COMPANY PRESENTATION MARCH 2016 DISCLAIMER FORWARD-LOOKING - - PowerPoint PPT Presentation

COMPANY PRESENTATION

MARCH 2016

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DISCLAIMER

FORWARD-LOOKING STATEMENTS & INFORMATION

This presentation contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words “expected'', “budget”, “scheduled”, “anticipates”, “outlook”, “is estimated”, “forecasts”, “potential”, “continues”, “may”, “will”, “positioned”, “should”, “believe”, “intends” and variations of these terms and similar expressions, or the negative of these terms or similar expressions, are intended to identify forward-looking, information or statements. Forward-looking information is based on the opinions, expectations and estimates of management of Pyxis Tankers Inc. (“we” or “our”) at the date the information is made, and is based

• n a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause

actual events or results to differ materially from those projected in the forward-looking information. Although we believe that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, you should not place undue reliance on the forward-looking statements and information because we cannot give any assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties and actual results and future events could differ materially from those anticipated in such information. Factors that might cause or contribute to such discrepancy include, but are not limited to, the risk factors described in our Annual Report on Form 20-F for the year ended December 31, 2105 and other filings with the Securities and Exchange Commission (the “SEC”). The forward-looking statements and information contained in this presentation are made as of the date hereof. We do not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except in accordance with U.S. federal securities laws and other applicable securities laws. This presentation and any oral statements made in connection with it are for informational purposes only and do not constitute an offer to buy or sell our securities. For more complete information about us, you should read the information in this presentation together with our filings with the SEC, which may be accessed at the SEC’s website (http://www.sec.gov).

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COMPANY HIGHLIGHTS

EMERGING GROWTH - PURE PLAY PRODUCT TANKER COMPANY

Competitive Cost Structure & Solid Balance Sheet

►Comparable total daily cash operational costs to peer group ►Moderate capitalization with low cost, long-lived bank debt ►Excess balance sheet capacity to grow tonnage through acquisitions

Experienced, Incentivized Management & Board

►Strong management team with 100+ years of combined industry and capital markets experience ►Founder/CEO has proven track record and is a substantial shareholder ►Board Members consist of prominent industry figures and/or with significant experience

Attractive, Modern Fleet Including “Eco” Vessels

►Focus on modern medium range (“MR”) product tankers with “eco” features ►Young tanker fleet of 6 IMO-certified vessels with weighted average age of 4.8 years (dwt) ►Potential for an additional 1 or 2 MR’s to be acquired

Reputable Customer Base & Diversified Chartering Strategy

►Long-standing relationships with reputable, first-class customers worldwide ►Time charter and spot market exposure with 61% of available chartering days covered ►Positioned to capitalize when spot rates improve

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COMPANY STRATEGY

QUALITY, GROWTH, SERVICE & FLEXIBILITY

Utilize Portfolio Approach to Commercial Management

►Employ vessels primarily through time charters (with and without profit share) and on the spot market ►Diversify charters by customer and staggered duration ►Position employment to capture upside during periods of market strength

Maintain Financial Flexibility

►Expand fleet by targeting balanced capital structure of debt and equity ►Maintain commercial banking and expand public capital markets relationships

Grow the Fleet Opportunistically

►Focus on acquisition of IMO II and III class product tankers of eight years of age or less built in Tier 1 Asian shipyards ►Potential acquisition opportunity of one or two MR tankers owned/controlled by affiliates of our CEO

Focus on the Needs of Our Customers

►Meet charterers’ preference for modern tankers, which offer more operating reliability and efficiency ►Maintain high standards to ensure high level of safety, customer service and support, while continuing ship level financial discipline

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FLEET & EMPLOYMENT OVERVIEW

STABLE, VISIBLE CASH FLOWS WITH UPSIDE OPPORTUNITY

Chartering strategy provides stable, visible cash flows from time charters and upside opportunity through spot trading when rates improve

