Pyxis Tankers : Company Presentation - March 2024

Fourth Quarter Ended Dec 31, 2023 Results

March 14, 2024

DISCLAIMER

FORWARD-LOOKING STATEMENTS & INFORMATION

This presentation contains forward-looking statements and forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995 applicable securities laws. The words "expected'', "estimated", "scheduled", "could", "should", "anticipated", "long-term", "opportunities", "potential", "continue", "likely", "may", "will", "positioned", "possible", "believe", "expand" 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. But the absence of such words does not

mean that a statement is not forward-looking. All statements that are not statements of either historical or current facts, including among other things, our expected financial performance, expectations or objectives regarding future and market charter rate expectations and, in particular, the effects of COVID-19 or any variant thereof, or the war in the Ukraine and the Red Sea conflict, on our financial condition and operations and the product tanker industry in general, are forward-looking statements. Forward-looking information is based on the opinions, expectations and estimates of management of Pyxis Tankers Inc. ("we", "our" or "Pyxis") at the date the information is made, and is based on 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, those are not guarantees of our future performance and 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 or implied 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, 2022 which was filed on April 12, 2023 with the Securities and Exchange Commission (the "SEC") and

our other filings with 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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Q4 2023 SUMMARY & OUTLOOK

Recent

Financial &

Operational

Highlights

Solid quarterly performance with positive momentum

• Time charter equivalent revenues* of $12.0 million, up 28.6% from Q3 '23
• Realized gain of $17.1 million in Q4 ($26.4 million net cash proceeds) from sale of 2015 built MR
• Net income of $21.9 million, or $2.04 EPS, basic ($1.76/share diluted)
• Adjusted EBITDA of $7.7 million**, down $2.0 million from Q4 '22
• Q4 '23 results impacted by fewer ships, reduced spot employment and lower TCE of $27,717
• Mid-Feb.2024, closed on second bulker acquisition of 2015-built scrubber fitted eco-Kamsarmax
• As of March 12, 2024, 92% of our MR available days booked for Q1 2024 at estimated avg. TCE rate of $30,300/day with two MR's under short-term T/C's and one MR on spot, and 70% of days in Q1 for our two dry-bulk carriers booked at estimated avg. TCE rate of $19,600/day, under short-term T/C's
• Strong balance sheet leverage and liquidity
• Continue PXS buy-back program and actively consider acquisition of quality second -hand vessels at accretive values

World events continue to overshadow constructive sector fundamentals

Positive

Outlook for

MR2 Product

Tanker & Dry

Bulk Markets

• Primarily due to recent geo-political events and resilient economic conditions in most of the OECD, chartering activity remains healthy
• Impact of Russian-Ukrainian war, which led to implementation of EU & G-7 ban on Russian seaborne refined products and price caps in early 2023, has caused major disruptions in global oil markets and changing trade patterns; Markets have been further affected by the Red Sea conflict as well as supply dislocations/low inventories of refined products, resulting in continued expansion of ton - miles
• Long-termproduct tanker demand fundamentals intact with solid global GDP growth forecasts complemented by capacity additions to changing refinery landscape
• Order book for MR2 has grown to 10.7% of global fleet but we expect net supply growth of ~ 2% in 2024.
• Dry bulk market demand and supply relatively in balance for 2024

* Time charter equivalent ("TCE") revenues are Revenues, net less voyage related costs and commissions; please see Exhibit I - Definitions
** Please see Exhibit II - Non-GAAP Measures	3

FLEET & EMPLOYMENT OVERVIEW

REALIZING UPSIDE OPPORTUNITIES

Fleet Details

Our mixed chartering strategy provides upside opportunities through spot trading when rates improve and
stable, visible cash flows from time charters					Current Charter
Vessel	Shipyard	Vessel	Carrying		Year	Type of	Charter	Earliest
Type	Capacity (dwt)		Built	Charter	rate (1)	Redelivery Date
Pyxis Lamda	SPP / S.Korea	Tanker MR	50,145		2017	Spot	n/a	n/a
Pyxis Theta ( 2)	SPP / S.Korea	Tanker MR	51,795		2013	Time	$ 29,000	Aug 2024
Pyxis Karteria ( 3)	Hyundai Mipo/S. Korea	Tanker MR	46,652		2013	Time	$ 34,500	Sep 2024
			148,592	Avg. Age	9.6
Konkar Ormi ( 4)	SKD / Japan	Dry Bulk	63,520		2016	Time	$ 23,750	Mar 2024
Konkar Asteri ( 5)	JNYS / China	Dry Bulk	82,013		2015	Time	$ 17,750	Mar 2024
			145,533	Avg. Age	8.0

Approx. 25% of the remaining days of 2024 are covered.

