaap--DebtInstrumentPeriodicPaymentInterest_pn3n3_c20250101__20251231__us-gaap--DebtInstrumentAxis__custom--LongTermDebtAndPromissoryNoteMember_zNOYe97b52Xe" title="Interest expense on long-term debt and promissory note">5,477, respectively, and is included in Interest and finance costs (Note 14) in the accompanying Consolidated Statements of Comprehensive Income. The Company’s weighted average interest rate (including the applicable margin) for the years ended December 31, 2023, 2024 and 2025, was 8.21%, 7.73% and 6.59% per annum, respectively. The 2023 weighted average interest rate included the effect of the Promissory Note discussed in Note 3. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share 8. Long-term Debt: – Continued: Unfunded commitments — “Hunting License” facility On July 30, 2025, the Company entered into a commitment with Piraeus Bank S.A. for a “hunting license” loan facility of up to $45,000 to finance the potential acquisition of up to two vessels consisting of product tankers between 45-115K dwt. and/or dry bulk carriers between 60-85K dwt. Advances of up to 62.5% of a vessel’s purchase price may be drawn during a period of up to 18 months after the closing of the facility, with the remaining purchase consideration expected to be funded from cash on hand. Borrowings under the facility would bear interest at SOFR plus an average margin of 1.90%, and each advance would be amortized on a quarterly basis over five years from drawdown. The facility would be secured by, among other things, any vessels acquired with its proceeds and includes customary financial and other covenants. The Company is required to pay a nominal commitment fee to the lender during the drawdown availability period, and such fee was accrued as of December 31, 2025. No amounts were drawn under the facility as of December 31, 2025.

The amounts shown in the accompanying Consolidated Balance Sheets at December 31, 2024 and 2025, are analyzed as follows: Schedule of Long-Term Debt <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Vessel (Borrower)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20241231_zl8qmVI7OmXa" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20251231_zpcSfKkENPVf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Vessel (Borrower)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PyxisThetaVesselMember__dei--LegalEntityAxis__custom--SeventhoneCorpMember_zuhn23RVR211" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-style: italic; text-align: left">(a) “Pyxis Theta” (Seventhone)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">10,150</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">14,750</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PyxisKarteriaVesselMember__dei--LegalEntityAxis__custom--TenthoneCorpMember_zg71LhfP01ti" style="vertical-align: bottom; background-color: White"> <td style="font-style: italic; text-align: left">(b) “Pyxis Karteria” (Tenthone)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,800</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,600</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PyxisLamdaVesselMember__dei--LegalEntityAxis__custom--EleventhoneCorpMember_zTa7HNlExcK6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic; text-align: left">(c) “Pyxis Lamda” (Eleventhone)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,663</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,600</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--KonkarOrmiMember__dei--LegalEntityAxis__custom--DryoneCorpMember_zAbp5ZbTzPWj" style="vertical-align: bottom; background-color: White"> <td style="font-style: italic; text-align: left">(d) “Konkar Ormi” (Dryone Corp.)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,900</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--KonkarAsteriMember__dei--LegalEntityAxis__custom--DrytwoCorpMember_zck9CaQRCh9f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic; text-align: left">(e) “Konkar Asteri” (Drytwo Corp.)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,600</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,400</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--KonkarVentureMember__dei--LegalEntityAxis__custom--DrythreeCorpMember_zZhy14sFjzxb" style="vertical-align: bottom; background-color: White"> <td style="font-style: italic; text-align: left; padding-bottom: 1pt">(f) “Konkar Venture” (Drythree Corp.)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">15,870</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">14,610</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_zjMOYsVzOnU6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt"> Total principal balance (gross)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">85,183</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">87,860</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> The vessel-by-vessel amounts represent outstanding principal balances (gross). Long-term debt is presented in the Consolidated Balance Sheets net of unamortized deferred financing costs, as reconciled below. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_400_ecustom--LongTermDebtCurrentBeforeDeferredFinancingCost_iI_pn3n3_maLTDCzhwF_zeZwadPbAFIk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Principal balance (gross) - Current portion</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">7,787</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">8,160</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--DeferredFinanceCostsCurrentNet_iNI_pn3n3_di_msLTDCzhwF_zKThO7kNSJw4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less current portion of unamortized deferred financing costs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(226</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(193</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_402_eus-gaap--LongTermDebtCurrent_iTI_pn3n3_mtLTDCzhwF_zXA3eNfnr8dl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Current portion of long-term debt, net of unamortized deferred financing costs</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,561</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,967</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--LongTermDebtNoncurrentBeforeDeferredFinancingCost_iI_pn3n3_maLTDNzDIR_z20I5051YH7j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Principal balance (gross) - Non-current portion</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">77,396</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">79,700</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DeferredFinanceCostsNoncurrentNet_iNI_pn3n3_di_msLTDNzDIR_za0i5s8g0it9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less non-current portion of unamortized deferred financing costs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(433</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(421</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--LongTermDebtNoncurrent_iTI_pn3n3_mtLTDNzDIR_zWs9KfZaDVii" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Long-term debt, net of current portion and unamortized deferred financing costs</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">76,963</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">79,279</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic">Summarized:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--LongTermDebtBeforeDeferredFinancingCost_iI_pn3n3_maLTDNzM0R_zxSsmVLQs8xh" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Principal balance (gross)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">85,183</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">87,860</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredFinanceCostsNet_iNI_pn3n3_di_msLTDNzM0R_zslvDGlg6jQ9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less unamortized deferred financing costs (current and non-current)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(659</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(614</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_400_ecustom--LongTermDebtNet_iTI_pn3n3_mtLTDNzM0R_z9C2JcnaUSPd" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Long-term debt, net of deferred financing costs (as presented in the Consolidated Balance Sheets)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">84,524</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">87,246</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

10150000

14750000

12800000

11600000

15663000

18600000

17100000

15900000

13600000

12400000

15870000

14610000

85183000

87860000

7787000 8160000

226000

193000

7561000

7967000

77396000 79700000

433000

421000

76963000

79279000

85183000 87860000

659000

614000

84524000 87246000

14750000

450000

0.0190 0.0240

10150000

14750000

450000

5750000

2030-12

500000

0.75 1.25 15500000

300000

0.0270

12800000

11600000

300000

8900000

2028-03 900000 500000 0.75 1.30 2000000 0.03 18600000 375000 1.90 2.40

15663000

18600000

375

11100000

2030-12 750000 500000 0.75 1.25

19000000

300000

2.35

17100000

15900000

300000

12600000

2028-09 300000 0.75 1.30 2000000 0.03

14500000

300

2.35

13600000

12400000

300000

8500000

2029-02

350

0.75 1.25 16500000

315000

0.0215

15870000

14610000

315000

10200000

2029-06

300000

0.75 2000000 0.03

The annual principal payments required to be made after December 31, 2025, are as follows: Schedule of Principal Payments <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold">To December 31,</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20251231_znhpREoYYbii" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_pn3n3_maLTDzvlr_zdDKYQUhlJk2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">8,160</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_pn3n3_maLTDzvlr_zk8py4hlo6S3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,160</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_iI_pn3n3_maLTDzvlr_zUcwjJsVcnea" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,460</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_iI_pn3n3_maLTDzvlr_zFvlXvpFYYee" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,930</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_iI_pn3n3_maLTDzvlr_zgWzb2Q6qEr5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">2030</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">20,150</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--LongTermDebt_iTI_pn3n3_mtLTDzvlr_zMjIgSz4XWLc" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">87,860</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

