COMPANY PRESENTATIONFEBRUARY 2016

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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 “plans”, “expects”, or “does not expect”, “is expected'',

“budget”, “scheduled”, “anticipates”, or “does not anticipate”, “continue”, “estimates”, “is estimated”, “forecasts”,

“objective”, “ongoing”, “may”, “win”, “project”, “should”, “believe”, “intends” or variations of such words and phrases

or statements 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 filings with the Securities and Exchange Commission (the “SEC”). 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). 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 applicable securities laws.

Please note that our financial information referenced in this presentation is pro-forma as if (a) the LookSmart, Ltd.

transaction with us was completed, and Pyxis Tankers, Inc. and our subsidiaries were combined, as of January 1, 2015

and (b) the total 18,244,671 of our common shares outstanding after the closing of the transaction on October 28, 2015

with LookSmart, Ltd. were outstanding for the nine month period ended September 30, 2015.

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COMPANY HIGHLIGHTSEMERGING GROWTH - PURE PLAY PRODUCT TANKER COMPANY

►Disciplined ship management leads to safe and efficient operations and cost

competitive results

►Excess balance sheet capacity to grow tonnage through acquisitions

►Moderate capitalization with low cost, long-lived bank debt

► Strong management team with over 70 years of combined shipping industry experience

► Founder/CEO has proven track record of investing through various shipping cycles and

is a substantial shareholder

► Independent Board Members consist of prominent figures in maritime industry and/or

with significant US capital markets experience

►Young tanker fleet of 6 vessels on the water with weighted average age of 4.9 years

► Focus on modern medium range (“MR”) product tankers - operational flexibility and

expected future enhanced earnings due to their “eco” features or modifications

►Built-in growth – potentially 1 or 2 additional MR’s to be delivered by drop-downs

► Long-standing relationships with reputable, first-class customers worldwide

►Mixed operating strategy of time charter and spot market exposure

►Positioned to capitalize when spot rates improve with flexibility to obtain attractive

longer term charters

►2016 charter coverage – 53% of available days

Competitive Cost

Structure & Solid

Balance Sheet

Experienced,

Incentivized

Management

& Prominent Board

Attractive, Modern

Fleet including

“eco” Vessels

Reputable Customer

Base & Diversified

Chartering Strategy

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COMPANY STRATEGYQUALITY, GROWTH, SERVICE & FLEXIBILITY

► 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

► Meet charterers’ preference for modern tankers, which offer more operating reliability and efficiency

► Focus on eco-efficient and eco-modified designed MR vessels which provide lower fuel consumption

and reduced emissions

► Maintain quality fleet through comprehensive planned and preventive maintenance programs

► Maintain high standards in order to provide customers with high level of safety, customer service and

support, while continuing ship level financial discipline

► 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

Utilize Portfolio

Approach for

Commercial

Employment

Maintain High

Quality Fleet of

Modern Tankers

Grow Fleet

Opportunistically

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

► Maintain commercial banking and expand public capital markets relationshipsMaintain Financial

Flexibility

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MANAGEMENT INCENTIVIZED TO ACHIEVE GROWTHFOUNDER/CEO’S SUBSTANTIAL SHAREHOLDINGS

►Upon the completion of our listing transaction on October 28, 2015, shareholder base was as follows:

Maritime Investors (affiliate of our CEO) 17,002,445 (93.2% of outstanding)

Public 931,761 (5.1%)

Maxim Group 310,465 (1.7%)

Total Shares Outstanding 18,244,671 (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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FLEET & EMPLOYMENT OVERVIEWSTABLE, VISIBLE CASH FLOWS WITH UPSIDE OPPORTUNITY

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 June 2016

Pyxis Delta Hyundai / S.Korea MR 46,616 2006 Time Mar. 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

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

trading when rates improve

Fleet Details (as of February 17, 2016)

Fleet Employment Overview(2)

Vessel 2016 2017 2018

Pyxis Epsilon $16,575 / day

Pyxis Theta $15,600 / day

Pyxis Malou $18,200 / day

Pyxis Delta $19,750 / day

Northsea Alpha $9,650 / day

Northsea Beta N/ASpot Trade

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. Pyxis Delta‘s charterer has option to extend charter six

months for $20,500/day.

2) This table is dated as of February 17, 2015 and shows gross rates and does not reflect commissions payable.