Vessel Shipyard Vessel Type Size (dwt) Year Built Type of Charter Anticipated Redelivery Date(1) Pyxis Epsilon SPP / S.Korea MR 50,295 2015 Time

• Jan. 2017

Pyxis Theta SPP / S.Korea MR 51,795 2013 Time

• Sept. 2016

Pyxis Malou SPP / S.Korea MR 50,667 2009 Time June 2016 Pyxis Delta Hyundai / S.Korea MR 46,616 2006 Time

• Sept. 2016

Northsea Alpha Kejin / China Small Tanker 8,615 2010 Time

• Oct. 2016

Northsea Beta Kejin / China Small Tanker 8,647 2010 Spot N/A

Fleet Details Fleet Employment Overview

(1) Each time charter contains provision that allows for redelivery +/-30 days, except the Pyxis Delta which allows 15 days. Pyxis Epsilon’s charterer has option to extend charter one year for $18,050/day. Pyxis Theta’s charterer has option to extend charter one year for $16,600/day and additional year for $17,600/day. These tables are dated as of March 15, 2016 and show gross rates and do not reflect commissions payable.

61% of available days in 2016 are under charter coverage (65% with options), average T/C duration 7 months

Vessel 2016 2017 2018 Pyxis Epsilon $16,575 / day Pyxis Theta $15,600 / day Pyxis Malou $18,200 / day Pyxis Delta $18,000 / day Northsea Alpha $9,650 / day Northsea Beta N/A Spot Trade

SHIPYARDS BANKS

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STRONG RELATIONSHIPS

QUALITY VESSELS & OPERATIONS BLUE CHIP CUSTOMERS ATTRACTIVE LENDING TERMS

CUSTOMERS

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SENIOR MANAGEMENT

EXPERIENCED TEAM WITH DECADES OF EXPERIENCE

► Joined Pyxis affiliates in 2013; 18+ years experience in strategic corporate shipping transactions ► Previous 5 years securities and M&A partner at Watson Farley & Williams with particular focus in shipping industry ► Advised on complex international corporate shipping transactions in New York offices of Orrick, Herrington & Sutcliffe LLP and Healy & Baillie, LLP and in New York and London offices of Weil, Gotshal & Manges LLP since 1997 ► Former member of Board of Governors & Vice President of the Connecticut Maritime Association ► Joined Pyxis affiliates in 2008; 24+ years of experience in the shipping industry ► Co-founder of Navbulk Shipping S.A., a start-up dry bulk company ► 5 years as Financial Director of Neptune Lines, a car carrier company ► 16 years in various financial and operational positions for other ship owning and services companies ► 25+ years of experience in owning, operating and managing within various shipping sectors, including product, dry bulk, chemical, as well as salvage and towage ► Founder of Pyxis Tankers in 2015 and Pyxis Maritime Corp. in 2007 ► For the last 15 years, Managing Director & Principal of KONKAR SHIPPING AGENCIES S.A., an Athens- based dry bulk owner-operator established in 1968 ► Joined Pyxis affiliates in 2015; 35 years of commercial, investment and merchant banking experience ► Previous investment banking positions include Nordea Markets (Oslo & NY)–Global Sector Head- Shipping, and Oppenheimer (NY)–Head of Energy & Transportation

Antonios “Tony” Backos SVP for Corporate Development, General Counsel & Secretary Konstantinos “Kostas” Lytras Chief Operating Officer Valentios “Eddie” Valentis Chairman & CEO Henry Williams CFO & Treasurer

PYXIS ORGANIZATIONAL STRUCTURE

LEAN, EFFICIENT ORGANIZATIONAL STRUCTURE

Administrative, Commercial & Ship Management Services(1) Administrative & Ship Management Fees

(1) As an affiliate, provides the commercial management for the Pyxis Epsilon, Pyxis Theta, Pyxis Malou and the Pyxis Delta and supervises the crewing and technical management performed by ITM for all our vessels and the chartering of the Northsea Alpha and the Northsea Beta, which is performed by NST (2) Provides commercial management for the Northsea Alpha and scheduled until June 2016, for the Northsea Beta (3) Provides technical management for all our vessels

