COMPANY PRESENTATIONNovember 2019

2

DISCLAIMERFORWARD-LOOKING STATEMENTS & INFORMATION

This document includes "forward-looking statements" intended to qualify for the safe harbor from liability established by

the Private Securities Litigation Reform Act of 1995 in order to encourage companies to provide prospective information

about their business. These statements include statements about our plans, strategies, goals financial performance,

prospects or future events or performance and involve known and unknown risks that are difficult to predict. As a result,

our actual results, performance or achievements may differ materially from those expressed or implied by these

forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as

"may," "could," "expects," "seeks," "predict," "schedule," "projects," "intends," "plans,“ "anticipates," "believes," "estimates,"

"potential," "likely" and variations of these terms and similar expressions, or the negative of these terms or similar

expressions.

Such forward-looking statements are necessarily based upon estimates and assumptions. Although the Company

believes that these assumptions were reasonable when made, because these assumptions are inherently subject to

significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company's

control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.

The Company’s actual results may differ, possibly materially, from those anticipated in these forward-looking statements

as a result of certain factors, including changes in the Company’s financial resources and operational capabilities and

as a result of certain other factors listed from time to time in the Company's filings with the U.S. Securities and Exchange

Commission. For more information about risks and uncertainties associated with our business, please refer to our filings

with the U.S. Securities and Exchange Commission, including without limitation, under the caption “Risk Factors” in our

Annual Report on Form 20-F for the fiscal year ended December 31, 2018. We caution you not to place undue reliance

on any forward looking statements, which are made as of the date of this document. We undertake no obligation to

update publicly any information in this document, including forward-looking statements, to reflect actual results, new

information or future events, changes in assumptions or changes in other factors affecting forward-looking statements,

except to the extent required by applicable 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).

3

COMPANY OVERVIEWEMERGING GROWTH - PURE PLAY PRODUCT TANKER COMPANY

► Focus on modern medium range (“MR”) product tankers with “eco” features

►Modern tanker fleet of six IMO-certified vessels - weighted average age of 8.7 years

►Management pursuing a sale or other long-term strategy for small tankers

Growth Oriented

with Attractive,

Modern Fleet

► Long-standing relationships with first-class customers worldwide

►As of November 11, 57% of remaining 2019 available days booked, average gross charter

rate of $15,300 for MRs

►Positioned to capitalize as charter rates are expected to further improve in Q4 2019 and after

Reputable Customer

Base & Diversified

Chartering Strategy

►Disciplined, substantially fixed cost structure creates greater earnings power when

rates improve

►Competitive total daily operational costs to peer group

►Moderate capitalization with long-lived funded debt

►Earliest scheduled balloon payment due Q3 2022

Competitive Cost

Structure &

Moderate

Capitalization

► Strong mgmt. team with 90+ years of combined industry and capital markets experience

► Founder/CEO has proven track record and is a major shareholder

►Board members consist of respected industry figures

Experienced,

Incentivized

Management

& Prominent Board

► IMF’s global annual growth of 3.2% should help demand outpace supply through 2020

►Historically low and declining MR2 orderbook

► Increased scrapping expected - 6% of global MR2 fleet 20 years old or more

►New environmental regulations, lead by IMO 2020, should be positive for MRs resulting in

incremental demand combined with lower available capacity

Favorable Industry

Fundamentals, plus

IMO 2020 Catalyst,

Create Attractive

Entry Point

4

FLEET & EMPLOYMENT OVERVIEWPOSITIONED FOR UPSIDE OPPORTUNITIES

Our mixed chartering strategy provides upside opportunities through spot trading when rates improve and

stable, visible cash flows from time charters

Fle

et

De

tails

Fle

et

Em

plo

ym

en

t O

ve

rvie

w

57% of the remaining days of 2019 & 18% of 2020, are covered, exclusive of charters’ options

Current Charter

Vessel ShipyardVessel

Type

Carrying

Capacity

(dwt)