53% of available days in 2016 are under charter coverage (57% with options)

SHIPYARDS BANKS

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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

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BOARD OF DIRECTORSMEMBERS WITH DECADES OF EXPERIENCE

► 30+ years of shipping industry experience

► Since 2005, has been Chairman & CEO of Euroseas Ltd. (NASDAQ: ESEA), a dry bulk and container ship

company

► President of Eurochart and Eurobulk, affiliates of Euroseas, since 1992 and 1995, respectively

► From 1990 to 1994, served as the Assistant to the General Manager and Head of the Planning Department

of Varima International SA, a tanker vessel company, and then Vice President of Oceanbulk Maritime SA,

a ship management company

► Shipping industry experience of 45 years

► Since 1970 has worked at Charles R. Weber Company Inc., one of the oldest and largest tanker

brokerages and marine consultants in the U.S. and currently serves as director of Genco Shipping &

Trading (NYSE: GNK), a dry bulk company, and Managing Director of WeberSeas (Hellas) S.A., a

comprehensive Sale & Purchase, newbuilding, marine projects and ship finance broker based in Piraeus,

Greece

► Serves on the board of industry associations including Intertanko and the Association of Ship Brokers and

Agents, and past director of two NASDAQ listed companies

► Shipping finance and investment banking experience since 1995

► Founder of Auld Partners Ltd, a boutique shipping and finance advisory firm

► From 2011 to 2012, Managing Director (partner) of Navigos Capital Management, an asset management

firm focused on shipping sector

► Until October 2011, Global Head of Shipping at HSH Nordbank, the largest lender then globally to shipping

► 30 years of professional investment advisory experience; a Chartered Financial Analyst

► President & CEO of MGT Capital Investments, Inc. (NYSE: MGT) since 2012 and past director of two

NASDAQ listed companies

► Managing member of Laddcap Value Advisors, LLC, an investment manager

► 18 years with Neuberger Berman, including as Managing Director

Aristides J. Pittas

Basil G. Mavroleon

Robin P. Das

Robert B. Ladd

► See prior slideValentios “Eddie”

Valentis

PYXIS ORGANIZATIONAL STRUCTURELEAN, EFFICIENT ORGANIZATIONAL STRUCTURE

►Our streamlined structure allows management to minimize costs and focus on creating long term

shareholder value

►PYXIS MARITIME CORP. (“Maritime”), the tanker management company founded by our CEO,

provides the services of our executive officers and other administration for a fixed yearly fee and

performs commercial management and supervises technical management of our fleet

►Very cost competitive ship management fees provide safe and efficient operating results compared

to peers

►Maritime supervises commercial management of Northsea Alpha and Northsea Beta by North Sea

Tankers BV, an unaffiliated 3rd party

►We outsource day-to-day technical management of all of our vessels to unaffiliated 3rd party,

International Tankers Management (“ITM”), an ISO certified manager

Administrative, Commercial &

Ship Management Services(1)

Administrative & Ship

Management Fees

(1) 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 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 Services

MARKET OVERVIEWPRODUCT TANKER INDUSTRY

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PRODUCT MARKETS OVERVIEWSUMMARY

►Our vessels transport refined petroleum products (known as “CPP” or “clean petroleum products”

including gasoline, diesel oil, gasoil and jet fuel as well as “DPP” or “dirty petroleum products” such as

fuel oil) and certain bulk liquids such as edible oils and certain specific chemicals

► In 2015, seaborne trade of refined products was approximately 905 million tons and edible oils and

other bulk liquids was about 220 million tons

►As of January 2016, the worldwide fleet of tankers that carry such cargoes consist of 4,119 vessels with

168.4 million dwt (excluding tankers below 10,000 dwt)*

International Maritime Organization rated “IMO-II and III” specification vessels are able to carry

easy chemicals, vegetable oils and bio-fuels

Larger tankers represent a majority of total worldwide capacity

• MR or Medium Range tankers are typically 25,000 – 54,999 dwt

• LR1 or Long-Range 1 tankers are typically 55,000 – 79,999 dwt

• LR2 or Long-Range 2 tankers are typically 80,000 – 119,999 dwt

Sources: * Drewry

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PRODUCT TANKER INDUSTRYDEMAND

► Solid worldwide GDP growth in near-term: 3.4% in 2016 and 3.6% in 2017*

► Seaborne trade of refined products increased 2.7% in 2015.** Major factors include:

The shift of refineries away from points of consumption resulting in greater ton-mile demand,

especially for larger tankers

Refined product trade is much more complicated than crude oil trade due to refinery

capacity and technology, government regulations of fuel standards and arbitrage

opportunities

Lower crude/feedstock prices generate positive refinery crack spreads and incremental

demand for broad range of CPP

►Growth in net refining capacity is expected to drive the demand for product tankers based on the

following ongoing trends:

U.S. has become a major supplier of gasoil/diesel and gasoline in the Atlantic Basin market

Emerging markets in South America and Africa, which have little to no refining capacity,

require CPP to fuel their economies

The closure of inefficient European refineries, improving European domestic demand and

stricter fuel and environmental standards are creating a strong import and export market for

various clean products

Global adoption of standardized CPP specifications are increasing trading opportunities

Expansion of new refineries in the Middle East and India focusing on refined product exports

Sources: * IMF report January 2016; ** Drewry

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PRODUCT TANKER INDUSTRYSUPPLY

►Global MR fleet stood at over 1,500 tankers with over 70 million dwt with avg age ~9 yrs.*

►MR orderbook has fallen from high of ~58% in 2008 to ~11.6% of the existing global fleet*

► Shipbuilding capacity booked into late 2017:

Current MR newbuild construction prices below 10 year average price with limited new orders

Worldwide MR fleet is expected to grow on average 5.3%/year in 2016 and 2017, exclusive of

scrapping of older vessels and delays in new vessel deliveries*

Access to cost-effective capital still important factor in funding newbuild deliveries

► Level of scrapping will affect future supply:

Only 4 MR tankers were removed from the global fleet in 2015*

But, 5.6% of worldwide MR fleet is 20+ years of age

*Source: Drewry

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SOLID OUTLOOKMR CHARTER RATES, RUNNING COSTS & ASSET VALUES

►Healthy MR chartering environment*:

2015 2016E

Spot rates /day (Caribs- USAC) $20,400 $18,400

1 yr. time charter $17,400 $16,600

►Charter rates improved in 2015 and are currently above 5 yr avg but significantly below peak

►Vessel running costs improving:

Stable operating costs with little inflation and dramatically lower bunker fuel and lubricant

costs (depending on location 50-67% decline since 2014)

► Increasing ship values:

Re-sale of newbuild MR with prompt delivery is estimated $37 - 37.5 million, at least $2 million

difference for yard delivery in late 2017

Five year old ship values rose in 2015 but are below 10 yr. avg

• Current estimated values $27 - 28 Million

* Drewry; Note: Several Wall Street research analysts utilize higher spot rate estimates for 2016

PYXIS TANKERSFINANCIAL SUMMARY

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RECENT PRO FORMA RESULTSNINE MONTHS ENDED SEPTEMBER 30, 2015

Nine Months ended September 30, 2015

In ‘000 USD except per share data (see Note)

Voyage revenues $24,800

Voyage costs (3,462)

Vessel operating expenses (10,056)

General & adm. expenses (1,031)

Management fees (1,224)

Depreciation & amortization (4,371)

Operating income 4,656

Interest and finance costs (1,858)

Other Income 74

Net income 2,872

EPS $0.16

TCE/day $13,596

Number of Ships at end of period 6

Utilization 99.0%

Note: Pro-forma as if the LookSmart, Ltd. transaction with us was completed, and Pyxis Tankers Inc. and our subsidiaries were combined, as of January 1, 2015 and (b) the total 18,244,671 of our common shares outstanding after the closing of the transaction on October 28, 2015 with LookSmart, Ltd. were outstanding for the nine month period ended September 30, 2015

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PRO FORMA CAPITALIZATIONAS OF SEPTEMBER 30, 2015

As of September 30, 2015

In ‘000 USD (see Note)

Cash and cash equivalents(1) $ 3,133

Total debt 82,605

Shareholders' equity 54,626

Total Capitalization $ 137,231

Net debt $ 79,472

Debt/Total Capitalization 60.2%

Net Debt/Total Capitalization 57.9%

Note: Pro-forma as if the LookSmart, Ltd. transaction with us was completed, and Pyxis Tankers Inc. and our subsidiaries were combined, as of January 1, 2015

(1) Includes restricted cash

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CONTACT

Pyxis Tankers Inc.

K.Karamanli 59

Maroussi 15125, Greece

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 0100

Email: abackos@pyxistankers.com