Northsea Alpha/Beta Management(2) Technical Management(3)

8 Quality, Cost Effective Ship Management

►Streamlined structure minimizes costs and allows management to focus on creating long term shareholder value ►Very competitive ship management fees provide safe and efficient operating results compared to peers

MARKET OVERVIEW

PRODUCT TANKER INDUSTRY

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PRODUCT MARKETS OVERVIEW

REFINED PRODUCTS OVERVIEW

Source: Drewry

Bitumen Fuel Oil Cycle Oils Diesel/Gasoil Kerosene Gasolines Clean Condensates Naphthas

Dirty Products Clean Products

Veg Oils/Chemicals Crude

Most products tankers can switch between clean and dirty products when the tanks are carefully cleaned. Gasoil is a good clean up cargo when switching from dirty to clean products. More sophisticated product tankers work at this end of the market, some with the ability to carry products and certain chemicals Crude tankers carry only crude oil and fuel oils Non-oil substances now covered by revised IBC Code. To carry chemicals, an IMO Certificate of Fitness is required.

Refined Products

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PRODUCT MARKETS OVERVIEW

SEABORNE TRADE IN REFINED PRODUCTS CONTINUES TO GROW

Source: Drewry

300 400 500 600 700 800 900 1,000

Favorable Outlook for Seaborne Trade of Refined Products

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PRODUCT MARKETS OVERVIEW

CHANGING TRADE ROUTES & REFINERY LANDSCAPE CREATING INCREMENTAL DEMAND

Sources: Drewry

1,500 1,700 1,900 2,100 2,300 2,500 2,700 2,900 3,100 600 650 700 750 800 850 900 950 Seaborne Product Trade - Mill Tons Ton Mile Demand - Bill Ton Miles Million Tons Billion Ton Miles

Increases in Ton Miles Due to Changing Trade Routes & Refining Landscape

7.9% CAGR in million tons of seaborne trade 11.2% CAGR in ton mile demand

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PRODUCT MARKETS OVERVIEW

REFINERY CAPACITY INCREASINGLY FURTHER AWAY FROM END USERS

Source: Drewry

500 1,000 1,500 2,000 2,500 North America South America Middle East Indian Sub Continent Asia 2016 2017 2018 2019 2020

Expected Refinery Capacity Additions Driven by Non-OECD Growth & Exports

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PRODUCT MARKETS OVERVIEW

EVOLVING TRADE LANDSCAPE

Source: Drewry

Increases in long-haul routes

• Growth in net refining capacity is

expected to drive the demand for product tankers.

• Low crude / feedstock prices generate

incremental refinery demand.

• Arbitrage between markets create

further opportunities

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PRODUCT MARKETS OVERVIEW

U.S. HAS BECOME MAJOR SUPPLIER IN THE ATLANTIC BASIC

Source: * Drewry

Typical Atlantic Basin triangulated route

• Emerging markets in South America

and Africa have little to no refining capacity.

• U.S. exports to South America have

grown at a CAGR of ~21% since 2005.

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PRODUCT MARKETS OVERVIEW

PRODUCT TANKER VESSEL OVERVIEW

Sources: * Drewry

Long Range 2 (LR2) 80,000 + Short- to medium-haul refined petroleum products transportations from the North Sea or West Africa to Europe or the East Coast of the United States, from the Middle East Gulf to the Pacific Rim. Long Range 1 (LR1) 55,000 - 79,999 Short- to medium-haul crude oil and refined petroleum products transportations worldwide, mostly on regional trade routes. Medium Range 2 (MR2) 37,000-54,999 Medium Range 1 (MR1) 25,000-36,999 Small 1,000 - 24,999 Short-haul of mostly refined petroleum products worldwide, usually on local or regional trade routes. Flexible vessels involved in medium-haul petroleum products trades both in the Atlantic Basin and the growing intra- Asian/Middle East/ISC trades. MRs are the work horses of the product trades. Class of Tanker Cargo Capacity (Dwt) Typical Use