8160000

28460000

22930000

20150000

87860000

5552000

6259000

5477000

0.0821

0.0773

0.0659

45000000

0.625

P18M

0.0190

P5Y

9. Equity Capital Structure and Equity Incentive Plan: The Company’s authorized common and preferred stock consists of 450,000,000 common shares and 50,000,000 preferred shares, of which <span id="xdx_90F_eus-gaap--PreferredStockSharesAuthorized_iI_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredSharesMember_z9uw3IJOTtgd" title="Preferred stock, shares authorized">1,000,000 are authorized as Series A Convertible Preferred Shares. As of December 31, 2024 and 2025, the Company had a total of 10,553,399 common shares and 10,418,859 common shares outstanding, respectively, and <span id="xdx_902_eus-gaap--PreferredStockSharesIssued_iI_dxL_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredSharesMember_z1ctnWUVWDwb" title="Preferred stock, shares issued::XDX::-"><span id="xdx_901_eus-gaap--PreferredStockSharesOutstanding_iI_dxL_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredSharesMember_za3zwiUQ8cZc" title="Preferred stock, shares outstanding::XDX::-"><span id="xdx_905_eus-gaap--PreferredStockSharesIssued_iI_dxL_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredSharesMember_zyZs9OybGyq6" title="Preferred stock, shares issued::XDX::-"><span id="xdx_90B_eus-gaap--PreferredStockSharesOutstanding_iI_dxL_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredSharesMember_z9ipsjPKzQ03" title="Preferred stock, shares outstanding::XDX::-">nil Series A Convertible Preferred Shares issued and outstanding as of each date, each with a par value of USD 0.001 per share. The above outstanding common share counts are presented net of shares repurchased under the Company’s common share repurchase programs. As of December 31, 2024 and 2025, these repurchased shares had not been cancelled and were held as treasury shares, accordingly, they were excluded from the Company’s common shares outstanding. As of December 31, 2025, there were no detachable warrants outstanding. On October 13, 2020, the Company announced the closing of its offering of 200,000 units at an offering price of $25.00 per Unit (the “Offering”). Each Unit was immediately separable into one 7.75% Series A Convertible Preferred Share and eight (8) detachable Warrants, each warrant exercisable for one common share, for a total of up to <span id="xdx_903_ecustom--NumberOfCommonSharesFromExerciseableOfDetachableWarrants_pid_c20201012__20201013__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember__srt--RangeAxis__srt--MaximumMember_zZue2PFIlA54" title="Common shares from exerciseable of detachable warrants">1,600,000 common shares of the Company. Each Warrant was exercisable at an initial exercise price of $<span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pp2d_c20201013__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember_zQa8XysFanLk" title="Warrant exercise price per shares">5.60 per share at any time prior to October 13, 2025 or, in case of absence of an effective registration statement, on a cashless basis based on a formula. Any Warrants that remained unexercised on October 13, 2025, expired worthless on that date. The Series A Convertible Preferred Shares were not redeemable at the option of the holders, did not have a stated redemption date, and were redeemed by the Company after October 13, 2023 at the liquidation preference of $<span id="xdx_909_eus-gaap--PreferredStockLiquidationPreference_iI_pid_c20201013__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredSharesMember_zNKhO4giqxr3" title="Liquidation preference per share">25.00 per share in cash. On June 20, 2024, the Company redeemed <span id="xdx_90F_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_c20240620__20240620__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredSharesMember_zS0SnefQlgre" title="Redemption of Series a convertible preferred shares">100,000 Series A Convertible Preferred Shares for $2.5 million in cash, and on October 20, 2024, the Company redeemed all remaining outstanding Series A Convertible Preferred Shares for an aggregate payment of $7.6 million in cash. Accordingly, no Series A Convertible Preferred Shares were outstanding as of December 31, 2024 and 2025. The Series A Convertible Preferred Shares were classified within stockholders’ equity and the embedded conversion and redemption features were not bifurcated under ASC 815, Derivatives and Hedging. Dividends on the Series A Convertible Preferred Shares were cumulative from and including the date of original issuance in the amount of $<span id="xdx_90E_ecustom--AnnualCashDividendPerShare_pp4d_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember_zqhBRr03xsIh" title="Annual cash dividend per share">1.9375 per share each year, which is equivalent to <span id="xdx_901_eus-gaap--PreferredStockDividendRatePercentage_pid_dp_uPure_c20201012__20201013__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember_zsH88x23wDHg" title="Preferred dividend percentage">7.75% of the $<span id="xdx_907_eus-gaap--PreferredStockLiquidationPreference_iI_pp2d_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember_zpW5UZ7iZNe5" title="Liquidation preference per share">25.00 liquidation preference per share. Dividends on the Series A Convertible Preferred Shares were paid monthly in arrears starting November 20, 2020, to the extent declared by the Board of Directors of the Company, through their redemption during 2024. As compensation, the Company issued underwriter’s warrants pursuant to the October 8, 2020 Underwriting Agreement and accounted for these awards under ASC 718, Compensation—Stock Compensation, classified within stockholders’ equity. In July 2021, the Company completed a follow-on public offering of additional Series A Convertible Preferred Shares, which formed a single series with and had the same terms and conditions as the Series A Convertible Preferred Shares issued on October 13, 2020. During 2023, an aggregate of <span id="xdx_90B_eus-gaap--ConversionOfStockSharesConverted1_pid_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__custom--UnderwritersWarrantsMember_zBMfAWh0oUf2" title="Conversion of stock, shares converted">45,842 of Series A Convertible Preferred Shares were converted into 204,819 registered common shares of the Company while no Warrants were exercised. At December 31, 2023, the Company had <span id="xdx_906_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredSharesMember_zGU5j7IINqKi" title="Preferred stock, shares outstanding">403,631 outstanding Series A Convertible Preferred Shares and 1,591,062 detachable Warrants (excluding <span id="xdx_908_ecustom--FirstTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares_iI_c20231231__us-gaap--StatementEquityComponentsAxis__custom--UnderwritersWarrantsMember_zdg3DCnY6yfh" title="Underwriter warrants to purchase">4,683 underwriter’s Warrants to purchase <span id="xdx_906_ecustom--SecondTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares_iI_pid_c20231231__us-gaap--StatementEquityComponentsAxis__custom--SeriesAConvertiblePreferredStockMember_zEehC8Kz3dnl" title="Convertible preferred shares">4,683 Series A Convertible Preferred Shares and <span id="xdx_905_ecustom--SecondTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares_iI_c20231231__us-gaap--StatementEquityComponentsAxis__custom--UnderwritersWarrantsMember_zZwRrjdTJlL7" title="Second type - Warrant for the purchase of an aggregate Series A Convertible Preferred Shares">3,460 underwriter’s warrants to purchase <span id="xdx_903_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20231231__us-gaap--StatementEquityComponentsAxis__custom--UnderwritersWarrantsMember_z8VliiBGgkLa" title="Class of warrant or right, outstanding">3,460 common shares which were outstanding as of December 31, 2023). During 2024, an aggregate of <span id="xdx_903_eus-gaap--ConversionOfStockSharesConverted1_pid_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__custom--UnderwritersWarrantsMember_z6fq3Poyu9Cl" title="Conversion of stock, shares converted">460 of Series A Convertible Preferred Shares were converted into 2,053 registered common shares of the Company while no Warrants were exercised. On June 20, 2024, the Company paid $<span id="xdx_901_eus-gaap--StockRedeemedOrCalledDuringPeriodValue_c20240620__20240620__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativeConvertiblePreferredStockMember_zvSFW7cy5Fdc" title="Redemption of series A cumulative convertible preferred stock">2,500 for the redemption of <span id="xdx_901_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_c20240620__20240620__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativeConvertiblePreferredStockMember_zbiMabb6Zank" title="Redemption of series A cumulative convertible preferred stock, shares">100,000 shares of its Series A Cumulative Convertible Preferred Stock. Upon this redemption, <span id="xdx_900_ecustom--StockCancelledDuringPeriodShares_c20240620__20240620__us-gaap--StatementClassOfStockAxis__custom--SeriesACumulativeConvertiblePreferredStockMember_zzBnfdOVUZM7" title="Stock cancelled">100,000 PXSAP shares were cancelled by the Company. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share 9. Equity Capital Structure and Equity Incentive Plan: – Continued: On October 20, 2024, the Company fully redeemed all the outstanding shares of its Series A Convertible Preferred Shares for $7.6 million. Upon these redemptions, all the outstanding PXSAP shares were cancelled by the Company and cash dividends in respect of these shares were no longer payable. As the fair value of the PXSAP redemption was greater than the carrying amount, a retained earnings reduction of $2.68 million was recognized as a deemed dividend to the preferred shareholders in connection with the full PXSAP redemption. The Company’s obligation to pay dividends in respect of these shares ceased. During the fourth quarter of 2024, non-tradable underwriter’s Warrants of <span id="xdx_909_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20241231__us-gaap--StatementEquityComponentsAxis__custom--UnderwritersWarrantsMember_znPuu1K1cu6l" title="Class of warrant or right, outstanding">1,474 were exercised resulting in the issuance of <span id="xdx_903_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_pid_c20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zNWVMftjlOt8" title="Issuance of warrants">1,403 warrants to purchase <span id="xdx_903_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_pid_c20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zsDFqGu6UIXj" title="Issuance of warrants">1,403 common shares. At December 31, 2024, the Company had 1,592,465 detachable Warrants (excluding non-tradable underwriter’s common stock purchase warrants to purchase <span id="xdx_901_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_pid_c20241231__us-gaap--StatementEquityComponentsAxis__custom--NonTradeableUnderwriterWarrantsMember_zGpKHRtH65Z3" title="Class of warrant or right, number of securities called by each warrant or right">109,129 common shares, of which <span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_pid_c20241231__us-gaap--StatementEquityComponentsAxis__custom--UnderwritersWarrantsMember_zcZmrQ9fpMw1" title="Class of warrant or right, number of securities called by each warrant or right">107,143 and 1,986 underwriter’s warrants had exercise prices of $<span id="xdx_906_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20241231__us-gaap--StatementEquityComponentsAxis__custom--NonTradeableUnderwriterWarrantsMember_zj2918M0SDS5" title="Warrants exercise price">8.75 and $5.60, respectively, and 4,683 underwriter’s Warrants to purchase <span id="xdx_90A_ecustom--SecondTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares_iI_pid_c20241231__us-gaap--StatementEquityComponentsAxis__custom--SeriesAConvertiblePreferredStockMember_zCWp82qKBgvk">4,683 Series A Convertible Preferred Shares that remained outstanding as of December 31, 2024). On October 13, 2025, the 1,592,465 detachable warrants (formerly NASDAQ Cap Mkts: PXSAW) issued in connection with the October 2020 Offering expired worthless in accordance with their original terms and ceased to trade on Nasdaq. No common shares were issued and no cash or non-cash proceeds were received by the Company as a result of the expiration. The expiration had no impact on the Company’s share capital or additional paid-in capital. The Company has also issued to the placement agent 107,143 non-tradable warrants to purchase common shares, which became exercisable one hundred eighty (180) days after the closing date, or on August 23, 2021, and expired on the 5five-year anniversary of the closing date, or on February 24, 2026. These warrants remained outstanding with no exercises or other activity during the year ended December 31, 2025, and expired on February 24, 2026. During the months of January through December 2023 and 2024 the Company declared and paid monthly cash dividends of $<span id="xdx_903_ecustom--MonthlyCashDividendPaidPerShare_pp4d_uUSDPShares_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember_zkPVJRYHCLQi" title="Monthly cash dividend paid per share">0.1615 per share for each outstanding Series A Convertible Preferred Share, which aggregated for the year ended to $<span id="xdx_906_eus-gaap--DividendsPayableCurrentAndNoncurrent_iI_pn3n3_c20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember_zRmyhBzY2ich" title="Dividend payable">797 and $<span id="xdx_906_eus-gaap--DividendsPayableCurrentAndNoncurrent_iI_pn3n3_c20241231__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember_zS48Y8cV67Dk" title="Dividend payable">586, respectively. No dividends were declared or paid on the Series A Convertible Preferred Shares during 2025 following the full redemption in October 2024. On May 11, 2023, the Company’s Board authorized a common share repurchase program of up to $2.0 million for a period of six months through open market transactions. In November 2023, the Board of Directors authorized a six-month extension of the Repurchase Program through May, 2024. In May 2024, the Board of Directors authorized an increase of $1.0 million in incremental repurchase authority under the Repurchase Program, and also extended the program through May 16, 2025. During the year ended December 31, 2023, the Company repurchased <span id="xdx_90E_eus-gaap--StockRepurchasedAndRetiredDuringPeriodShares_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zCFPTcQEo0re" title="Number of shares repurchased">331,591 common shares at an average price of $3.68 per share, excluding brokerage commissions, utilizing $1.2 million under the authorized $2.0 million repurchase program. During the year ended December 31, 2024, the Company repurchased <span id="xdx_909_eus-gaap--StockRepurchasedDuringPeriodShares_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zwr32EAfL2ef" title="Stock repurchased during period, shares">331,558 common shares at an average price of $4.39 per share, excluding brokerage commissions, utilizing $1.5 million under the authorized $3.0 million repurchase program, as increased in May 2024. On January 30, 2025, the Company fully utilized the remaining availability under the Company’s previously authorized $3.0 million common share repurchase program. From January 1, 2025 through January 30, 2025, the Company repurchased 67,534 common shares in the open market at an average price of $3.91 per share, excluding brokerage commissions, for an aggregate purchase price of $0.264 million. Since summer 2023, the Company has repurchased an aggregate of 730,683 common shares in the open market at an average cost of $4.03 per share, excluding commissions. As of January 30, 2025, no amounts remained available under the prior repurchase authorization. In October 2015, the Company’s Board approved, and the Company adopted the Pyxis Tankers Inc. 2015 EIP for common shares (the “Plan” or “EIP”). The maximum aggregate number of shares of common stock that may be delivered pursuant to awards granted under the Plan during the ten-year term of the Plan will be 15% of the then-issued and outstanding number of shares of the Company’s common stock under the EIP. The Company’s employees, officers, directors and service providers are entitled to receive options to acquire the Company’s common stock. The EIP is administered by the Nominating and Corporate Governance Committee of the Company’s Board or such other committee of the Board as may be designated by the Board. Under the terms of the EIP, the Company’s Board is able to grant, (a) non-qualified stock options, (b) stock appreciation rights, (c) restricted stock, (d) restricted stock units, (e) unrestricted stock grants, (f) other equity-based or equity-related awards and (g) dividend equivalents. No award may be granted under the EIP after the tenth anniversary of the date the EIP was adopted by the Company’s Board. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share 9. Equity Capital Structure and Equity Incentive Plan: – Continued: On May 11, 2023, the Company’s Nominating & Corporate Governance Committee approved the grant of a total of <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures_pid_c20230511__20230511__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember__us-gaap--GranteeStatusAxis__us-gaap--ShareBasedPaymentArrangementEmployeeMember_z6OHDxz4Hhp1" title="Number of common shares issued">55,000 restricted common shares to certain employees, board members and Company affiliates under the EIP. The restricted shares had vesting periods up to November 2024. The fair value of the restricted shares based on the closing price on the grant date was $<span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures_pn3n3_c20230511__20230511__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember__us-gaap--GranteeStatusAxis__us-gaap--ShareBasedPaymentArrangementEmployeeMember_zguoUh3AUBza" title="Fair value of common shares issued">201. In November 2024, the Company’s Board of Directors approved the issuance of a total of <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures_pid_c20241101__20241130__us-gaap--PlanNameAxis__custom--EquityIncentivePlanMember__srt--TitleOfIndividualAxis__custom--EmployeesOfficersAndDirectorsMember_zA3R40MjOTih" title="Shares issued">72,500 restricted common shares under the existing EIP to certain employees, board members and Company affiliates. The restricted shares had a vesting period of 12 months, which ended in November 2025. During 2025, <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures_pid_c20250101__20251231__us-gaap--PlanNameAxis__custom--EquityIncentivePlanMember__srt--TitleOfIndividualAxis__custom--EmployeesOfficersAndDirectorsMember_zkc11PZxXezg" title="Shares issued">71,500 restricted common shares vested and <span id="xdx_90A_ecustom--StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeituresUponEmployeeDepartures_pid_c20250101__20251231__us-gaap--PlanNameAxis__custom--EquityIncentivePlanMember__srt--TitleOfIndividualAxis__custom--EmployeesOfficersAndDirectorsMember_zWDaN9ZBrRL7" title="Restricted common shares forfeited upon employee departures">1,000 restricted common shares were forfeited upon employee departures prior to vesting. The fair value of the restricted shares based on the closing price on the grant date was $<span id="xdx_903_eus-gaap--StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures_pn3n3_c20241101__20241130__us-gaap--PlanNameAxis__custom--EquityIncentivePlanMember__srt--TitleOfIndividualAxis__custom--EmployeesOfficersAndDirectorsMember_zQGKDxfql5s8" title="Fair value of common shares issued">301. The total fair value of the <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures_pid_c20250101__20251231__us-gaap--PlanNameAxis__custom--EquityIncentivePlanMember__srt--TitleOfIndividualAxis__custom--EmployeesOfficersAndDirectorsMember_zACUs7g00DC3" title="Shares issued">71,500 restricted common shares that vested during 2025, based on the closing price of the Company’s common shares on the vesting date, was $<span id="xdx_904_eus-gaap--StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures_pn3n3_c20241101__20241130__us-gaap--PlanNameAxis__custom--EquityIncentivePlanMember_zcvx0qtwdqz9" title="Fair value of common shares issued">187. On November 19, 2025, the Company’s Board of Directors authorized the repurchase of up to $3.0 million of the Company’s common shares for a period of up to <span id="xdx_901_eus-gaap--StockRepurchaseProgramPeriodInForce1_dc_c20251119__20251119__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zkUNZuEYcUni" title="Common stock repurchase period">one year. Repurchases may be made from time to time at the Company’s discretion in open market transactions, privately negotiated transactions, accelerated share repurchase programs or a combination of these methods. The actual amount and timing of repurchases are subject to capital availability, market conditions and the Company’s determination that repurchases are in the best interests of its shareholders. From November 19, 2025 through December 31, 2025, the Company repurchased <span id="xdx_90C_esrt--StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased_iI_pid_c20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zz1XCP1RcNAb" title="Common stock repurchase shares">67,004 common shares in the open market at an average price of $2.95 per share, excluding commissions, for an aggregate purchase price of $0.2 million. This authorization expires in November 2026. Non–cash charges of $171, $62 and $263 were recognized ratably from the grant date over the vesting period as compensation cost in General and administrative expenses of the accompanying Consolidated Statements of Comprehensive Income for the years ended December 31, 2023, 2024 and 2025, respectively. As of December 31, 2023, 2024 and 2025, the total unrecognized cost relating to restricted share awards was $<span id="xdx_906_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_pn3n3_c20231231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zTEP3s9Egi7g" title="Total unrecognized cost">30, $<span id="xdx_908_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_pn3n3_c20241231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zBexU64UlsWf" title="Total unrecognized cost">254 and <span id="xdx_90E_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_pn3n3_dxL_c20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zaxlofNKzMde" title="Total unrecognized cost::XDX::-">nil, respectively, and the weighted average period for the non-vested awards was nine months and eleven months as of December 31, 2023 and 2024, respectively. Restricted stock activity during the year ended December 31, 2025 is analyzed as follows: Summary of Restricted Stock <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Number of Shares</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Grant Date Price</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-weight: bold">Outstanding at December 31, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zREWzfO3mXve" style="width: 16%; text-align: right" title="Number of shares, outstanding beginning balance">72,500</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_z4rPEk5uvcEa" style="width: 16%; text-align: right" title="Weighted average grant date price, outstanding beginning balance">4.15</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zHONF51LC7Zk" style="text-align: right" title="Number of shares, granted">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_z8QDDwhkXRca" style="text-align: right" title="Weighted average grant date price, granted">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Vested</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zNEvktn0UQEa" style="text-align: right" title="Number of shares, vested">(71,500</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zPArE00KwRPf" style="text-align: right" title="Weighted average grant date price, vested">4.15</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Forfeited or expired</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_pid_di_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zW0igrZOl4le" style="text-align: right" title="Number of shares, forfeited or expired">(1,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_z8R6O5fVOYz6" style="text-align: right" title="Weighted average grant date price, forfeited or expired">4.15</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 1pt">Outstanding at December 31, 2025</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zggnFDMGGXY9" style="border-bottom: Black 1pt solid; text-align: right" title="Number of shares, outstanding ending balance">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_uUSDPShares_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zSwn3pnugow4" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average grant date price, outstanding ending balance">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table> The fair value of the restricted shares has been determined with reference to the closing price of the Company’s stock on the date the agreements were signed. The aggregate compensation cost is being recognized ratably in the Consolidated Statements of Comprehensive Income over the respective vesting periods.