Fleet Employment Overview

Vessel					2024
Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
Pyxis Lamda
Pyxis Theta
Pyxis Karteria
Konkar Ormi
Konkar Asteri
Fixed Employment	Charterers Optional Period	Spot Employment		Open Days	Drydocking / BWTS / Repairs

1. These tables are as of March 12th, 2024 and present gross rates and do not reflect commissions payable.
2. "Pyxis Theta" is fixed on a time charter for min 11 and max 15 months, at $29,000 per day.
3. "Pyxis Karteria" is fixed on a time charter for min 6 and max 9 months, at $34,500 per day.
4. "Konkar Ormi" is fixed on a time charter for min 30 and max 35 days, at $23,750 per day.
5. "Konkar Asteri" is fixed on a time charter for min 20 and max 25 days, at $17,750 per day.

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MARKET UPDATES

PRODUCT TANKER SECTOR

PRODUCT TANKER MARKET UPDATE

CHARTER RATES - CONSTRUCTIVE ENVIRONMENT CONTINUES

Healthy

Chartering

Conditions

Supported by

Solid

Fundamentals

• Limited Inventories

• Historically, seaborne trade of refined products has been moderately correlated to global GDP growth; In January, 2024, the IMF slightly revised its estimate for global GDP growth to 3.1% in 2024 due to better economic outlook for U.S., emerging markets and China combined with lower inflation; Falling inflation should help GDP growth of an estimated 3.2% for next year.
• In February 2024, IEA revised its global oil consumption for the year, projecting a modest increase of 1.2 Mb/d or 1.2% to 103 Mb/d primarily due to slowing demand from macro- economic headwinds, tighter efficiency standards and increasing EV usage.
• Global demand for refined petroleum products remains solid due to resilient economic activity; In many locations, refined products inventories continue below 5-year averages primarily; Latest U.S. gasoline and diesel inventories 2% and 10%, respectively, below 5-year averages; Globally refinery crack spreads remain healthy.
• Extension of OPEC+ oil production cuts of 2.2 Mb/d combined with softer global demand should result in continued firm Brent and WTI oil prices in the short-term; As of March 1, 2024, the national average in the U.S. for regular gasoline and diesel have declined 1% and 6% YoY to $3.35 and $4.02 per gallon, respectively.
• The impact of OPEC+ cuts should continue to be mitigated by incremental supply from the U.S., Canada, Brazil, Guyana and Norway and ongoing cheating by Iran, combined with softer global demand; On March 12, 2024, EIA estimated U.S. crude production would grow to an average of 13.2 Mb/d this year.

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PRODUCT TANKER MARKET UPDATE

MAJOR GLOBAL EVENTS BOOSTING CHARTERING ACTIVITIES

Major Armed

Conflicts

Continue to

Drive-up

Charter Rates But Increase Volatility

• Russian-UkrainianWar has prompted a change of cargo routes and expansion of ton- mile voyages; EU and G-7 countries ban on seaborne Russian refined products and price caps, which started in early Feb. 2023, have created further market disruptions and complexity; Russian Urals crude continues to trade a modest discount to Brent.
• Recent Israeli/Hamas conflict has led to scores of attacks on vessels transiting the Red Sea and sharply cut seaborne trade through the Suez Canal; Further disruption to trade patterns with greater ton-mile expansion; For example, sailing times have increased by ~70% to re-route from Jubail (Saudi) refinery around Cape of Good Hope vs usual trip through the Suez Canal; An estimated 15% of global seaborne shipments of refined products go through the Red Sea.
• Increasing exports of refined products from U.S. Gulf, Middle East and certain parts of Asia traveling longer distances to end markets; According to Drewry (March 2024), in 2023 seaborne trade of refined products increased 1.3% to over 1.03 billion tons, but ton-miles rose 4.2% to almost 3.58 trillion miles and sailing distances up 2.9%; Another leading research firm estimated that cargo volumes would increase 3% in 2024 with further growth in ton-miles, including an incremental 4% due to the recent Red Sea hostilities.
• Un-eveneconomic activity amid destabilizing geo-political events combined with limited inventories continue to create arbitrage opportunities for refined petroleum products in a number of markets and support the product tanker sector, but at the same time raising spot chartering volatility; Changing weather patterns, climate change and unusual weather events, such as the severe drought restricting Panama Canal transits, only add to the complexities facing the industry.