Year BuiltType of

Charter

Charter

rate (1)Earliest

Redelivery Date

Pyxis Epsilon (2) SPP / S.Korea MR 50,295 2015 Time $15,350 March 2020

Pyxis Theta (2) SPP / S.Korea MR 51,795 2013 Time $15,375 May 2020

Pyxis Malou SPP / S.Korea MR 50,667 2009 Time $15,500 April 2020

Pyxis Delta Hyundai / S.Korea MR 46,616 2006 Time $14,500 November 2019

Northsea Alpha(3) Kejin / China Small Tanker 8,615 2010 Spot n/a n/a

Northsea Beta (3) Kejin / China Small Tanker 8,647 2010 Spot n/a n/a

Total 216,635Avg. Age

9 Years

Vessel

Oct Dec Jan Feb Apr May June July Aug Sept

Pyxis Epsilon

Pyxis Theta

Pyxis Malou

Pyxis Delta

Northsea Alpha

Northsea Beta

Nov

Fixed Employment Charterers Optional Period Spot Employment Open Days

Mar

2019 2020

(1) These tables are dated as of November 11th , 2019 and show gross rates and do not reflect commissions payable.

(2) Pyxis Theta & Pyxis Epsilon have granted the charterer an option to extend the one year time charter for an additional 12 months (+/- 30 days) at a gross charter rate of $17,500/d.

(3) Management pursuing sale or other long-term strategy for small tankers.

5

STRONG RELATIONSHIPSQUALITY VESSELS & OPERATIONS → BLUE CHIP CUSTOMERS → ATTRACTIVE

LENDING TERMS

CUSTOMERS SENIOR LENDERSSHIPYARDS

6

SENIOR MANAGEMENT

► Joined Pyxis affiliates in 2008; 25+ 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 in 2015 and Pyxis Maritime Corp. in 2007

► For the last 16 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

Konstantinos

“Kostas” Lytras

Chief Operating

Officer &Corporate

Secretary

Valentios “Eddie”

Valentis

Chairman & CEO

Henry Williams

CFO & Treasurer

DECADES OF EXPERIENCE

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PYXIS ORGANIZATIONAL STRUCTURELEAN, EFFICIENT, SCALABLE ORGANIZATIONAL STRUCTURE

Administrative, Commercial &

Ship Management Services (1)

Administrative, Commercial &

Ship Management Fees

(1) As an affiliate, provides the commercial management for the fleet and supervises the crewing and technical management performed by ITM for all our vessels

(2) Provides technical management for all our vessels. ITM is a third party vessel manager, part of the VShips Group, the largest 3rd party ship management provider in the world.

Technical

Management (2)

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 @ ~ $755/day/vessel provide safe and efficient operating

results compared to peers

8

►Expand fleet by targeting balanced capital structure of debt and equity

►Maintain commercial lending and expand capital markets relationships

►Meet charterers’ preference for modern and eco tankers, which offer more

operating reliability and efficiency

►Maintain high standards ensuring high level of safety, customer service and support

►Continue solid margins and ship level financial discipline within Pyxis

► Focus on acquisition of IMO II and III MR2 class product tankers of 10 years of age

or less built in Tier 1 Asian shipyards

►Prudently grow company size as soon as practical

Grow the Fleet

Opportunistically

Maintain Financial

Flexibility

Focus on the Needs

of our Customers

COMPANY STRATEGYFOCUS ON QUALITY, GROWTH, SERVICE & FINANCIAL FLEXIBILITY

►Employ mixed chartering strategy between time and spot

►Maintain optionality – spot exposure offers upside during periods of market strength

►Diversify charters by customer and staggered duration

Utilize Portfolio

Approach to

Commercial

Management

MARKET OVERVIEWPRODUCT TANKER INDUSTRY

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REFINED PRODUCTS OVERVIEW

Petroleum Products

Bitumen

Fuel Oil

Cycle Oils

Diesel/Gasoil

Kerosene

Gasolines

Clean Condensates

Naphthas

Other Bulk Liquids

Vegetable Oils & Organic Chemicals

Dirty

Products

Clean

Products

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 (except possibly maiden

voyage).

Non-oil substances now covered by

revised IBC Code. To carry chemicals,

an IMO Certificate of Fitness is

required.