450000000

50000000

1000000

10553399

10418859

0.001

200000 25.00 0.0775 1600000

5.60

25.00

100000

2500000

7600000

1.9375

0.0775

25.00

45842

204819

403631

1591062

4683 4683 3460

3460

460

2053

2500

100000

7600000

2680000

1474

1403

1592465

109129

107143

1986

8.75

5.60

4683 4683

1592465

107143

P5Y

0.1615

797000

586000

2000000.0 1000000.0

331591

3.68

1200000

2000000.0

331558

4.39

1500000

3000000.0

67534

3.91

264000

730683

4.03

55000

201000

72500

71500

1000

301000

71500

187000

3000000.0

P1Y

67004

2.95

200000

171000

62000

263000

30000

254000

Restricted stock activity during the year ended December 31, 2025 is analyzed as follows: Summary of Restricted Stock <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Number of Shares</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Grant Date Price</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-weight: bold">Outstanding at December 31, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zREWzfO3mXve" style="width: 16%; text-align: right" title="Number of shares, outstanding beginning balance">72,500</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_z4rPEk5uvcEa" style="width: 16%; text-align: right" title="Weighted average grant date price, outstanding beginning balance">4.15</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zHONF51LC7Zk" style="text-align: right" title="Number of shares, granted">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_z8QDDwhkXRca" style="text-align: right" title="Weighted average grant date price, granted">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Vested</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zNEvktn0UQEa" style="text-align: right" title="Number of shares, vested">(71,500</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zPArE00KwRPf" style="text-align: right" title="Weighted average grant date price, vested">4.15</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Forfeited or expired</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_pid_di_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zW0igrZOl4le" style="text-align: right" title="Number of shares, forfeited or expired">(1,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_z8R6O5fVOYz6" style="text-align: right" title="Weighted average grant date price, forfeited or expired">4.15</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 1pt">Outstanding at December 31, 2025</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zggnFDMGGXY9" style="border-bottom: Black 1pt solid; text-align: right" title="Number of shares, outstanding ending balance">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_uUSDPShares_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zSwn3pnugow4" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average grant date price, outstanding ending balance">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table>

72500

4.15

71500

4.15

1000

4.15

10. Non-controlling Interest On July 5, 2023, the Company acquired a 60% equity interest in the newly incorporated entity Drykon for a consideration of $6,780 in cash. The remaining <span id="xdx_906_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_pid_dp_uPure_c20230705__srt--OwnershipAxis__custom--DrykonMaritimeCorpMember__srt--TitleOfIndividualAxis__custom--ChiefExecutiveOfficerAndChairmanMember_zptH7i7992W1" title="Ownership percentage, noncontrolling owner">40% was acquired by an entity related to the Company’s Chief Executive Officer and Chairman for a consideration of $<span id="xdx_90D_eus-gaap--PaymentsToAcquireBusinessesGross_pn3n3_c20230705__20230705__srt--OwnershipAxis__custom--DrykonMaritimeCorpMember__srt--TitleOfIndividualAxis__custom--ChiefExecutiveOfficerAndChairmanMember_zHzhTXY9OCha" title="Consideration in cash">4,520 in cash. An agreement has been signed, between the shareholders of Drykon where all matters about Drykon’s structure, operations and governance are determined and agreed in writing. Management assessed the terms of the agreement and concludes that there is disproportionality in between the financial interest and voting rights of the Company. More specifically, Pyxis owns 60% of the equity interest in Drykon, however, there are matters in the agreement requiring unanimous vote of all directors resulting in Pyxis only having a 50% share of the voting rights for these specific matters. A number of these matters that require a unanimous vote have been determined by the management to relate to activities that significantly affect the economic performance of Drykon and are considered by the management to be participating rights rather than protective in nature. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share 10. Non-controlling Interest: – Continued: On May 9, 2024, the Company acquired a 60% equity interest in the newly incorporated entity Accuship. The remaining <span id="xdx_903_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_pid_dp_c20240509__srt--OwnershipAxis__custom--AccushipMaritimeLtdMember__srt--TitleOfIndividualAxis__custom--ChiefExecutiveOfficerAndChairmanMember_zSVurr4WFYE9" title="Ownership percentage, noncontrolling owner">40% was acquired by an entity related to the Company’s Chief Executive Officer and Chairman. An agreement has been signed in June, between the shareholders of Accuship where all matters about Accuship’s structure, operations and governance are determined and agreed in writing. As per the agreement, the Company’s contribution consisted of a $7,320 cash payment and the issuance of <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_pid_c20240509__20240509__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember__srt--OwnershipAxis__custom--AccushipMaritimeLtdMember_zwPPc36P37y7" title="Issuance of shares">267,857 restricted common shares, while the entity related to the Company’s Chief Executive Officer and Chairman contributed $<span id="xdx_902_eus-gaap--PaymentsToAcquireBusinessesGross_pn3n3_c20240509__20240509__srt--OwnershipAxis__custom--AccushipMaritimeLtdMember__srt--TitleOfIndividualAxis__custom--ChiefExecutiveOfficerAndChairmanMember_zoEUTFzNdjbc" title="Consideration in cash">5,880 in cash. Management assessed the terms of the agreement and concludes that there is disproportionality in between the financial interest and voting rights of the Company. More specifically, Pyxis owns 60% of the equity interest in Accuship, however, there are matters in the agreement requiring unanimous vote of all directors resulting in Pyxis only having a 50% share of the voting rights for these specific matters. A number of these matters that require a unanimous vote have been determined by the management to relate to activities that significantly affect the economic performance of Accuship and are considered by the management to be participating rights rather than protective in nature. For the years ended December 31, 2023, 2024 and 2025, the joint ventures (Drykon and Accuship, in aggregate) recorded net losses of $502, $903 and $147, respectively. Of those amounts, aggregate losses of $201, $361 and $59, respectively, were attributable to NCI. <p id="xdx_891_eus-gaap--ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestEffectsOfChangesNetTextBlock_z4k8fUHNXcxd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Schedule of Non controlling Interest <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20230101__20231231_zM9NNlcQUXfb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20240101__20241231_zcr2g90mBhH8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20250101__20251231_zq51OSFONDhb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--MinorityInterest_iS_pn3n3_z9wdL8BxovN1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; font-weight: bold">Balance, January 1,</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">—</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">4,319</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">6,288</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_pn3n3_hsrt--OwnershipAxis__custom--DrykonMaritimeCorpMember_zg5ijpvz37Vi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Non-controlling interest contribution in Drykon Maritime Corp.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,520</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_pn3n3_hsrt--OwnershipAxis__custom--AccushipMaritmeLtdMember_zfACusLBkJXb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Non-controlling interest contribution in Accuship Maritime Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,880</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--NetIncomeLossAttributableToNoncontrollingInterest_pn3n3_hsrt--OwnershipAxis__custom--DrykonMaritimeCorpMember_zjeYYwwDbsJ9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Drykon Maritime Corp. gain/(loss) attributable to non-controlling interest (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vbiBjb250cm9sbGluZyBJbnRlcmVzdCAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90A_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_pid_dp_uPure_c20251231__srt--OwnershipAxis__custom--DrykonMaritimeCorpMember_zo0HbKDwmrz9" title="Ownership percentage, noncontrolling owner">40%)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(201</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(216</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">68</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--NetIncomeLossAttributableToNoncontrollingInterest_pn3n3_hsrt--OwnershipAxis__custom--AccushipMaritmeLtdMember_zNPhrAzVLk6b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accuship Maritime Ltd. loss attributable to non-controlling interest (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vbiBjb250cm9sbGluZyBJbnRlcmVzdCAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90C_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_pid_dp_uPure_c20251231__srt--OwnershipAxis__custom--AccushipMaritmeLtdMember_zkMQo2qEd1Yh" title="Ownership percentage, noncontrolling owner">40%)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(145</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(127</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_ecustom--DeemedDividend_pn3n3_hsrt--OwnershipAxis__custom--AccushipMaritmeLtdMember_zn79kHm4TH11" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Deemed dividend to Accuship Maritime Ltd. (from Konkar Venture acquisition)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,550</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--MinorityInterest_iE_pn3n3_zeJkqGi8gVM2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance, December 31,</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,319</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6,288</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6,229</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