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LONG-TERM DEMAND SUPPORTED BY REFINERY CAPACITY GROWTH

Expected Net Additions of Global Refinery Capacity Outside of OECD to Boost Ton-Miles

per Day	2.00
1.00
Barrels
Million	0.00
	-1.00

OECD America		OECD Europe	OECD Asia Oceania	FSU		Non-OECD Europe		China	Other Asia	Latin America		Middle East
		2023		2024			2025		2026		2027			2028

Source: Drewry - March 2024

Africa

• Longer-termproduct tanker demand is further supported by increasing worldwide refinery throughput and capacity additions, substantially in Asia, driving ton- mile expansion, and growth in petroleum products exports from the U.S., ME, India and China; 4.4 Mb/d of new refining net capacity is scheduled for completion from 2023 to 2028, virtually all non-OECD; However, as in the past, a portion of this aggregate 4.1% capacity growth may not come on-stream,on-time; According to EIA, since 2020, 3 Mb/d of refining capacity has been shut down of which 1Mb/d was located in the U.S., the rest mostly in the OECD; Due to the current strength of the energy markets, this trend will likely slow, but long-term, greater importing of products will be required into many of these mature markets and expansion of ton-miles, as evidenced by recent global events.

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POSITIVE MR2 SUPPLY OUTLOOK

Estimated Annual Growth of ~ 2% (net) in 2024

• Historically Moderate Sized MR2 vessel orderbook - Orders in 2023 for new MR2 rose by 109; Recent up-tickin new MR2 orders has increased current orderbook to 181 MR2 or 10.7% of the worldwide fleet of 1,697 tankers*.
• Manageable delivery schedule - Over the next 22 months, 103 MR2 are scheduled for shipyard delivery and 78 thereafter*; Yards now quote deliveries for 2H 2026 or later.
• Slippage continues- Last year, 9.7% of new build MR2 were delayed from scheduled delivery dates*; Ongoing concern due to tight labor conditions at many Asian shipyard, supply-chain disruptions and delays from massive order books, primarily for other types of vessels.
• Significant newbuild concerns remain for owners - New ordering hampered by high construction prices, limited yard slots with extended delivery dates, future technology/ship design concerns, pricing and availability of alternative low-carbon fuels and increasing/ unclear environmental regulations; For example, only 20% of recent NB orders for MR2 included scrubbers.
• Demolitions should pick-upover long-term - Only 4 MR2 scrapped in 2023 due to strong chartering environment and robust tanker values; Pace should pick-up as 187 MR2 are 20+ yrs. old (11% of global fleet)* based on expected vessel economic life of 25 years.
• Implementation of New IMO regulations governing CO2 emissions (EEXI & CII) started in 2023 and may lead to reduction/limitation of available vessels, including slower speeds, and increase running costs, especially for older vessels.

*Drewry - March 2024	9

PRODUCT TANKER MARKET UPDATE

STRONG MR2 PRICES SUPPORT EQUITY VALUES

Robust

Chartering,

Positive Long-

term Industry

Fundamentals

& High New

Build

Construction

Costs Have

Supported

Strong Vessel

Values

	Feb. 29	Historical
MR2 Type ($ million)	2024*	Average *	Difference

New Build (delivery in 2H'26) **	$ 48.0	$ 37.1	+29%
Eco - Efficient 5 yr. Old MR	45.5	28.8	+58%
Standard 10 yr. Old MR	38.0	19.8	+92%

*Source: Drewry - March 2024, excludes Jones Act vessels, period 2014 - 2023

**Tier III vessel, exclusive of higher specifications, yard supervision costs and spares, no scrubber

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