PRODUCT CARRYING VERSATILITY

Veg Oil/Light Chemicals

Source: Drewry, September 2019

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3.2% CAGR* in million tons of seaborne trade3.5% CAGR in ton mile demand

CHANGING TRADE ROUTES & PETROLEUM REFINERY

LANDSCAPE CREATING INCREMENTAL DEMAND

Source: Drewry, September 2019

* Compound annual growth rate

Increases in Demand due to Changing Trade Routes & Refining Landscape

1,500

1,700

1,900

2,100

2,300

2,500

2,700

2,900

3,100

3,300

600

650

700

750

800

850

900

950

1,000

1,050

1,100

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Seaborne Product Trade - Million Tons (Left Hand Scale) Ton Mile Demand - Billion Ton Miles (Right Hand Scale)

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EVOLVING TRADE ROUTES WITH TON MILES

INCREASING

Source: Drewry, September 2019

• Growth in net refining capacity expected to further drive demand for product tankers

• Lower crude / feedstock prices generate incremental refinery demand

• Arbitrage between markets create further opportunities

• Emerging, growing markets in Latin America and Africa have little refining capacity

• U.S. exports to Latin America have grown at CAGR of 12.9% from 2008 to 2018

Major Long – haul MR2 Trade Routes

13

U.S. HAS BECOME MAJOR EXPORTER OF REFINED

PRODUCTSM

illio

n B

arr

els

pe

r D

ay

Increasing refined product exports due to proliferation of shale oil production

Source: Drewry, September 2019

0.00

1.00

2.00

3.00

4.00

5.00

6.00

May

-09

May

-10

May

-11

May

-12

May

-13

May

-14

May

-15

May

-16

May

-17

May

-18

May

-19

United States Saudi Arabia

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REFINERY CAPACITY ADDITIONS FURTHER AWAY FROM END USERS → BOOSTING TON-MILE DEMAND

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

Mill

ion

Ba

rre

ls p

er

Da

y

Source: Drewry, September 2019

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

2019 2020 2021 2022 2023

15

DECLINING MR2 ORDER BOOK

• Total MR2 vessel orderbook has fallen from ~48% high in 2007 of the then existing fleet to 5.9% (101

vessels) of the worldwide fleet

• Low ordering – 35 MR2’s in LTM ended August 2019 (2.1% of global fleet)

• Limited capacity additions scheduled beyond 2019 of 72 MR2’s due to continued limited availability

of cost-effective capital

• Worldwide MR2 fleet is expected to grow at an annual gross rate of 3.8% through 2020, without giving

effect to scrapping of older vessels and slippage of deliveries

• Slippage of 17.9% in 2018 for new build MR2 deliveries

Expected MR2 Delivery Schedule

Nu

mb

er

of

Ve

sse

ls

Source: Drewry, September 2019

0

10

20

30

40

50

60

70

80

90

100

Medium Range 2 (MR2)

Remainder of 2019 2020 2021+

16

MR2 SCRAPPING EXPECTED TO INCREASE

Global Fleet Age Distribution by Tonnage

• Average age of MR2 fleet is 10.3 years

• 102 MR2 vessels (6% of worldwide fleet) are 20 years old or more

• 24 MR2 (1.3%) scrapped in 2018

• Sizeable portion of the fleet is approaching end of its useful life - future supply will affect

replacement ability

• New environmental regulations should drive more scrapping

Source: Drewry, September 2019

0%

5%

10%

15%

20%

25%

30%

35%

<5yrs 5-10

yrs

10-15

yrs

15-20

yrs

20-25

yrs

25+

yrs

MR2

17

► Environmental regulations should lead to increased scrapping

• Force owners to either scrap earlier or make significant vessel capital

expenditures to remain operationally competitive

• 102 MR2 (6% of world fleet) are 20 year old or more

► Ballast Water Treatment System (“BWTS”)

• Ballast sea water is used to stabilize vessels and ensure structural integrity;