0.60

6780000

0.40

4520000

0.60

0.40

7320000

267857

5880000

0.60

502000

903000

147000

201000

361000

59000

<p id="xdx_891_eus-gaap--ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestEffectsOfChangesNetTextBlock_z4k8fUHNXcxd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Schedule of Non controlling Interest <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20230101__20231231_zM9NNlcQUXfb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20240101__20241231_zcr2g90mBhH8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20250101__20251231_zq51OSFONDhb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--MinorityInterest_iS_pn3n3_z9wdL8BxovN1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; font-weight: bold">Balance, January 1,</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">—</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">4,319</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">6,288</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_pn3n3_hsrt--OwnershipAxis__custom--DrykonMaritimeCorpMember_zg5ijpvz37Vi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Non-controlling interest contribution in Drykon Maritime Corp.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,520</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_pn3n3_hsrt--OwnershipAxis__custom--AccushipMaritmeLtdMember_zfACusLBkJXb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Non-controlling interest contribution in Accuship Maritime Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,880</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--NetIncomeLossAttributableToNoncontrollingInterest_pn3n3_hsrt--OwnershipAxis__custom--DrykonMaritimeCorpMember_zjeYYwwDbsJ9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Drykon Maritime Corp. gain/(loss) attributable to non-controlling interest (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vbiBjb250cm9sbGluZyBJbnRlcmVzdCAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90A_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_pid_dp_uPure_c20251231__srt--OwnershipAxis__custom--DrykonMaritimeCorpMember_zo0HbKDwmrz9" title="Ownership percentage, noncontrolling owner">40%)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(201</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(216</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">68</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--NetIncomeLossAttributableToNoncontrollingInterest_pn3n3_hsrt--OwnershipAxis__custom--AccushipMaritmeLtdMember_zNPhrAzVLk6b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accuship Maritime Ltd. loss attributable to non-controlling interest (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIE5vbiBjb250cm9sbGluZyBJbnRlcmVzdCAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90C_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_pid_dp_uPure_c20251231__srt--OwnershipAxis__custom--AccushipMaritmeLtdMember_zkMQo2qEd1Yh" title="Ownership percentage, noncontrolling owner">40%)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(145</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(127</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_ecustom--DeemedDividend_pn3n3_hsrt--OwnershipAxis__custom--AccushipMaritmeLtdMember_zn79kHm4TH11" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Deemed dividend to Accuship Maritime Ltd. (from Konkar Venture acquisition)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,550</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--MinorityInterest_iE_pn3n3_zeJkqGi8gVM2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance, December 31,</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,319</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6,288</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6,229</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

4319000

6288000

4520000

5880000

0.40

-201000

-216000

68000

0.40

-145000

-127000

-3550000

4319000

6288000

6229000

11. Net Income per Common Share: The amounts shown in the accompanying Consolidated Statements of Comprehensive Income for the years ended December 31, 2023, 2024 and 2025 are analyzed as follows: Schedule of Loss Per Common Share <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20230101__20231231_z0ZcT41Dt9Ub" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20240101__20241231_zaHNhSFY5i0e" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_49F_20250101__20251231_zLqw4X4Pog6c" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Years ended December 31,</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--NetIncomeLoss_pn3n3_maNILATzU1h_zyN0HSquOQr9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Net income attributable to Pyxis Tankers Inc. </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">37,037</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">12,868</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,994</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--PreferredStockDividendsAndOtherAdjustments_iN_pn3n3_di_msNILATzU1h_z6d0hwlrkxC3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less: Dividend on PXSAP</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(810</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(562</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--DeemedDividendOnRedeemedSeriesConvertiblePreferredStock_iN_pn3n3_di_msNILATzU1h_z1C3uMBMdBBd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Less: Deemed dividend on redeemed PXSAP</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,682</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_iT_pn3n3_mtNILATzU1h_maNILATzn6e_zTSH1XnT4QIh" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Net income attributable to common shareholders, basic</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">36,227</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">9,624</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,994</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--ConvertiblePreferredStockDividends_pn3n3_msNILATzn6e_zxYhtcpbYi5j" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Dividend on PXSAP</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">810</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">Net income attributable to common shareholders, diluted </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--NetIncomeLossAvailableToCommonStockholdersDiluted_pn3n3_c20230101__20231231_zHPLzoU36UM" style="border-bottom: Black 2.5pt double; text-align: right" title="Net income attributable to common shareholders, diluted">37,037</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--NetIncomeLossAvailableToCommonStockholdersDiluted_pn3n3_c20240101__20241231_zc9ijxdw7Qi3" style="border-bottom: Black 2.5pt double; text-align: right" title="Net income attributable to common shareholders, diluted">9,624</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--NetIncomeLossAvailableToCommonStockholdersDiluted_pn3n3_c20250101__20251231_znpQLdYqnPi8" style="border-bottom: Black 2.5pt double; text-align: right" title="Net income attributable to common shareholders, diluted">1,994</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Effect of dilutive securities: </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--PreferredShares_pid_zMTAH1o5HG05" style="vertical-align: bottom; background-color: White"> <td>Preferred shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,884,718</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_zdDjua7E6Pc7" style="vertical-align: bottom; background-color: White"> <td>Weighted average number of common shares, basic</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,701,059</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,524,511</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,422,154</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_zs1FtTcYGZ0f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Weighted average number of common shares, diluted </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,585,777</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,524,511</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,422,154</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--EarningsPerShareBasic_pid_zOda2EIGLhs" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net income per common share, basic </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3.38</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.91</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.19</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--EarningsPerShareDiluted_pid_zwxnKMg6Mb7k" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net income per common share, diluted</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2.94</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.91</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.19</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic; text-align: left">PXSAP: Series A Convertible Preferred Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table> PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share 11. Net Income per Common Share: – Continued: For 2023 and 2024, the outstanding warrants that could potentially dilute basic net income per common share were not included in the computation of diluted net income per common share, because they were out of the money. The number of common shares issuable upon exercise of such warrants excluded from diluted net income per common share was 1,701,665 for 2023 and 1,701,594 for 2024, respectively. For 2023, the assumed conversion of the Series A preferred stock was dilutive and, accordingly, the related preferred dividend was added back in calculating diluted net income attributable to common shareholders and the corresponding common shares issuable upon conversion were included in the calculation of diluted weighted average common shares outstanding. For 2024, incremental common shares resulting from non-vested restricted share awards and common shares issuable upon assumed conversion of the Series A preferred stock were excluded from the computation of diluted net income per common share because their inclusion would have been anti-dilutive. The Company had no potentially dilutive securities outstanding as of and during 2025.

The amounts shown in the accompanying Consolidated Statements of Comprehensive Income for the years ended December 31, 2023, 2024 and 2025 are analyzed as follows: Schedule of Loss Per Common Share <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20230101__20231231_z0ZcT41Dt9Ub" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20240101__20241231_zaHNhSFY5i0e" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_49F_20250101__20251231_zLqw4X4Pog6c" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Years ended December 31,</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--NetIncomeLoss_pn3n3_maNILATzU1h_zyN0HSquOQr9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Net income attributable to Pyxis Tankers Inc. </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">37,037</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">12,868</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,994</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--PreferredStockDividendsAndOtherAdjustments_iN_pn3n3_di_msNILATzU1h_z6d0hwlrkxC3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less: Dividend on PXSAP</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(810</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(562</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--DeemedDividendOnRedeemedSeriesConvertiblePreferredStock_iN_pn3n3_di_msNILATzU1h_z1C3uMBMdBBd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Less: Deemed dividend on redeemed PXSAP</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,682</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_iT_pn3n3_mtNILATzU1h_maNILATzn6e_zTSH1XnT4QIh" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Net income attributable to common shareholders, basic</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">36,227</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">9,624</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,994</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--ConvertiblePreferredStockDividends_pn3n3_msNILATzn6e_zxYhtcpbYi5j" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Dividend on PXSAP</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">810</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">Net income attributable to common shareholders, diluted </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--NetIncomeLossAvailableToCommonStockholdersDiluted_pn3n3_c20230101__20231231_zHPLzoU36UM" style="border-bottom: Black 2.5pt double; text-align: right" title="Net income attributable to common shareholders, diluted">37,037</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--NetIncomeLossAvailableToCommonStockholdersDiluted_pn3n3_c20240101__20241231_zc9ijxdw7Qi3" style="border-bottom: Black 2.5pt double; text-align: right" title="Net income attributable to common shareholders, diluted">9,624</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--NetIncomeLossAvailableToCommonStockholdersDiluted_pn3n3_c20250101__20251231_znpQLdYqnPi8" style="border-bottom: Black 2.5pt double; text-align: right" title="Net income attributable to common shareholders, diluted">1,994</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Effect of dilutive securities: </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--PreferredShares_pid_zMTAH1o5HG05" style="vertical-align: bottom; background-color: White"> <td>Preferred shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,884,718</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_zdDjua7E6Pc7" style="vertical-align: bottom; background-color: White"> <td>Weighted average number of common shares, basic</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,701,059</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,524,511</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,422,154</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_zs1FtTcYGZ0f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Weighted average number of common shares, diluted </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,585,777</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,524,511</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,422,154</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--EarningsPerShareBasic_pid_zOda2EIGLhs" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net income per common share, basic </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3.38</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.91</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.19</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--EarningsPerShareDiluted_pid_zwxnKMg6Mb7k" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net income per common share, diluted</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2.94</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.91</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.19</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic; text-align: left">PXSAP: Series A Convertible Preferred Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table>

