Pyxis Tankers : Company Presentation - May 2024

First Quarter Ended March 31, 2024 Results

May 21, 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, 2023 which was filed on April 17, 2024 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).

2

Q1 2024 SUMMARY & OUTLOOK

Recent

Financial &

Operational

Highlights

Solid quarterly performance with positive momentum

• Time charter equivalent revenues* of $10.2 million, up 10.2% from Q1'23
• Net income of $3.6 million, or $0.33 EPS, basic ($0.30/share diluted)
• Adjusted EBITDA of $6.0 million**, up $1.8 million from Q1 '23
• Q1 '24 results impacted by fewer MRs, but greater spot employment and higher TCE of $27,596
• Mid-Feb.2024, closed on second bulker acquisition of 2015-built scrubber fitted eco-Kamsarmax
• As of May 16, 2024, 83% of our MR available days booked for Q2 2024 at estimated avg. TCE rate of $32,500/day with two MRs under short-term T/C's and one on spot, and 92% of Q2 days for our two dry-bulk carriers booked at estimated avg. TCE rate of $18,400/day, under short-term
  T/C's
• Strong balance sheet leverage and liquidity
• Expanding share buy-back program and actively pursing 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, chartering activity remains strong
• 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 resulted in 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/lower 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 9.8% 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	9.7
Konkar Ormi ( 4)	SKD / Japan	Dry Bulk	63,520		2016	Time	$ 18,250	Jul 2024
Konkar Asteri ( 5)	JNYS / China	Dry Bulk	82,013		2015	Time	$ 18,500	Jul 2024
			145,533	Avg. Age	8.2

Approx. 29% 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 May 16, 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 65 and max 75 days, at $18,250 per day.
5. "Konkar Asteri" is fixed on a time charter for min 95 and max 105 days, at $18,500 per day.

4

DRY-BULK FLEET EXPANSION

Second Pillar of Company Strength

• Our Strategic Entrance into Dry Bulk:

• We entered the dry bulk sector in September, 2023 with the acquisition of a 2016 built Ultramax dry bulk carrier, the 'Konkar Ormi'; In February, 2024, we completed purchase of a 2015 built Kamsarmax, the 'Konkar Asteri'; The new acquisition of the 'Konkar Venture, a sister ship to the 'Konkar Asteri', will expand our fleet to 3 bulkers; These additions represent further growth opportunities for the Company by acquiring quality mid-sizedeco-efficient vessels which provide operating versatility and diversification by port, cargo and customer; Our dry bulk cargoes primarily consist of coal and minor bulk commodities such as, grains, fertilizer, and aggregates; Two of our dry bulkers are fitted with scrubbers which reduce CO2 emissions, lower bunker costs and enhance their competitive trading position.

• Latest Dry Bulk Investment:

• The Company, through a 60% owned subsidiary, has agreed to enter into a joint venture agreement to purchase an eco-efficient Kamsarmax (82,000 dwt) bulker built in 2015 at Jiangsu New Yangzi Shipbuilding fitted with a ballast water treatment system; The Konkar Venture will be acquired for $30.0 million which is expected to be funded by a combination of bank debt, cash and the issuance of restricted common stock by the Company; As one of the sellers of the Vessel, our Chairman & CEO, Mr. Eddie Valentis, has agreed to receive $1.5 million of Company restricted shares priced at a premium to the market as part of the purchase consideration; The Vessel owning subsidiary expects to enter into a new $16.5 million 5 year secured amortizing bank loan which will be priced at a rate of SOFR plus 2.15%.; The balance of the purchase price, Vessel working capital, transaction fees and other closing costs will be funded in total cash of $13.2 million of which the Company will contribute $7.3 million; As a further sign of commitment to the Company, Mr. Valentis has agreed to re-invest $5.9 million in cash for the remaining 40% minority interest in the new ship owning subsidiary; It is anticipated that the acquisition of the "Konkar Venture", which is subject to customary closing conditions, will be completed in June, 2024.

5

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 April, 2024, the IMF slightly revised its estimate for annual global GDP growth to 3.2% for 2024 and 2025 due to better economic outlook for U.S., emerging markets and China combined with lower inflation.
• In April 2024, IEA revised its global oil consumption for the year, projecting a modest increase of 1.2 Mb/d or 1.2% to 103.2 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 7%, respectively, below 5-year averages; Globally refinery crack spreads remain reasonably healthy with rising throughput forecasted.
• Extension of OPEC+ oil production cuts of 2.2 Mb/d anticipated beyond June combined with softer global demand should result in continued firm Brent and WTI oil prices in the short-term; However, the impact of these cuts should be mitigated by incremental supply from the U.S., Canada, Brazil, Guyana and Norway and ongoing cheating by Iran; Recently, EIA estimated U.S. crude production would grow to an average of 13.2 Mb/d this year and rise 4% in 2025.
• 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; According to Drewry (March 2024), 4.4 Mb/d of net new refining capacity is scheduled for completion from 2023 to 2028, virtually all non-OECD.

7

PRODUCT TANKER MARKET UPDATE

MAJOR GLOBAL EVENTS BOOSTING CHARTERING ACTIVITIES

Major Armed

Conflicts

Continue to

Drive-up

Charter Rates

• Increase Volatility

• Russian-UkrainianWar has prompted a significant change to 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; Recent Ukrainian attacks have taken 2 Mb/d of Russia's refining capacity off-line, further disturbing trade flows; Russian Urals crude continues to trade at a discount to Brent.
• The more recent Israeli/Hamas conflict has led to scores of attacks on vessels traveling the Red Sea/Gulf of Aden and sharply cut regional seaborne trade, further disrupting trade patterns with greater ton-mile expansion; Voyages through the Suez Canal are down 43% in Q1 2024 YoY (Jefferies), while average weekly transits for product tankers around the Cape of Good Hope have doubled to 32 in Q1 vs Q4, 2023.
• 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), 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 recently 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 raise spot chartering volatility; Changing weather patterns, climate change and unusual weather events, such as drought restrictions at the Panama Canal, only add to the complexities facing the industry.

8

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 180 MR2 or 9.8%** of the worldwide fleet of 1,839 MR2 (42-60Kdwt.).
• Manageable delivery schedule - Over the next 20 months, 103 MR2** are scheduled for shipyard delivery and the remainder thereafter; Yards now quote deliveries for 2H 2026 or later.
• Slippage expected to continue- 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 254 MR2 are 20+ yrs. old (13.8% 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; ** Arrow Shipbroking Group - May, 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

	Early May	Historical
MR2 Type ($ million)	2024*	Average ** Difference

New Build (delivery in 2H'26) ***	$ 49.4	$ 37.1	+33%
Eco - Efficient 5 yr. Old MR	45.7	28.8	+59%
Standard 10 yr. Old MR	37.7	19.8	+90%

• Average indications from group of international ship brokers
• Drewry - March 2024, excludes Jones Act vessels, period 2014 - 2023

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

10