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PRODUCT MARKETS OVERVIEW

ORDERBOOK (SUPPLY) AT MANAGEABLE LEVELS

Sources: * Drewry

20 40 60 LR2 LR1 MR2 MR1 Handy 2016 2017 2018 2019+

• Total MR vessel orderbook has fallen from a high of ~58% of in 2008 of the then existing

fleet to 7.9% of the current worldwide fleet.

• Extremely limited capacity additions scheduled beyond 2017 due to limited availability
• f financing and would-be buyers exposure to weaker shipping segments.
• Worldwide MR fleet is expected to grow at an average of 3.4% per annum in 2016 and

2017 without giving effect to scrapping of older vessels and slippage of deliveries.

Product Tanker Delivery Schedule

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PRODUCT MARKETS OVERVIEW

SCRAPPING IS INEVITABLE

Sources: * Drewry

Global Fleet Age Distribution by %

0% 10% 20% 30% 40% 50% 60% < 5 Yrs 5-10 Yrs 10-15 Yrs 15-20 Yrs 20-25 Yrs 25+ Yrs Handy MR1 MR2 LR1 LR2

• 23% of the MR1 fleet and 5.5% of the

MR2 fleet is greater than 20 years of age.

• A significant portion of the fleet is

approaching the end of its useful life.

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SOLID OUTLOOK

MR2 CHARTER RATES REFLECT INCREASED DEMAND

* Drewry

5,000 10,000 15,000 20,000 25,000 30,000 35,000

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

2013 2014 2015 2016 5Yr Avg.

Daily MR2 Time Charter Equivalent Spot Rates (Caribs-USAC)

12,500 15,000 17,500 20,000

Jan-13 Jan-14 Jan-15 Jan-16

MR2 1Yr Charter / Day 5Yr Avg.

1 Year MR2 Time Charter Equivalent Rates

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ASSET VALUES

DISCONNECT EXISTS BETWEEN ASSET PRICES AND EARNINGS POWER

* Drewry

MR2 Asset Prices MR1 Asset Prices

20.0 30.0 40.0 50.0 60.0 Newbuild Price Newbuild Price Average 05-15 Secondhand Price Secondhand Price Average 05-15 18.0 23.0 28.0 33.0 38.0 43.0 48.0 Newbuild Price Newbuild Price Average 05-15 Secondhand Price Secondhand Price Average 05-15

PYXIS TANKERS

FINANCIAL SUMMARY

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UNAUDITED INCOME STATEMENT

TWELVE MONTHS ENDED DECEMBER 31, 2014 & 2015

Twelve Months ended December 31, 2014 December 31, 2015 In ‘000 USD except per share data Voyage revenues $27,760 $33,170 Voyage costs (10,030) (4,725) Vessel operating expenses (11,064) (13,188) General & adm. expenses (93) (1,773) Management fees (1,533) (1,638) Depreciation & amortization (5,649) (5,884) Impairment (16,903)

• Operating income

(17,539) 5,962 Interest and finance costs (1,704) (2,531) Other Income _____-___ 74 Net income / (loss) (19,243) 3,505 EPS $(1.05) $0.19 TCE/day * $10,466 $13,597 Number of Ships at end of period 5 6 Utilization * 93.8% 97.9% Adjusted EBITDA (’000) * $5,040 $12,063

* Please see Exhibit I – Non-GAAP Measures and Definitions

Higher Earnings from Revenue Growth

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UNAUDITED INCOME STATEMENT

THREE MONTHS ENDED DECEMBER 31, 2014 & 2015

Three Months ended December 31, 2014 December 31, 2015 In ‘000 USD except per share data Voyage revenues $7,175 $8,370 Voyage costs (2,170) (1,263) Vessel operating expenses (2,602) (3,133) General & adm. expenses (48) (741) Management fees (386) (414) Depreciation & amortization (1,414) (1,512) Impairment (16,930)