37037000

12868000

1994000

810000

562000

2682000

36227000

9624000

1994000

810000

37037000

9624000

1994000

1884718

10701059

10524511

10422154

12585777

10524511

10422154

3.38

0.91

0.19

2.94

0.91

0.19

1701665

1701594

12. Risk Management and Fair Value Measurements: The principal financial assets of the Company as of December 31, 2025 consist of cash and cash equivalents, short-term investments in time deposits and trade accounts receivable from charterers. The principal financial liabilities of the Company consist of long-term bank loans, trade accounts payable and accrued and other liabilities. Interest rate risk: The Company’s loan interest rates are calculated at SOFR (or Term SOFR) plus a margin, as described in Note 8 above, hence, the Company is exposed to movements in SOFR. The Company has used interest rate caps in prior periods to mitigate its variable interest rate exposure and may consider entering into additional hedging arrangements in the future to further limit the impact of interest rate volatility on its results of operations and cash flows. As of December 31, 2025, the Company did not have any interest rate derivatives outstanding. All of Company’s bank loans accrue interest based on SOFR (Secured Overnight Financing Rate), typically for one, three and six-month interest periods, which has been historically volatile. Credit risk: Credit risk relates primarily to trade accounts receivable from charterers and cash, cash equivalents and short-term investments in time deposits held with financial institutions. Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash, cash equivalents, short-term investments in time deposits and trade accounts receivable from charterers. Trade accounts receivable from charterers are presented net of expected credit losses. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its accounts receivable. The Company places its cash and cash equivalents, consisting mostly of deposits, primarily with high credit quality financial institutions and performs periodic evaluations of the relative creditworthiness of those financial institutions as part of the Company’s investment strategy. The maximum exposure to credit risk is represented by the carrying amount of each financial asset on the Consolidated Balance Sheets. Currency risk: The Company’s transactions are denominated primarily in U.S. dollars; therefore, overall currency exchange risk is limited. Balances in foreign currency other than U.S. dollars are not considered significant. Fair value: The carrying amounts of cash and cash equivalents, short-term investment in time deposits, trade accounts receivable, prepayments and other current assets, trade accounts payable, accrued and other liabilities and due to related parties reported in the consolidated balance sheets approximate their respective fair values because of the short-term nature of these accounts. The fair values of long-term bank loans and restricted cash also approximate the recorded values due to the variable interest rates payable. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share 12. Risk Management and Fair Value Measurements: – Continued: i. Assets measured at fair value on a recurring basis: Interest rate cap The Company did not have any interest rate derivatives outstanding as of December 31, 2024 and 2025, respectively. Accordingly, there were no assets or liabilities measured at fair value on a recurring basis related to interest rate caps as of December 31, 2024 and 2025. The Company’s most recent interest rate cap was sold on January 25, 2023, resulting in net cash proceeds of $600. A loss of $59 related to the financial derivative instrument was recognized in the accompanying Consolidated Statements of Comprehensive Income. ii. Assets measured at fair value on a non-recurring basis: Long lived assets held and used As of December 31, 2023, 2024 and 2025, the Company reviewed the carrying amount in connection with the estimated recoverable amount for each of its vessels held and used. This review indicated that such carrying amount was fully recoverable for the Company’s vessels held and used. No impairment loss was recognized for the years ended December 31, 2023, 2024 and 2025. As of December 31, 2024 and 2025, the Company did not have any other assets or liabilities measured at fair value on a non-recurring basis.

600000

-59000

13. Commitments and Contingencies: Minimum contractual charter revenues: The Company employs certain of its vessels under lease agreements. Time charters typically may provide for variable lease payments, charterers’ options to extend the lease terms at higher rates and termination clauses. The Company’s contracted time charters as of December 31, 2025, range from one to twelve months, with varying extension periods at the charterers’ option and do not provide for variable lease payments. The Company’s time charters contain customary termination clauses which protect either the Company or the charterers from material adverse situations. Future minimum contractual charter revenues, gross of 1.25% address commission and 1.25% brokerage commissions to Maritime and of any other brokerage commissions to third parties, based on the vessels’ committed, non-cancelable, short- and medium-term time charter contracts as of December 31, 2025, are as follows: Schedule of Future Minimum Contractual Charter Revenues <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold">Year ending December 31,</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20251231_zcGdf8d0VxQj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_zxIfRv6gaLo7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left; padding-bottom: 1pt">2026</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">11,267</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> </table> Other: Various claims, suits and complaints, including those involving government regulations and environmental liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company’s vessels. Currently, management is not aware of any such claims not covered by insurance or contingent liabilities, which should be disclosed, or for which a provision has not been established in the accompanying Consolidated Financial Statements. The Company accrues for the cost of environmental and other liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. As of December 31, 2025 and as of the date of the issuance of the Consolidated Financial Statements, management is not aware of any other claims or contingent liabilities, which should be disclosed or for which a provision should be established in the accompanying Consolidated Financial Statements. The Company is covered for liabilities associated with the individual vessels’ actions to the maximum limits as provided by Protection and Indemnity (P&I) Clubs, members of the International Group of P&I Clubs.

0.0125 0.0125 Schedule of Future Minimum Contractual Charter Revenues <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold">Year ending December 31,</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20251231_zcGdf8d0VxQj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_zxIfRv6gaLo7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left; padding-bottom: 1pt">2026</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">11,267</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> </table>

11267000

14. Interest and Finance Costs: The amounts in the accompanying Consolidated Statements of Comprehensive Income are analyzed as follows: Schedule of Interest and Finance Costs <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20230101__20231231_zKACestWm325" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2023</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20240101__20241231_zJSiu5euzFo7" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2024</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250101__20251231_zuGUUu22XJ5h" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2025</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--InterestExpenseLongTermDebt_pn3n3_maIADEznyO_z7Fk3cza117d" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Interest on long-term debt (Note 8)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">5,483</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">6,259</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">5,477</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--InterestOnPromissoryNote_pn3n3_maIADEznyO_zKP3NTF011Tl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest on Promissory Note (Note 3)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">69</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AmortizationOfFinancingCosts_pn3n3_maIADEznyO_zbRxh1wf53W5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Amortization and write-off of financing costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">247</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">238</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">226</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--FinancingFeesAndCharges_pn3n3_maIADEznyO_zxnCxPVqLgP5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Financing fees and charges</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">36</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">32</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">72</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--InterestAndDebtExpense_iT_pn3n3_mtIADEznyO_zrENJa55R2Gh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,835</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6,529</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,775</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share The amounts in the accompanying Consolidated Statements of Comprehensive Income are analyzed as follows: Schedule of Interest and Finance Costs <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20230101__20231231_zKACestWm325" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2023</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20240101__20241231_zJSiu5euzFo7" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2024</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250101__20251231_zuGUUu22XJ5h" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2025</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--InterestExpenseLongTermDebt_pn3n3_maIADEznyO_z7Fk3cza117d" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Interest on long-term debt (Note 8)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">5,483</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">6,259</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">5,477</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--InterestOnPromissoryNote_pn3n3_maIADEznyO_zKP3NTF011Tl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest on Promissory Note (Note 3)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">69</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AmortizationOfFinancingCosts_pn3n3_maIADEznyO_zbRxh1wf53W5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Amortization and write-off of financing costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">247</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">238</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">226</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--FinancingFeesAndCharges_pn3n3_maIADEznyO_zxnCxPVqLgP5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Financing fees and charges</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">36</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">32</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">72</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--InterestAndDebtExpense_iT_pn3n3_mtIADEznyO_zrENJa55R2Gh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,835</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6,529</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,775</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