pumped before/after cargo is loaded/unloaded

• Starting September 2019 at vessel’s next special survey, owners will have to

install approved BWTS, which removes inactive organisms from ballast water

prior to discharge

• Retrofits in older tankers can be challenging and costly

• Fully loaded installation costs estimated to be $0.6 million for a standard MR

tanker

► New stricter regulations on sulfur emissions starting January 2020

• Limits reduced from 3.5% to 0.5%

• MR2 owners either i) install expensive scrubber ($1.5 million cost vs. ~$3.75

million vessel scrap value) to burn current grade of fuel, or ii) pay sizeable

premium (current range $170-290 per ton or $7,000-$8700 per day fully cargo

laden) to burn marine gas oil (MGO) or LSFO and run vessel at slower speed

NEW ENVIRONMENTAL REGULATIONS

TO DRIVE MORE SCRAPPING

Source: Drewry, September 2019

18

Dec.09-Nov.19 MR2 Avg. Rate

Average $14,096

Low $10,800

High $19,500

Nov. 2019** $16,000

Nov.09-Oct.19 MR2 Avg. Rate

Average $10,987

Low $1,100

High $26,700

Oct. 2019 $12,611

MR2 CHARTER RATES POSITIONED FOR IMPROVEMENT

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

1 Year MR2 Time Charter Equivalent Rates *

Source: Drewry, October 2019 ** Ship broker indication

* Please see Exhibit I- Definitions

USD

pe

r D

ay

USD

pe

r D

ay

0

5,000

10,000

15,000

20,000

25,000

30,000

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

2015 2016 2017 2018 2019YTD 10 Year Average

0

5,000

10,000

15,000

20,000

25,000

Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18

MR2 10 Year Average

19

Type ($ million) Current *2008-2019 YTD

Average ** Difference

New Build (delivery Early ‘21) *** $36.6 $36.9 (1%)

5 yr. old 29.0 28.6 1%

10 yr. old 17.8 20.0 (12%)

MODERATE MR2 ASSET VALUES CREATE ATTRACTIVE

ENTRY POINT

MR2 Asset Prices

USD

Mill

ion

*Ship Broker average indications ** * T ier III vessel, exclusive of higher design specifications, yard supervision costs and spares

** Source: Drewry, September 2019, excludes Jones Act vessels

10

15

20

25

30

35

40

45

50

55

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

NB Price NB Price Average 08-19 YTD

SH Price - 5 Yrs Old SH Price 5 Yrs old Average 08-19 YTD

SH Price - 10 Yrs Old SH Price 10 Yrs old Average 08-19 YTD

PYXIS TANKERSFINANCIAL HIGHLIGHTS

21

CAPITALIZATION AT SEPTEMBER 30, 2019

Moderate

leverage

No bank balloon

payments

scheduled until

Q3 2022

• Weighted average interest rate of total debt for the nine months ended September 30, 2019 was 8.2%

At September 30, 2019

In ‘000 USD ACTUAL

Cash and cash equivalents, including restricted cash $ 4,622

Institutional debt, net of deferred financing fees 59,305

Promissory note 5,000

Total funded debt $ 64,305

Stockholders' equity 35,268

Total capitalization $ 99,573

Net funded debt $ 59,683

Total funded debt / total capitalization 64.6%

Net funded debt / total capitalization 59.9%

22

MANAGEMENT INCENTIVIZED TO ACHIEVE GROWTHFOUNDER/CEO’S SUBSTANTIAL SHAREHOLDINGS

► Common shares listed on NASDAQ Capital Market under trading symbol “PXS”

► The shareholder base as of November 4, 2019:

▪ Maritime Investors Corp. 17,138,050 (80.2% of outstanding)

▪ Public Float 4,232,230 (19.8%)

▪ Total Shares Outstanding 21,370,280 (100%)

► Our Founder/CEO’s substantial shareholdings and interests are aligned with our shareholders

23

INVESTMENT HIGHLIGHTSEMERGING GROWTH - PURE PLAY PRODUCT TANKER COMPANY

Growth Oriented with Attractive,

Modern Eco Fleet

Reputable Customer Base &

Diversified Chartering Strategy

Competitive Cost Structure & Moderate

Capitalization

Experienced, Incentivized

Management & Prominent Board

Favorable Industry Fundamentals

Create Attractive Entry Point with

Upside

NON-GAAP DEFINITIONSEXHIBIT I

25

EXHIBIT I | NON-GAAP DEFINITIONS

Daily time charter equivalent (“TCE”) is a 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 of 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 calculate TCE by dividing

revenues, net after deducting voyage related costs and commissions by operating days for the relevant period. Voyage related

costs and commissions primarily consist of brokerage commissions, port, canal and fuel costs that are unique to a particular

voyage, which would otherwise be paid by the charterer under a time charter contract.

Vessel operating expenses (“Opex”) per day are our vessel operating expenses for a vessel, which primarily consist of crew wages

and related costs, insurance, lube oils, communications, spares and consumables, tonnage taxes as well as repairs and

maintenance, divided by the ownership days in the applicable period.

We define total daily operational costs as vessel Opex, technical and commercial management fees plus allocable general and

administrative expenses, applied on a daily basis, typically in comparison of our eco-efficient and eco-modified MR’s. These costs

can vary by fleet composition, vessel delivery, operating structure, management organization and dry-dockings.

26

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