COMPANY PRESENTATIONMay 2016

2

DISCLAIMERFORWARD-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”, “anticipated”, “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

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, 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 HIGHLIGHTSEMERGING GROWTH - PURE PLAY PRODUCT TANKER COMPANY

Competitive Cost Structure & Solid Balance Sheet►Comparable total daily 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 5.1 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 53% of remaining available chartering days

covered for 2016 (59% with options) as of March 31, 2016

►Positioned to capitalize when spot rates improve

4

COMPANY STRATEGYQUALITY, 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 OVERVIEWSTABLE, 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 ShipyardVessel

TypeSize (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 May 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 May 10, 2016 and show gross rates and do not reflect commissions payable.

As of March 31, 2016, 53% of anticipated available days for the remainder of 2016 are under charter coverage (59% with options). At

that date, our fleet’s average remaining T/C duration was 6 months (8 months with options).

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/ASpot Trade

SHIPYARDS BANKS

6

STRONG RELATIONSHIPSQUALITY VESSELS & OPERATIONS BLUE CHIP CUSTOMERS ATTRACTIVE LENDING TERMS

CUSTOMERS

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SENIOR MANAGEMENTEXPERIENCED 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 STRUCTURELEAN, 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)

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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 OVERVIEWPRODUCT TANKER INDUSTRY

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PRODUCT MARKETS OVERVIEWREFINED 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 OVERVIEWSEABORNE TRADE IN REFINED PRODUCTS CONTINUES TO GROW

Source: Drewry. March 2016

300

400

500

600

700

800

900

1,000

Favorable Outlook for Seaborne Trade of Refined Products

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PRODUCT MARKETS OVERVIEWCHANGING TRADE ROUTES & REFINERY LANDSCAPE CREATING INCREMENTAL DEMAND

Source: Drewry, March 2016

* Compound annual growth rate

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

Mill

ion

To

ns

Billio

n To

n M

iles

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

3.9% CAGR* in million tons of seaborne trade5.5% CAGR in ton mile demand

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PRODUCT MARKETS OVERVIEWREFINERY CAPACITY INCREASINGLY FURTHER AWAY FROM END USERS

Source: Drewry, March 2016

0

500

1,000

1,500

2,000

2,500

North America South America Middle East Indian Sub

Continent

Asia

‘000 B

arr

els

/Da

y

2016 2017 2018 2019 2020

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

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PRODUCT MARKETS OVERVIEWEVOLVING TRADE LANDSCAPE

Source: Drewry, March 2016

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

Source: Drewry, March 2016

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 ~23% since 2005.

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PRODUCT MARKETS OVERVIEWPRODUCT 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 - 79,999Short- 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 - 24,999Short-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 OVERVIEWORDERBOOK (SUPPLY) AT MANAGEABLE LEVELS

Source: Drewry, March 15, 2016

0

20

40

60

LR2 LR1 MR2 MR1 Handy

2016 2017 2018 2019+

• Total MR vessel orderbook has fallen from a high of ~58% in 2008 of the then existing fleet to 7.9% of the worldwide fleet.

• Extremely limited capacity additions scheduled beyond 2017 due to limited availability of financing and would-be buyers exposure to weaker shipping segments.

• Worldwide MR fleet is expected to grow at an average of 3.5% 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 OVERVIEWSCRAPPING IS INEVITABLE

Source: Drewry, March 2016

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 OUTLOOKMR2 CHARTER RATES REFLECT INCREASED DEMAND

0

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)

1 Year MR2 Time Charter Equivalent Rates

12,500

15,000

17,500

20,000

Apr-13 Apr-14 Apr-15 Apr-16

MR2 5Yr Avg.Source: Drewry, April 2016

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ASSET VALUESDISCONNECT EXISTS BETWEEN ASSET PRICES AND EARNINGS POWER

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

Source: Drewry, April 2016

PYXIS TANKERSFINANCIAL SUMMARY

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AUDITED FISCAL YEAR INCOME STATEMENTTWELVE MONTHS ENDED DECEMBER 31, 2015

Twelve Months ended

December 31, 2015

In ‘000 USD except per share data

Voyage revenues $33,170

Voyage related costs and commissions (4,725)

Vessel operating expenses (13,188)

General & adm. expenses (1,773)

Management fees (1,638)

Depreciation & amortization (5,884)

Operating income 5,962

Interest and finance costs (2,531)

Other Income 74

Net income 3,505

EPS $0.19

TCE/day * $13,597

Number of Ships at end of period 6

Utilization * 97.9%

Adjusted EBITDA (’000) * $12,063

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

Solid

Financial

Performance

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UNAUDITED FINANCIAL HIGHLIGHTSTHREE MONTHS ENDED MARCH 31, 2015 & 2016