5483000

6259000

5477000

69000

247000

238000

226000

36000 32000 72000

5835000

6529000

5775000

15. Segmental information: The Company has two reportable segments from which it derives its revenues, tanker vessels and dry-bulk vessels, and has identified the Board of Directors as the CODM in accordance with ASC 280, Segment Reporting. The CODM is responsible for assessing performance, allocating resources, and making strategic decisions across the Company’s business segments. The table below presents information about the Company’s reportable segments for the years ended December 31, 2023, 2024 and 2025. The accounting policies followed in the preparation of the reportable segments are the same as those followed in the preparation of the Company’s Consolidated Financial Statements. The CODM uses segment profit/(loss), which is determined based on segment revenues less voyage related costs and commissions, vessel operating expenses, directly attributable general and administrative expenses, management fees, depreciation and amortization of special survey costs, allowance reduction for credit losses, interest and finance costs, and plus interest income, and excludes non-segment reconciling items, to assess the operating performance and relative profitability of each segment, including trends in segment revenues and significant expenses included in that measure. Based on that review, the CODM allocates financial and capital resources between the segments and makes strategic decisions regarding vessel acquisitions, vessel disposals, and major capital expenditures, while also considering expected market conditions and the future prospects of each segment. Items included in the segment’s profit/(loss) are allocated to each segment to the extent that they are directly attributable to that segment. <p id="xdx_89A_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_gL3SOSRIBSTB-FIGUZC_zi3u1Fza0h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> Schedule of Segment Information <table cellpadding="0" cellspacing="0" id="xdx_30A_134_pn3n3_zYPqczxNShtk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Consolidated Statements of Income (Loss) (Details)"> <tr style="display: none; vertical-align: bottom"> <td style="display: none"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--TankerVesselsMember__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_zxLA3TiiOF93" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Tanker vessels</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--DryBulkVesselsMember__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_zQ3AK60DiWO7" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Dry-bulk vessels</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20250101__20251231__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_zIwYxf6AcSHg" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Total</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year ended December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Tanker vessels</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Dry-bulk vessels</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_400_eus-gaap--Revenues_pn3n3_zxWbJdd0ojoc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Revenues, net</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">24,123</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">14,871</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">38,994</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--VoyageRelatedCostsAndCommissions_iN_pn3n3_di_zIyvnT2mFHGc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Voyage related costs and commissions (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,298</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,401</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,699</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--OperatingCostsAndExpenses_iN_pn3n3_di_zsq0Fr7AIJWf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Vessel operating expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8,235</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,008</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(14,243</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--GeneralAndAdministrativeExpense_iN_pn3n3_di_zYhaB49nx8q5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">General and administrative expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(195</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(163</td><td style="text-align: left">)</td></tr> <tr id="xdx_406_ecustom--ManagementFees_iN_pn3n3_di_z9yky6CpLe37" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Management fees (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(931</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(956</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,887</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--DepreciationAndAmortization_iN_pn3n3_di_zyDclTCgwGD" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Depreciation and amortization of special survey costs </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,206</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,967</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8,173</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--ProvisionForDoubtfulAccounts_iN_pn3n3_di_z5AiTXWFRCac" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Allowance reduction for credit losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--GainLossOnSaleOfPropertyPlantEquipment_pn3n3_zThzLdkctMca" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Gain from the sale of vessels, net</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--InterestExpenseDebt_iN_pn3n3_di_zzAfSjkXXoC" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest and finance costs (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,652</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,057</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,709</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--GainsLossesOnExtinguishmentOfDebt_pn3n3_zSBJMsJcirQ7" style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none; text-align: left">Loss from debt extinguishment</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--GainLossOnDerivativeInstrumentsNetPretax_pn3n3_z1aD37xQt0O4" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Loss from financial derivative instrument</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--InterestIncomeOther_pn3n3_zTbNhx9OuEAd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Interest income</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">140</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">49</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">189</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--NetIncomeLoss_iT_pn3n3_z3jKLtJYOcGf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Segment profit/(loss)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">6,995</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">(664</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">6,331</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; font-weight: bold; text-align: left">Non-segment reconciling items:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--GeneralAndAdministrativeExpenses_pn3n3_zAAvN1oZR9ij" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">General and administrative expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(5,933</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_ecustom--InterestAndFinanceCosts_pn3n3_zzaKmInPkIT7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest and finance costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(66</td><td style="text-align: left">)</td></tr> <tr id="xdx_409_ecustom--InterestIncome_pn3n3_z2otsq9MArLk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Interest income</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,603</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--ProfitLoss_iT_pn3n3_zOoUAPWKBCF" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Net income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">1,935</td><td style="font-weight: bold; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0E_z0GmP0w2fps3" style="width: 15pt; text-align: right">(1)</td><td style="text-align: justify">The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--TankerVesselsMember__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_zwmXP3a75nb2" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Tanker vessels</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--DryBulkVesselsMember__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_z6giW3vbpiD6" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Dry-bulk vessels</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20240101__20241231__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_z8kY51vgJdo9" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Total</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year ended December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Tanker vessels</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Dry-bulk vessels</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_400_eus-gaap--Revenues_pn3n3_zOJ7FnVquhj1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Revenues, net</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">38,400</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">13,142</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">51,542</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--VoyageRelatedCostsAndCommissions_iN_pn3n3_di_zSKjR61kx2Ig" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Voyage related costs and commissions (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7,500</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,027</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(9,527</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--OperatingCostsAndExpenses_iN_pn3n3_di_zy8FLG0T7P4k" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Vessel operating expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7,920</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,447</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(13,367</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--GeneralAndAdministrativeExpense_iN_pn3n3_di_zYJwup51Nz68" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">General and administrative expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(98</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(181</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(279</td><td style="text-align: left">)</td></tr> <tr id="xdx_406_ecustom--ManagementFees_iN_pn3n3_di_zMTumHdKMcr7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Management fees (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(921</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(759</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,680</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--DepreciationAndAmortization_iN_pn3n3_di_zOtqDWhib3S6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Depreciation and amortization of special survey costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,212</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,074</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7,286</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--ProvisionForDoubtfulAccounts_iN_pn3n3_di_zkBuegwdBUha" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Allowance reduction for credit losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">38</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">38</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--InterestExpenseDebt_iN_pn3n3_di_zIlBBLS0iyi8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest and finance costs (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,491</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,027</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,518</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--InterestIncomeOther_pn3n3_zwIVmn8oZjbh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Interest income</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">32</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">22</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">54</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--NetIncomeLoss_iT_pn3n3_zJnjtTIvkc78" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Segment profit/(loss)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">14,328</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">(1,351</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">12,977</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; font-weight: bold; text-align: left">Non-segment reconciling items:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--GeneralAndAdministrativeExpenses_pn3n3_zgqGG7YGco0l" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">General and administrative expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(2,717</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_ecustom--InterestAndFinanceCosts_pn3n3_z0ZNAx9BzcIk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest and finance costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(11</td><td style="text-align: left">)</td></tr> <tr id="xdx_409_ecustom--InterestIncome_pn3n3_zC2v6Egeehq5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Interest income</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,258</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--ProfitLoss_iT_pn3n3_zyjF2RBpLSt1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Net income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">12,507</td><td style="font-weight: bold; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(1)</td><td style="text-align: justify">The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.</td> </tr></table> PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share 15. Segmental information: – Continued: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--TankerVesselsMember__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_zuJvwnxmPCge" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Tanker vessels</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--DryBulkVesselsMember__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_zo9PnHUXkC8f" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Dry-bulk vessels</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20230101__20231231__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_zGRsScEnqyef" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Total</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year ended December 31, 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Tanker vessels</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Dry-bulk vessels</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_400_eus-gaap--Revenues_pn3n3_zjgoYEmGgW6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Revenues, net</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">43,889</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,579</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">45,468</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--VoyageRelatedCostsAndCommissions_iN_pn3n3_di_zjqvibyuPWg8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Voyage related costs and commissions (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,121</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(231</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,352</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--OperatingCostsAndExpenses_iN_pn3n3_di_zZWjuYQF4rl9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Vessel operating expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(10,772</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(851</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(11,623</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--GeneralAndAdministrativeExpense_iN_pn3n3_di_zkjycXzcqc72" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">General and administrative expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(120</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(28</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(148</td><td style="text-align: left">)</td></tr> <tr id="xdx_406_ecustom--ManagementFees_iN_pn3n3_di_z54kJh8qXmRd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Management fees (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,388</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(100</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,488</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--DepreciationAndAmortization_iN_pn3n3_di_zwwQnFlaoJCc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Depreciation and amortization of special survey costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,485</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(406</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,891</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--ProvisionForDoubtfulAccounts_iN_pn3n3_di_zA8M6sYueuy6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Allowance reduction for credit losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">78</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">78</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--GainLossOnSaleOfPropertyPlantEquipment_pn3n3_zBT1vcUnbTI2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Gain from the sale of vessels, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,125</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,125</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--InterestExpenseDebt_iN_pn3n3_di_zzcPcT1CyOAj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest and finance costs (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,275</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(478</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,753</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--GainsLossesOnExtinguishmentOfDebt_pn3n3_zgkelvNmdw25" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss from debt extinguishment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(379</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(379</td><td style="text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--GainLossOnDerivativeInstrumentsNetPretax_pn3n3_zGp8ZqzIvbo4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Loss from financial derivative instrument</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(59</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(59</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_402_eus-gaap--NetIncomeLoss_iT_pn3n3_zuvcbuSZv7yl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Segment profit/(loss)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">39,493</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">(515</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">38,978</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; font-weight: bold; text-align: left">Non-segment reconciling items:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--GeneralAndAdministrativeExpenses_pn3n3_zsm4G7I7my21" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">General and administrative expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(3,300</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_ecustom--InterestAndFinanceCosts_pn3n3_z2brMKZyUxJf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest and finance costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(82</td><td style="text-align: left">)</td></tr> <tr id="xdx_409_ecustom--InterestIncome_pn3n3_znCoraN7roTd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Interest income</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,240</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--ProfitLoss_iT_pn3n3_z3RADqaDBiQc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Net income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">36,836</td><td style="font-weight: bold; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(1)</td><td style="text-align: justify">The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.</td> </tr></table> A reconciliation of total segment assets to total assets presented in the accompanying Consolidated Balance Sheets of December 31, 2023, 2024 and 2025, is as follows: <div id="xdx_C0B_gL3SOSRIBSTB-FIGUZC_z9c0CjOpFZVf"><table cellpadding="0" cellspacing="0" id="xdx_307_134_pn3n3_zBJW13OaUYs5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Consolidated Balance Sheets (Details)"> <tr style="display: none; vertical-align: bottom"> <td style="display: none"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20251231__us-gaap--StatementBusinessSegmentsAxis__custom--TankerVesselsMember__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_zzPAqmjZRyri" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Tanker vessels</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20251231__us-gaap--StatementBusinessSegmentsAxis__custom--DryBulkVesselsMember__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_z0yTToygCODg" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Dry-bulk vessels</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20251231__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_zmB4SIIX7igc" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Total</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Tanker vessels</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Dry-bulk vessels</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iI_pn3n3_zzugsHmZJdY9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Cash and cash equivalents & restricted cash</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">4,451</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,244</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">5,695</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--InventoryNet_iI_pn3n3_zGAiRkhzIsG2" style="vertical-align: bottom; background-color: White"> <td>Inventories</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">307</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">229</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">536</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccountsReceivableNetCurrent_iI_pn3n3_zTcMHljvAh9e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Trade accounts receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">326</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,681</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,007</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--InsuranceClaimReceivable_iI_pn3n3_zjpaKILVuaxh" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Claim receivable</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--PrepaidExpenseAndOtherAssets_iI_pn3n3_zoVROnP6iO95" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prepayments and other current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">225</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">79</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">304</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AssetsHeldForSaleNotPartOfDisposalGroupCurrent_iI_pn3n3_zRExV6Ymn3pg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vessels, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">64,028</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">69,291</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">133,319</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--CapitalizedContractCostNet_iI_pn3n3_zlc7wXHgJfw1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Deferred dry-dock and special survey costs, net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">829</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,264</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,093</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--AdvanceForVesselAdditions_iI_pn3n3_zWV7ahddD98c" style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none; text-align: left; padding-bottom: 1pt">Advance for vessel additions</td><td style="display: none; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; display: none; text-align: left"> </td><td style="border-bottom: Black 1pt solid; display: none; text-align: right"> </td><td style="display: none; padding-bottom: 1pt; text-align: left"> </td><td style="display: none; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; display: none; text-align: left"> </td><td style="border-bottom: Black 1pt solid; display: none; text-align: right"> </td><td style="display: none; padding-bottom: 1pt; text-align: left"> </td><td style="display: none; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; display: none; text-align: left"> </td><td style="border-bottom: Black 1pt solid; display: none; text-align: right"> </td><td style="display: none; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--SegmentAssets_iTI_pn3n3_zzmpsZS0pFq6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Segment assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">70,166</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">73,788</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">143,954</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; font-weight: bold; text-align: left">Non-segment reconciling items:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_zSifdQ64OlH8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Cash and cash equivalents</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">31,210</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--ShortTermInvestments_iI_pn3n3_z1bLIM1bpin3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Short-term investment in time deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_z0hEh2F7GPT8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Prepayments and other current assets</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">248</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Total assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td id="xdx_987_eus-gaap--Assets_iI_pn3n3_c20251231__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_zuCh0UAzR0hb" style="font-weight: bold; text-align: right" title="Total assets">193,412</td><td style="font-weight: bold; text-align: left"> </td></tr> </table> </div> PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share 15. Segmental information: – Continued: <div id="xdx_C07_gL3SOSRIBSTB-FIGUZC_zhARaY3Jjkk7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20241231__us-gaap--StatementBusinessSegmentsAxis__custom--TankerVesselsMember__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_zQA50MfWxH27" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Tanker vessels</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20241231__us-gaap--StatementBusinessSegmentsAxis__custom--DryBulkVesselsMember__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_zEiVIpJprcm" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Dry-bulk vessels</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20241231__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_zsGTIHEd5epf" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Total</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Tanker vessels</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Dry-bulk vessels</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iI_pn3n3_zTBZCnH27dS3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Cash and cash equivalents & restricted cash</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">3,074</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">2,299</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">5,373</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--InventoryNet_iI_pn3n3_zUarjPy7c5nd" style="vertical-align: bottom; background-color: White"> <td>Inventories</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,150</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">739</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,889</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccountsReceivableNetCurrent_iI_pn3n3_zfVbiKD7cwR2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Trade accounts receivable, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,587</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">453</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,040</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--InsuranceClaimReceivable_iI_pn3n3_zr8EONGWddLi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Claim receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">245</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">245</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--PrepaidExpenseAndOtherAssets_iI_pn3n3_zExq9dEs474g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepayments and other assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">414</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">221</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">635</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AssetsHeldForSaleNotPartOfDisposalGroupCurrent_iI_pn3n3_zTtye3wm9rJi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Vessels, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">67,373</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">72,651</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,024</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--CapitalizedContractCostNet_iI_pn3n3_zyuRGIYibqae" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred dry-dock and special survey costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,214</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,214</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--AdvanceForVesselAdditions_iI_pn3n3_zAP5XTYoxgyc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Advance for vessel additions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">170</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">170</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--SegmentAssets_iTI_pn3n3_zJU4tz7nlyKa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Segment assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">77,812</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">76,778</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">154,590</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; font-weight: bold; text-align: left">Non-segment reconciling items:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_zmhy7VCe0thg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Cash and cash equivalents</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">17,220</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--ShortTermInvestments_iI_pn3n3_zeyAoJjh3vWd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Short-term investment in time deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_z2wtJkL9PLDl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Prepayments and other current assets</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">71</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Total assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td id="xdx_98D_eus-gaap--Assets_iI_pn3n3_c20241231__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_zj4We2FCvBn1" style="font-weight: bold; text-align: right" title="Total assets">188,881</td><td style="font-weight: bold; text-align: left"> </td></tr> </table> </div> <div id="xdx_C0B_gL3SOSRIBSTB-FIGUZC_zwopTUlJ1z8g"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20231231__us-gaap--StatementBusinessSegmentsAxis__custom--TankerVesselsMember__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_zCPkrmFDEvbe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Tanker vessels</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20231231__us-gaap--StatementBusinessSegmentsAxis__custom--DryBulkVesselsMember__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_zoaz7lFAOjRh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Dry-bulk vessels</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20231231__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_z1IVFGlDHrZj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year ended December 31, 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Tanker vessels</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Dry-bulk vessels</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iI_pn3n3_zKkwoiCffpnd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Cash and cash equivalents & restricted cash</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">4,237</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,041</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">5,278</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--InventoryNet_iI_pn3n3_zdMu8diFRfSj" style="vertical-align: bottom; background-color: White"> <td>Inventories</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">904</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">53</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">957</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccountsReceivableNetCurrent_iI_pn3n3_zwiaiveBonpl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Trade accounts receivable, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,704</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">260</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,964</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--OtherReceivables_iI_pn3n3_zhQKlKNJUxGa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Due from related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">194</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">194</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--PrepaidExpenseAndOtherAssets_iI_pn3n3_zZXZ2opeQ6ah" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepayments and other assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">180</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">202</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AssetsHeldForSaleNotPartOfDisposalGroupCurrent_iI_pn3n3_zP4yN9LNc9pe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Vessels, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">71,179</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,094</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99,273</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--CapitalizedContractCostNet_iI_pn3n3_z4HYCXOg8xn2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred dry-dock and special survey costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,622</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,622</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--PrepaidExpenseCurrent_iI_pn3n3_zPhTc2EKqPP6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Prepayments for vessel acquisition</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,663</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,663</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--SegmentAssets_iTI_pn3n3_zvrOE1DbORc6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Segment assets</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">82,826</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">32,329</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">115,153</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Non-segment reconciling items:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_z9C97dpEHSy7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Cash and cash equivalents</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">31,061</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--ShortTermInvestments_iI_pn3n3_zPk3tzsaL1Sh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Short-term investment in time deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_zf3YAGp65wL9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Prepayments and other current assets</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">99</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Total assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td id="xdx_98A_eus-gaap--Assets_iI_pn3n3_c20231231__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_z5jAMDAoEQH2" style="font-weight: bold; text-align: right" title="Total assets">166,313</td><td style="font-weight: bold; text-align: left"> </td></tr> </table> </div></div>