• Operating income

(16,375) 1,307 Interest and finance costs (400) (673) Net income / (loss) (16,775) 634 EPS $(0.92) $0.03 TCE/day * $11,218 $13,612 Number of Ships at end of period 5 6 Utilization * 97.0% 94.6% Adjusted EBITDA (‘000) * $1,969 $2,962

* Please see Exhibit I – Non-GAAP Measures and Definitions

Significant EBITDA Growth

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RECENT DAILY FLEET DATA

THREE & TWELVE MONTHS ENDED DECEMBER 31, 2014 & 2015

Low Opex; High Fleet Utilization

(amounts in $) Year ended December 31, Three Months Ended December 31, 2014 2015 2014 2015 Eco-Efficient MR2:(2 units)

Average TCE * 15,210 15,631 15,210 15,672 Opex * 5,584 6,430 5,134 5,771 Utilization % * 100.0% 99.4% 100.0% 100.0%

Eco-Modified MR2:(1 unit)

TCE 12,596 17,480 14,075 15,109 Opex 6,802 6,461 5,976 6,229 Utilization % 86.4% 91.3% 87.0% 72.8%

Standard MR2:(1 unit)

TCE 12,019 17,237 13,265 19,003 Opex 6,739 6,325 6,904 6,141 Utilization % 95.4% 100.0% 99.7% 100.0%

Handysize Tankers:(2 units)

Average TCE 6,200 7,622 6,926 8,167 Opex 5,581 5,358 5,088 5,071 Utilization % 93.4% 98.6% 99.2% 97.4%

Fleet:(6 units)

TCE 10,466 13,597 11,218 13,612 Opex 6,062 6,058 5,657 5,676 Utilization % 93.8% 97.9% 97.0% 94.6%

* Please see Exhibit I – Non-GAAP Measures and Definitions

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TOTAL DAILY OPERATIONAL COSTS/VESSEL

THREE MONTHS ENDED DECEMBER 31, 2015

Our MR2 Total Daily Operational Costs are Comparable or Better than our Peers

Eco-Modified Eco-Efficient (amounts in $/day) OPEX $6,229 $5,771 Technical & Commercial Management Fees 750 750 Cash G&A Expenses * 1,083 1,083 Total Daily Operational Costs/Vessel $8,062 $7,604

* Cash G&A Expenses equals General & administrative expenses of $741,000 less non-cash stock compensation of $143,000 divided by six tankers divided by 92 days for the period

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CAPITALIZATION

AT DECEMBER 31, 2015

At December 31, 2015 In ‘000 USD Cash and cash equivalents(1) $ 8,622 Total debt(2) 83,051 Shareholders' equity 54,566 Total Capitalization $ 137,617 Net debt $ 74,429 Debt/Total Capitalization 60.3% Net Debt/Total Capitalization 54.1%

(1) Includes restricted cash (2) Weighted average interest rate of 2.78% at December 31, 2015

Moderate Approach to Leverage at Low Interest Costs

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MANAGEMENT INCENTIVIZED TO ACHIEVE GROWTH

FOUNDER/CEO’S SUBSTANTIAL SHAREHOLDINGS

►The shareholder base as of March 15, 2016 was:

• Maritime Investors (affiliate of our CEO)

17,002,445 (93.0% of outstanding)

• Public

964,983 (5.3%)

• Maxim Group

310,465 (1.7%)

• Total Shares Outstanding

18,277,893 (100%) ► Our common shares are listed on NASDAQ Capital Markets under trading symbol “PXS” ►Our Founder/CEO has substantial shareholdings and his interests are aligned with our other shareholders