Three Months ended

March 31, 2015 March 31, 2016

In ‘000 USD except days and percentages

Time/Spot Charter Revenue Mix 52%/48% 85%/15%

Voyage revenues $9,393 $8,448

Voyage related costs and commissions (2,000) (805)

Time charter equivalent revenues 7,393 7,643

Total operating days 520 534

Daily time charter equivalent rate* 14.2 14.3

Fleet Utilization* 98.6% 97.8%

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

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UNAUDITED INCOME STATEMENTTHREE MONTHS ENDED MARCH 31, 2015 & 2016

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

Continued

Profitability

Three Months ended

March 31, 2015 March 31, 2016

In ‘000 USD except per share data

Voyage revenues $9,393 $8,448

Voyage related costs and commissions (2,000) (805)

Vessel operating expenses (3,520) (3,303)

General & adm. expenses (100) (660)

Management fees, related parties (128) (145)

Management fees, other (273) (262)

Amortization of special survey costs (17) (62)

Depreciation (1,418) (1,435)

Operating income 1,937 1,776

Other Expenses

Interest and finance costs, net (594) (701)

Total Other Expenses (594) (701)

Net income $1,343 $1,075

EPS (basic and diluted) $0.07 $0.06

Adjusted EBITDA* $3,372 $3,273

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RECENT DAILY FLEET DATATWELVE MONTHS ENDED DECEMBER 31, 2015 and THREE MONTHS ENDEDMARCH 31, 2015 and 2016

Low Opex; High

Fleet Utilization

(amounts in $)Year ended

December 31,Three Months Ended

March 31,

2015 2015 2016

Eco-Efficient MR2:(2 units)

Average TCE * 15,631 15,429 15,612

Opex * 6,430 8,926 6,334

Utilization % * 99.4% 97.4% 100.0%

Eco-Modified MR2:(1 unit)

TCE 17,480 24,589 17,653

Opex 6,461 7,033 6,553

Utilization % 91.3% 96.7% 100.0%

Standard MR2:(1 unit)

TCE 17,237 14,643 18,730

Opex 6,325 6,316 6,445

Utilization % 100.0% 100.0% 100.0%

Small Tankers:(2 units)Average TCE 7,622 7,924 8,768

Opex 5,358 4,598 5,318

Utilization % 98.6% 100.0% 93.4%

Fleet:(6 units)

TCE 13,597 14,217 14,313

Opex 6,058 6,679 6,050

Utilization % 97.9% 98.6% 97.8%

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

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TOTAL DAILY OPERATIONAL COSTS/ECO-VESSELTHREE MONTHS ENDED MARCH 31, 2016

Our Eco MR2 Total

Daily Operational

Costs are

Competitive

Three Months ended March 31, 2016 Eco-Modified Eco-Efficient

(amounts in $/day)

Opex* $6,553 $6,334

Technical & Commercial Management Fees 750 750

G&A Expenses 1,209 1,209

Total Daily Operational Costs/Vessel $8,512 $8,293

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

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CAPITALIZATIONAT MARCH 31, 2016

At March 31, 2016

In ‘000 USD

Cash and cash equivalents(1) $ 7,479

Total debt(2) 80,973

Shareholders' equity 55,641

Total Capitalization $ 136,614

Net debt $ 73,494

Debt/Total Capitalization 59.3%

Net Debt/Total Capitalization 53.8%

(1) Includes restricted cash

(2) Weighted average interest rate of 3.28% at March 31, 2016

Moderate

Approach to

Leverage at

Low Interest

Costs

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MANAGEMENT INCENTIVIZED TO ACHIEVE GROWTHFOUNDER/CEO’S SUBSTANTIAL SHAREHOLDINGS

► The shareholder base as of May 1, 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 HIGHLIGHTSEMERGING 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,

2015

March 31,

2015

March 31,

2016

Reconciliation of Net income to Adjusted EBITDA

Net income $ 3,505 $ 1,343 $ 1,075

Depreciation 5,710 1,418 1,435

Amortization of special survey costs 174 17 62

Interest and finance costs, net 2,531 594 701

Non-cash stock compensation 143 - -

Adjusted EBITDA $ 12,063 $ 3,372 $ 3,273

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EXHIBIT I | NON-GAAP MEASURES AND DEFINITIONS

Adjusted EBITDA, which is not a recognized measurement under U.S. GAAP, is reconciled above to its nearest GAAP

equivalent. Adjusted EBITDA represents net income before interest, income tax expense, depreciation, amortization, and , if

any, vessel impairment charge and non-cash 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.

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

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

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 charterer 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