<p id="xdx_89A_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_gL3SOSRIBSTB-FIGUZC_zi3u1Fza0h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> Schedule of Segment Information <table cellpadding="0" cellspacing="0" id="xdx_30A_134_pn3n3_zYPqczxNShtk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Consolidated Statements of Income (Loss) (Details)"> <tr style="display: none; vertical-align: bottom"> <td style="display: none"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--TankerVesselsMember__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_zxLA3TiiOF93" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Tanker vessels</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--DryBulkVesselsMember__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_zQ3AK60DiWO7" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Dry-bulk vessels</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20250101__20251231__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_zIwYxf6AcSHg" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Total</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year ended December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Tanker vessels</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Dry-bulk vessels</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_400_eus-gaap--Revenues_pn3n3_zxWbJdd0ojoc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Revenues, net</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">24,123</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">14,871</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">38,994</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--VoyageRelatedCostsAndCommissions_iN_pn3n3_di_zIyvnT2mFHGc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Voyage related costs and commissions (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,298</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,401</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,699</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--OperatingCostsAndExpenses_iN_pn3n3_di_zsq0Fr7AIJWf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Vessel operating expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8,235</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,008</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(14,243</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--GeneralAndAdministrativeExpense_iN_pn3n3_di_zYhaB49nx8q5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">General and administrative expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(195</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(163</td><td style="text-align: left">)</td></tr> <tr id="xdx_406_ecustom--ManagementFees_iN_pn3n3_di_z9yky6CpLe37" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Management fees (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(931</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(956</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,887</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--DepreciationAndAmortization_iN_pn3n3_di_zyDclTCgwGD" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Depreciation and amortization of special survey costs </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,206</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,967</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8,173</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--ProvisionForDoubtfulAccounts_iN_pn3n3_di_z5AiTXWFRCac" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Allowance reduction for credit losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--GainLossOnSaleOfPropertyPlantEquipment_pn3n3_zThzLdkctMca" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Gain from the sale of vessels, net</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--InterestExpenseDebt_iN_pn3n3_di_zzAfSjkXXoC" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest and finance costs (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,652</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,057</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,709</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--GainsLossesOnExtinguishmentOfDebt_pn3n3_zSBJMsJcirQ7" style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none; text-align: left">Loss from debt extinguishment</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--GainLossOnDerivativeInstrumentsNetPretax_pn3n3_z1aD37xQt0O4" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Loss from financial derivative instrument</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--InterestIncomeOther_pn3n3_zTbNhx9OuEAd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Interest income</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">140</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">49</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">189</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--NetIncomeLoss_iT_pn3n3_z3jKLtJYOcGf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Segment profit/(loss)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">6,995</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">(664</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">6,331</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; font-weight: bold; text-align: left">Non-segment reconciling items:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--GeneralAndAdministrativeExpenses_pn3n3_zAAvN1oZR9ij" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">General and administrative expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(5,933</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_ecustom--InterestAndFinanceCosts_pn3n3_zzaKmInPkIT7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest and finance costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(66</td><td style="text-align: left">)</td></tr> <tr id="xdx_409_ecustom--InterestIncome_pn3n3_z2otsq9MArLk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Interest income</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,603</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--ProfitLoss_iT_pn3n3_zOoUAPWKBCF" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Net income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">1,935</td><td style="font-weight: bold; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0E_z0GmP0w2fps3" style="width: 15pt; text-align: right">(1)</td><td style="text-align: justify">The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--TankerVesselsMember__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_zwmXP3a75nb2" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Tanker vessels</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--DryBulkVesselsMember__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_z6giW3vbpiD6" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Dry-bulk vessels</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20240101__20241231__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_z8kY51vgJdo9" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Total</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year ended December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Tanker vessels</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Dry-bulk vessels</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_400_eus-gaap--Revenues_pn3n3_zOJ7FnVquhj1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Revenues, net</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">38,400</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">13,142</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">51,542</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--VoyageRelatedCostsAndCommissions_iN_pn3n3_di_zSKjR61kx2Ig" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Voyage related costs and commissions (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7,500</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,027</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(9,527</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--OperatingCostsAndExpenses_iN_pn3n3_di_zy8FLG0T7P4k" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Vessel operating expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7,920</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,447</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(13,367</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--GeneralAndAdministrativeExpense_iN_pn3n3_di_zYJwup51Nz68" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">General and administrative expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(98</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(181</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(279</td><td style="text-align: left">)</td></tr> <tr id="xdx_406_ecustom--ManagementFees_iN_pn3n3_di_zMTumHdKMcr7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Management fees (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(921</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(759</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,680</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--DepreciationAndAmortization_iN_pn3n3_di_zOtqDWhib3S6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Depreciation and amortization of special survey costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,212</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,074</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7,286</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--ProvisionForDoubtfulAccounts_iN_pn3n3_di_zkBuegwdBUha" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Allowance reduction for credit losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">38</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">38</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--InterestExpenseDebt_iN_pn3n3_di_zIlBBLS0iyi8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest and finance costs (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,491</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,027</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,518</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--InterestIncomeOther_pn3n3_zwIVmn8oZjbh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Interest income</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">32</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">22</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">54</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--NetIncomeLoss_iT_pn3n3_zJnjtTIvkc78" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Segment profit/(loss)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">14,328</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">(1,351</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">12,977</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; font-weight: bold; text-align: left">Non-segment reconciling items:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--GeneralAndAdministrativeExpenses_pn3n3_zgqGG7YGco0l" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">General and administrative expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(2,717</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_ecustom--InterestAndFinanceCosts_pn3n3_z0ZNAx9BzcIk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest and finance costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(11</td><td style="text-align: left">)</td></tr> <tr id="xdx_409_ecustom--InterestIncome_pn3n3_zC2v6Egeehq5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Interest income</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,258</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--ProfitLoss_iT_pn3n3_zyjF2RBpLSt1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Net income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">12,507</td><td style="font-weight: bold; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(1)</td><td style="text-align: justify">The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.</td> </tr></table> PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2024 and 2025 (Expressed in thousands of U.S. dollars, except for share 15. Segmental information: – Continued: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--TankerVesselsMember__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_zuJvwnxmPCge" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Tanker vessels</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--DryBulkVesselsMember__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_zo9PnHUXkC8f" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Dry-bulk vessels</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20230101__20231231__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_zGRsScEnqyef" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Total</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year ended December 31, 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Tanker vessels</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Dry-bulk vessels</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_400_eus-gaap--Revenues_pn3n3_zjgoYEmGgW6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Revenues, net</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">43,889</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,579</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">45,468</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Less:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--VoyageRelatedCostsAndCommissions_iN_pn3n3_di_zjqvibyuPWg8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Voyage related costs and commissions (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,121</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(231</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,352</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--OperatingCostsAndExpenses_iN_pn3n3_di_zZWjuYQF4rl9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Vessel operating expenses (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(10,772</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(851</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(11,623</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--GeneralAndAdministrativeExpense_iN_pn3n3_di_zkjycXzcqc72" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">General and administrative expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(120</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(28</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(148</td><td style="text-align: left">)</td></tr> <tr id="xdx_406_ecustom--ManagementFees_iN_pn3n3_di_z54kJh8qXmRd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Management fees (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,388</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(100</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,488</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--DepreciationAndAmortization_iN_pn3n3_di_zwwQnFlaoJCc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Depreciation and amortization of special survey costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,485</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(406</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,891</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--ProvisionForDoubtfulAccounts_iN_pn3n3_di_zA8M6sYueuy6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Allowance reduction for credit losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">78</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">78</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--GainLossOnSaleOfPropertyPlantEquipment_pn3n3_zBT1vcUnbTI2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Gain from the sale of vessels, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,125</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,125</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--InterestExpenseDebt_iN_pn3n3_di_zzcPcT1CyOAj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest and finance costs (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,275</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(478</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,753</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--GainsLossesOnExtinguishmentOfDebt_pn3n3_zgkelvNmdw25" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss from debt extinguishment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(379</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(379</td><td style="text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--GainLossOnDerivativeInstrumentsNetPretax_pn3n3_zGp8ZqzIvbo4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Loss from financial derivative instrument</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(59</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(59</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_402_eus-gaap--NetIncomeLoss_iT_pn3n3_zuvcbuSZv7yl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Segment profit/(loss)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">39,493</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">(515</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">38,978</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; font-weight: bold; text-align: left">Non-segment reconciling items:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--GeneralAndAdministrativeExpenses_pn3n3_zsm4G7I7my21" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">General and administrative expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(3,300</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_ecustom--InterestAndFinanceCosts_pn3n3_z2brMKZyUxJf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest and finance costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(82</td><td style="text-align: left">)</td></tr> <tr id="xdx_409_ecustom--InterestIncome_pn3n3_znCoraN7roTd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Interest income</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,240</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--ProfitLoss_iT_pn3n3_z3RADqaDBiQc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Net income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">36,836</td><td style="font-weight: bold; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_307_134_pn3n3_zBJW13OaUYs5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Consolidated Balance Sheets (Details)"> <tr style="display: none; vertical-align: bottom"> <td style="display: none"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20251231__us-gaap--StatementBusinessSegmentsAxis__custom--TankerVesselsMember__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_zzPAqmjZRyri" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Tanker vessels</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20251231__us-gaap--StatementBusinessSegmentsAxis__custom--DryBulkVesselsMember__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_z0yTToygCODg" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Dry-bulk vessels</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20251231__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_zmB4SIIX7igc" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Total</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Tanker vessels</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Dry-bulk vessels</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iI_pn3n3_zzugsHmZJdY9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Cash and cash equivalents & restricted cash</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">4,451</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,244</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">5,695</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--InventoryNet_iI_pn3n3_zGAiRkhzIsG2" style="vertical-align: bottom; background-color: White"> <td>Inventories</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">307</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">229</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">536</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccountsReceivableNetCurrent_iI_pn3n3_zTcMHljvAh9e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Trade accounts receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">326</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,681</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,007</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--InsuranceClaimReceivable_iI_pn3n3_zjpaKILVuaxh" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left">Claim receivable</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--PrepaidExpenseAndOtherAssets_iI_pn3n3_zoVROnP6iO95" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prepayments and other current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">225</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">79</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">304</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AssetsHeldForSaleNotPartOfDisposalGroupCurrent_iI_pn3n3_zRExV6Ymn3pg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vessels, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">64,028</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">69,291</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">133,319</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--CapitalizedContractCostNet_iI_pn3n3_zlc7wXHgJfw1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Deferred dry-dock and special survey costs, net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">829</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,264</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,093</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--AdvanceForVesselAdditions_iI_pn3n3_zWV7ahddD98c" style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none; text-align: left; padding-bottom: 1pt">Advance for vessel additions</td><td style="display: none; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; display: none; text-align: left"> </td><td style="border-bottom: Black 1pt solid; display: none; text-align: right"> </td><td style="display: none; padding-bottom: 1pt; text-align: left"> </td><td style="display: none; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; display: none; text-align: left"> </td><td style="border-bottom: Black 1pt solid; display: none; text-align: right"> </td><td style="display: none; padding-bottom: 1pt; text-align: left"> </td><td style="display: none; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; display: none; text-align: left"> </td><td style="border-bottom: Black 1pt solid; display: none; text-align: right"> </td><td style="display: none; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--SegmentAssets_iTI_pn3n3_zzmpsZS0pFq6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Segment assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">70,166</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">73,788</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">143,954</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; font-weight: bold; text-align: left">Non-segment reconciling items:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_zSifdQ64OlH8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Cash and cash equivalents</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">31,210</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--ShortTermInvestments_iI_pn3n3_z1bLIM1bpin3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Short-term investment in time deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_z0hEh2F7GPT8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Prepayments and other current assets</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">248</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Total assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td id="xdx_987_eus-gaap--Assets_iI_pn3n3_c20251231__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_zuCh0UAzR0hb" style="font-weight: bold; text-align: right" title="Total assets">193,412</td><td style="font-weight: bold; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20241231__us-gaap--StatementBusinessSegmentsAxis__custom--TankerVesselsMember__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_zQA50MfWxH27" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Tanker vessels</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20241231__us-gaap--StatementBusinessSegmentsAxis__custom--DryBulkVesselsMember__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_zEiVIpJprcm" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Dry-bulk vessels</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20241231__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_zsGTIHEd5epf" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Total</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Tanker vessels</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Dry-bulk vessels</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iI_pn3n3_zTBZCnH27dS3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Cash and cash equivalents & restricted cash</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">3,074</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">2,299</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">5,373</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--InventoryNet_iI_pn3n3_zUarjPy7c5nd" style="vertical-align: bottom; background-color: White"> <td>Inventories</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,150</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">739</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,889</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccountsReceivableNetCurrent_iI_pn3n3_zfVbiKD7cwR2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Trade accounts receivable, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,587</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">453</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,040</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--InsuranceClaimReceivable_iI_pn3n3_zr8EONGWddLi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Claim receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">245</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">245</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--PrepaidExpenseAndOtherAssets_iI_pn3n3_zExq9dEs474g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepayments and other assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">414</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">221</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">635</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AssetsHeldForSaleNotPartOfDisposalGroupCurrent_iI_pn3n3_zTtye3wm9rJi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Vessels, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">67,373</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">72,651</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,024</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--CapitalizedContractCostNet_iI_pn3n3_zyuRGIYibqae" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred dry-dock and special survey costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,214</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,214</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--AdvanceForVesselAdditions_iI_pn3n3_zAP5XTYoxgyc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Advance for vessel additions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">170</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">170</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--SegmentAssets_iTI_pn3n3_zJU4tz7nlyKa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Segment assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">77,812</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">76,778</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">154,590</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; font-weight: bold; text-align: left">Non-segment reconciling items:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_zmhy7VCe0thg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Cash and cash equivalents</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">17,220</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--ShortTermInvestments_iI_pn3n3_zeyAoJjh3vWd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Short-term investment in time deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_z2wtJkL9PLDl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Prepayments and other current assets</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">71</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Total assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td id="xdx_98D_eus-gaap--Assets_iI_pn3n3_c20241231__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_zj4We2FCvBn1" style="font-weight: bold; text-align: right" title="Total assets">188,881</td><td style="font-weight: bold; text-align: left"> </td></tr> </table> <div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20231231__us-gaap--StatementBusinessSegmentsAxis__custom--TankerVesselsMember__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_zCPkrmFDEvbe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Tanker vessels</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20231231__us-gaap--StatementBusinessSegmentsAxis__custom--DryBulkVesselsMember__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_zoaz7lFAOjRh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Dry-bulk vessels</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20231231__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_z1IVFGlDHrZj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year ended December 31, 2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Tanker vessels</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Dry-bulk vessels</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iI_pn3n3_zKkwoiCffpnd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Cash and cash equivalents & restricted cash</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">4,237</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,041</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">5,278</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--InventoryNet_iI_pn3n3_zdMu8diFRfSj" style="vertical-align: bottom; background-color: White"> <td>Inventories</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">904</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">53</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">957</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccountsReceivableNetCurrent_iI_pn3n3_zwiaiveBonpl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Trade accounts receivable, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,704</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">260</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,964</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--OtherReceivables_iI_pn3n3_zhQKlKNJUxGa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Due from related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">194</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">194</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--PrepaidExpenseAndOtherAssets_iI_pn3n3_zZXZ2opeQ6ah" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepayments and other assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">180</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">202</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AssetsHeldForSaleNotPartOfDisposalGroupCurrent_iI_pn3n3_zP4yN9LNc9pe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Vessels, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">71,179</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,094</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99,273</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--CapitalizedContractCostNet_iI_pn3n3_z4HYCXOg8xn2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred dry-dock and special survey costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,622</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,622</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--PrepaidExpenseCurrent_iI_pn3n3_zPhTc2EKqPP6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Prepayments for vessel acquisition</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,663</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,663</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--SegmentAssets_iTI_pn3n3_zvrOE1DbORc6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Segment assets</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">82,826</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">32,329</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">115,153</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Non-segment reconciling items:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_z9C97dpEHSy7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Cash and cash equivalents</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">31,061</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--ShortTermInvestments_iI_pn3n3_zPk3tzsaL1Sh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Short-term investment in time deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_zf3YAGp65wL9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Prepayments and other current assets</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">99</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Total assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td id="xdx_98A_eus-gaap--Assets_iI_pn3n3_c20231231__us-gaap--SubsegmentsConsolidationItemsAxis__us-gaap--ReportableSubsegmentsMember_z5jAMDAoEQH2" style="font-weight: bold; text-align: right" title="Total assets">166,313</td><td style="font-weight: bold; text-align: left"> </td></tr> </table> </div>