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COMPANY HIGHLIGHTS

EMERGING GROWTH - PURE PLAY PRODUCT TANKER COMPANY

 Competitive Cost Structure & Solid Balance Sheet  Experienced, Incentivized Management & Board  Attractive, Modern Fleet Including “Eco” Vessels  Reputable Customer Base & Diversified Chartering Strategy  Industry Fundamentals Continue to Look Favorable

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CONTACT

Pyxis Tankers Inc. K.Karamanli 59 Maroussi 15125, Greece Email: info@pyxistankers.com www.pyxistankers.com Henry Williams CFO & Treasurer Phone: +1 516 455 0106/ +30 210 638 0200 Email: hwilliams@pyxistankers.com Antonios “Tony” Backos SVP for Corporate Development, General Counsel and Secretary Phone: +30 210 638 0180 Email: abackos@pyxistankers.com

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EXHIBIT I | NON-GAAP MEASURES AND DEFINITIONS

Year Ended Three months Ended (In thousands of U.S. Dollars) December 31, 2014 December 31, 2015 December 31, 2014 December 31, 2015

Reconciliation of Net income to Adjusted EBITDA

Net income / (loss) $ (19,243) $ 3,505 $ (16,774) $ 634 Depreciation 5,446 5,710 1,373 1,450 Amortization of special survey costs 203 174 40 62 Interest and finance costs, net 1,704 2,531 400 673 Vessel impairment charge 16,930 — 16,930 — Stock compensation — 143 — 143 Adjusted EBITDA $ 5,040 $ 12,063 $ 1,969 $ 2,962 Adjusted EBITDA, which is not a recognized measurement under U.S. GAAP, is reconciled below to its nearest GAAP

• equivalent. Adjusted EBITDA represents net income before interest, income tax expense, depreciation, amortization, vessel

impairment charge and stock compensation. Adjusted EBITDA is presented as we believe that it provides investors with a means of evaluating and understanding how our management evaluates operating performance. This non-GAAP measure should not be considered in isolation from, as substitutes for, or superior to financial measures prepared in accordance with U.S.GAAP. In addition, this non-GAAP measure does not have a standardized meaning, and is therefore, unlikely to be comparable to similar measures presented by other companies.

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EXHIBIT I | NON-GAAP MEASURES AND DEFINITIONS

Daily time charter equivalent (“TCE”) is a standard shipping industry performance measure of the average daily revenue performance of a vessel on a per voyage basis. TCE is not calculated in accordance with U.S. GAAP. We utilize TCE because we believe it is a meaningful measure to compare period-to-period changes in our performance despite changes in the mix

• f charter types (i.e., spot charters, time charters and bareboat charters) under which our vessels may be employed between

the periods. Our management also utilizes TCE to assist them in making decisions regarding employment of the vessels. We believe that our method of calculating TCE is consistent with industry standards and is determined by dividing voyage revenues after deducting voyage expenses, including commissions by operating days for the relevant period. Voyage expenses primarily consist of brokerage commissions, port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charter under a time charter contract. Vessel operating expenses per day (“Opex”) are our vessel operating expenses for a vessel, which consist primarily of crew wages and related costs, insurance, lube oils, communications, spares and consumables, tonnage taxes as well as repairs and maintenance, divided by the days in the applicable period. We calculate fleet utilization by dividing the number of operating days during a period by the number of available days during the same period. The shipping industry uses fleet utilization to measure a company’s efficiency in finding suitable employment for its vessels and minimizing the amount of days that its vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel upgrades, special surveys and intermediate dry-dockings or vessel positioning. Operating days are the number of available days in a period, less the aggregate number of days that our vessels were off- hire or out of service due to any reason, including technical breakdowns and unforeseen circumstances. Available days are the number of ownership days in a period, less the aggregate number of days that our vessels were off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades or special surveys and intermediate dry-dockings and the aggregate number of days that we spent positioning our vessels during the respective period for such repairs, upgrades and surveys. Ownership days are the total number of days in a period during which we owned each of the vessels in our fleet.

Continued