24123000

14871000

38994000

1298000 1401000 2699000

8235000

6008000

14243000

-32000

195000

163000

931000 956000 1887000

4206000

3967000

8173000

-22000

2652000

3057000

5709000

140000

49000

189000

6995000

-664000

6331000

-5933000 -66000 1603000

1935000

38400000

13142000

51542000

7500000 2027000 9527000

7920000

5447000

13367000

98000

181000

279000

921000 759000 1680000

4212000

3074000

7286000

-38000

3491000

3027000

6518000

32000

22000

54000

14328000

-1351000

12977000

-2717000 -11000 2258000

12507000

43889000

1579000

45468000

6121000 231000 6352000

10772000

851000

11623000

120000

28000

148000

1388000 100000 1488000

5485000

406000

5891000

-78000

25125000

5275000

478000

5753000

-379000

-59000

39493000

-515000

38978000

-3300000 -82000 1240000

36836000

4451000

1244000

5695000

307000

229000

536000

326000

1681000

2007000

225000

79000

304000

64028000

69291000

133319000

829000

1264000

2093000

70166000 73788000 143954000

31210000

18000000

248000

193412000

3074000

2299000

5373000

1150000

739000

1889000

4587000

453000

5040000

245000 245000

414000

221000

635000

67373000

72651000

140024000

1214000

170000 170000 77812000 76778000 154590000

17220000

17000000

71000

188881000

4237000

1041000

5278000

904000

53000

957000

4704000

260000

4964000

194000

180000

24000

202000

71179000

28094000

99273000

1622000

2663000

82826000 32329000 115153000

31061000

20000000

99000

166313000

16. Subsequent Events: Amendments to Piraeus Bank S.A. secured loans: On January 26, 2026, the Company completed amendments to the existing secured loans with Piraeus Bank S.A. for the Tenthone Corp. (the Pyxis Karteria), the Dryone Corp. (the Konkar Ormi) and the Drythree Corp. (the Konkar Venture) relating to outstanding principal borrowings of $<span id="xdx_90E_eus-gaap--LineOfCreditFacilityRemainingBorrowingCapacity_iI_pn3n3_c20260126__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PiraeusBankSAMember_zQdXBqz2eV8i" title="Borrowings outstanding">42,100 in the aggregate. The maturity of each loan was extended by six months, with an interest rate reduction to Term SOFR + <span id="xdx_905_eus-gaap--InvestmentInterestRate_iI_pid_dp_uPure_c20260126__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PiraeusBankSAMember__us-gaap--LoanRestructuringModificationAxis__us-gaap--ContractualInterestRateReductionMember_zDAkarO8CK5j" title="Interest rate">1.80%, representing a weighted average margin savings of 58 basis points in margin from the prior loan agreements. All other terms and conditions remain in full force and effect. Ongoing $3,000 common share repurchase program: Subsequent to year-end December 31, 2025 through March 23, 2026, the Company acquired an additional <span id="xdx_907_eus-gaap--SharesIssued_iI_pid_c20260323__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zgpTBpQJWxff" title="Repurchased shares">142,720 shares for $<span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodValueOther_pn3n3_c20260101__20260323__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zkn45gfEDy0h" title="Stock acquired value">504 at an average price of $<span id="xdx_908_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20260323__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zMXEFuovdc42" title="Sale of stock price per share">3.46 per share, exclusive of commissions. Thus, $<span id="xdx_905_eus-gaap--StockIssued1_pid_c20260101__20260323__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zvEmTawQ2506" title="Repurchased shares">2,294 remains under the current authorized buy-back program. As of such date, after giving effect to these repurchases and the cancellation of <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensationForfeited_pid_c20260101__20260323__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z0XAB8yzmed5" title="Shares Forfeited">1,000 previously granted but unvested shares upon the resignation of an employee, there were 10,275,139 PXS shares outstanding of which Mr. Valentis owned <span id="xdx_908_ecustom--PercentageOfCommonStockBeneficiallyOwned_iI_dp_uPure_c20260323__srt--TitleOfIndividualAxis__custom--MrValentisMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zSpJuLw3lMVf" title="Percentage of beneficially owned common stock">58.5%. Geopolitical developments affecting vessel transit: Subsequent to December 31, 2025, military conflict involving Iran disrupted vessel transit in and around the Strait of Hormuz. As of April 1, 2026, one of the Company’s tankers was awaiting charterer’s instructions regarding transit through the area. At the date of issuance of these Consolidated Financial Statements, the Company cannot predict the duration or financial effect of this matter.

42100000

0.0180

142720

504000

3.46

2294

1000

10275139

0.585 Tanker vessels segment The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.